RE: RE: RE: RE: RE: RE: RE: East Coast Basin"It seems like it would make a big difference to the economics of the well to know which formation they are talking about in today's PR. So my question stands, light oil or waxy stuff?"
From today's news release:
"The Sidewinder-1 well was drilled to a total depth of 1,601m, and encountered 14 meters of net (22m gross) oil-bearing sandstones in the Mt. Messenger Formation. "
It is clearly stated that oil was discovered in the Mt. Messenger Formation. So it's not the waxy stuff, but the clean 50 API oil.
They went straight down to the Mt. Messenger Formation to make this a less risky play. They have been working on technical solutions for the waxy Ureni oil, but there is no point for them to take the risk with this first well in the new Broadside permit.
Look at the results, not bad for an exploration well for which no production was expected. They are now moving forward and they will soon complete it and have this additional production that will also enable them to book some reserves shortly for Broadside.
I have no problem with them under promising and over delivering like that!
GLTA