question for board Hi I am new to the board and athough I haven't taken a position in eng yet, I want to but have questions so here goes, Chariot has spudded a well and is drilling as we speak in block 1811 which is next to and south of engs 1711a/b. In my mind this makes eng an awesome area play.To quote Chariots website,
Chariot is currently drilling the Tapir South prospect (1811/5-1) which has a 25% Chance of Success and a mean un-risked prospective resource potential of 604 million barrels of oil. On this prospect, multiple four way dip closures that contain deep marine channel sandstone geometries which are adjacent to a well defined oil charge kitchen have been identified. The well trajectory is planned for a TVDss of 5100m with multiple reservoir targets. It is expected that minor overpressure will be present, based on offset wells, and that the oil, if discovered, will be at the 'light' phase. In the event of success, the results of this well will significaantly increase the Chance of Success on the other prospects in the area as well as additional leads.
2012 Target: Having drilled Tapir South (1811-5/1) Q2, analyse results and commence potential appraisal work in 2013.
This isn't the only drilling they have planned this year. I am wondering why engs stock hasn't reacted at all in fact its chart is down right ugly. Yet with all the activty in the off shore drilling shouldn't it be the opposite.
If you look at v.eog's stock it is reacting positively although for different reasons (company related). Anyways which is the better play eog's market cap is bigger yet I think it has equal off shore potential.
Please discuss as I am still doing my dd
Thanks in advance,
Codo