RE: Flat Bay 3Hi Buckeye,
I see the latest drill hole results as good news-bad news.Good news is that Vulcan continues to prove up a huge petroleum-bearing system, however, the rock appears to be too tight to naturally flow oil.
Keep in mind though that the oil had to travel through much better quality rock to get where it is.This reservoir rock will continue to be the focus of future exploration efforts.
At some point I expect though that Vulcan management will want to explore recovery enhancement techniques to get at the oil that has been discovered. When I see Alberta extracting oil from the Athabasca oil sands, I feel certain that there must be available technologies/drilling techniques/fracturing etc. that should assist Vulcan in recovering some of the oil in this system.A lot can be done profitably with $50-$60 plus oil for sure.
Maybe the upcoming Hurricane well will discover the reservoir rock that Vulcan is seeking...there appears to be many targets with this well.
Given the statements that Mr. Laracy made in the latest press release, it is clear that he is undeterred with the latest results.He is planning more seismic and aeromags to refine future targets for drilling.He sounds like a "man on a mission", and I feel confident that his methodical-strategic approach will win the day in the not too distant future.
Len