WTO-1 gas discovery Just wandering through the presentation, trying to understand the drilling information in relation to the technical information given here over the past few days.
The first sidetrack sheirowed about 50 ft of strong gas influx, well above background gas, from porous sands during the drilling break.
This was rated rather significantly by the company, as the lower end of a 390 ft gas column.
50 ft does not seem much, but then again I dont know the true volume extend nor can I place 50 ft into context.
Looking farther ahead on the presentation, I was surprised to learn that the company already have a gas ( and possible oil ) discovery in their largest prospect, Batu Gajah.
Here are the bullets.....
NTO-1 encountered 10’ of net gas pay in the LTAF , 110’ of next sand was below the lowest known gas. This thick sand section will be targeted in the NTO-2 appraisal well approx 200 meters up structure from NTO-1.
•NTO-1 encountered 41’ of sand with oil shoes in the UTAF. NTO-2 will be targeting possible oil in this zone at a location up structure from NTO-1 and down structure from the Shell gas discovery Tuba Obi-1 drilled in 1938.
•NTO-2 is targeting P50 unrisked prospective resources of 29MMbbls in the UTAF and 77 Bcf of gas in the LTAF
The NTO- 2 appraisal well will be drilled later this year and is very close to a major discovery of gas by Shell in 1938 ( Tuba-Obi-1 ).It will be targeting both gas and oil.
So, perhaps the 50 ft of gross pay in the upper sands of J-1 may indeed be significant.
If it isnt, nothing was expected from this formation and indeed nothing is expected from Parisi, given the current market cap.