EXPM:PREGF - Post by User
Post by
thebeek02on Nov 25, 2013 5:41pm
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Post# 21940060
Shades of gray
Shades of grayThere is only one thing on report here. The well is drilled and cased. A little late, and over budget. All par for the exploration course. It's good news that PRD updated that things have been pushed back. It's also good news that they extended the horizontal leg out from 300metres to 500 meters despite the pressure on budget as well as schedule.
Casey's rep. mixes apples and oranges and demonstrates geologic ignorance. He keeps addresing to this "Bakken Play" yet there is No Reference to a shale frac. in any of his promo on this well. If he actually does know the diference between this shale and the underlying sandstones that may be the first target of this effort , he certainly doesn't bring it to light.
finally, I've often wondered how large or small the casey readership was as part of the volume of buying in this price rise. They're hardly an oil crowd. Volumes today could very well reflect the scale of their participation as well as attitude.
The real story here is whether this well can produce economically, putting off further financings. The water question may be one that is more related to horizontally entering an historical reservoir.
Meanwhile this is a giant hi potential acreage, the sort of which majors are certainly at least standing by, one of which may have been engaging the recent volumes.