GREY:GRDSF - Post by User
Comment by
Donranon Apr 21, 2011 9:33am
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Post# 18468121
RE: RE: From the Stabroek News in Guyana
RE: RE: From the Stabroek News in Guyana
May be speculation, but I see this as a positive sign, bearing in mind that the operators of the PPL are obliged to drill 2 wells, the second well could either be Rewa or Piara which depends on the outcome of K-2. As noted on Canacol's website
"Plans are being formulated to drill a second exploration well on the Takutu block by May, 2011, on either the Rewa or Pirara River prospects, depending on the outcome of the K-2 well. Gaffney, Cline and Associates attributed gross mean recoverable prospective resources of 171 million barrels (111 million barrels net to Canacol’s final working interest) and 133 million barrels (86 million barrels net to Canacol’s final working interest) to each prospect respectively in the December 2009 report compiled for the Corporation. Under the terms of the farmout agreement between Canacol and Groundstar, Canacol shall be the operator of the contract after the drilling of the K-2 well, and therefore shall operate the second well."
the following is taken from Groundstar's website
"If successful, the well will be put on a long term production test to establish the deliverability and performance of the reservoir. Which I agree with totally!
Because Guyana does not have an existing Hydrocarbon industry any declaration of a commercial find has to be thoroughly investigated and tested, because the announcement could literally change the fortunes of the entire country as well as the 3 small cap companies involved.