RE:RE:Conference call....hopefully clarity and not obfuscationThe Waipawa Black Shale (WBS) is much richer in %-TOC's than the Whangai Formation. The WBS is a world class source rock similer to the source rock in the North Sea and parts of California. The Ngapaeruru-1 did not intersect any WBS, but what has been intercepted in the Whangai is quite encouraging for the first and only well into this giant prospect. The coming Waitangi Valley-1 well's main target is the WBS.
Although the WBS is richer in TOC %, the shear thickness combined with the natural fracturing of the Whangai formation is very interesting. There is no way of knowing however if oil and gas will flow from it until it is tested.