Not bad at allThey've processed their 2D seismic and they're not seeing the anomalies they need to increase their centainty to drill a new well. So, capital preservation until a new opportunity or more data becomes available is the strategy to follow. I'm glad to see that.
As for the uphole recompletion, they're being carried on it so it's zero capital exposure for them with upside if the zone is prospective. I wonder what zone that is? Can someone familiar with the geology in the area comment on it? If they've found a prospective shallower zone, who else has tested it and what have been their results? Im sure they didnt just discover that zone.
The good thing is that most of the capital is already sunk, so on a go forward basis, it will not be an expensive test.
I like what I see.... One good test and this thing will shoot over
.10 in no time!
GLTA