RE: The market's underwhelmed Actually we will know about Sil #10 much sooner than 6 months. That was the original plan, when they thought they needed a drilling rig to re-complete. During the conference call, the COO said that they now believe they will be able to do the work using a 15,000 hp completion rig. Completion rigs are apparently in far less short supply than drilling rigs in Tunisia. He figured they would be able to start the work in June and that it will take 3 weeks to finish. Apparently the casing string they used was similar to that in the previous Silurian well, i.e. they assumed it would be mostly liquid rich gas. Instead, what they encountered was oil. The gas casing string does not allow them to do the normal things to allow the oil to flow and will need to be taken out and changed. That is with regard to the Silurian. With regard to the Triasic, it was simply a failed cement job, which is quite common and will need to be re-cemented.
The previous Silurian well also encountered problems, but when it was re-completed several months later (Nov 2011), it came at over 1,000 boed. The #10 is thicker pay and 40 meters up thrust. I would not be surprised if it comes at 1,500 boed (at least that is what I am hoping for). However, as we all know, there are no guarantees in the oil drilling business. Look how the oil column they encountered in Romania did not flow. So we will have to wait and see.