RE: From BrazilI have to agree.
Now for the rest of the Story.
Several weeks ago someone told me that the name of the game is “Buy the Mystery, Sell the History” so, lets get on with it.
The History:
Well 1-HRT-1-AM
According to the Relevant Fact disclosed on September 21, 2011, five crude oil intervals were identified on aeolian sandstone rocks which belong to the Marimari Group (Devonian age), in addition to three gas intervals, two of which were found in the Juruá Formation rocks and one in the Marimari Group’s reservoirs.
The well is under assessment with achievement of electric logging and sampling. Based on the results to be obtained, the well will be cased to allow the performance of formation tests aimed at characterizing the types of fluids existing and obtaining an estimate of the potential production of the reservoirs.
Well 1-HRT-3-AM (this well was drilled for gas, Oil would have been "a gift from God for HRT")
Well 1-HRT-3-AM tested the geological structures adjoining the structure already drilled by well 1-GAV-01-AM, which detected the presence of gas in the Juruá Formation.
During the drilling, evidences of gas were detected in three geological intervals, and liquid hydrocarbon evidences were found in the deeper intervals of the well. It should be noted that, during the logging operation, the presence of crude oil was detected in the drilling mud. This finding confirms the HRT’s geological model, according to which there is a greater potential for liquid hydrocarbons in deep horizons.
The well is being cased with a 7” liner, with a shoe on the hole bottom and top at around 100 meters above the 95/8” casing shoe, located at a 2,375 meters depth.
Considering the deadline of the commitments of the Minimum Exploratory Program (Programa Exploratório Mínimo – “PEM”) signed with the National Agency of Petroleum, Natural Gas and Biofuels (Agência Nacional do Petróleo, Gás Natural e Biocombustíveis – ANP), HRT decided not to carry out the assessment through formation tests of well 1-HRT-3-AM at this time. This well, and the remaining hydrocarbon accumulations of Block SOL-T-168 (1-CI-1-AM, 1-MR-1-AM and 1-IP-1-AM), will be part of a future assessment plan.
Upon conclusion of the running of the casing and its cementing in the well, rig QG IX will be transferred to site 1-HRT-1-192, in Block SOL-T-192, located at approximately 65 km southwest from well 1-HRT-3-AM.
I read this to say that after the D&M certification is re-done we will be looking at the potential of Billions of BOE not Millions.
The Mystery:
We have drilled 2 out of 4 wells to depth with plans to drill 117 wells over the next 3 years. Our author is one of the foremost experts in the world on Brazilian Sub-Salt oil discovery, let the mystery and thus the buying begin.