very important, significant oil find !!Beach made it clear, at least twice in that short statement, this was a very important new find. I concur. The Birkhead formation has been found in ever drill across the pel91 land base. This find and having it produce, changes the whole world for NWX. The Birkhead offers a HUGE resource play. Now, while 300 bopd is not earth shattering, it has given Beach the opportunity to change their plans, and they state as much. This will alter the drilling plans. Note the very light oil here... 51 degrees is a premium crude. Also and most important in my opinion, this was a vertical drill... simple and cheap... yet it only allows for a limited amount of the well bore to be in contact with the oil reservoir. So if they do a horizontal drill, then they can have a qtr mile, or a half mile of well bore in the pay and in direct contact with the oil reservoir over all that length... that should mean a much better flow rate... perhaps getting it into the thousand barrels a day.
I suggest you read the news release a few times... get out all the little info... 20 meters deep... a 66 foot deep oil column! remarkable the contained oil in that well... They already have follow ups drills there.... the high value light oil, superb quality... then the fact NO water found... that indicates it is all oil... and explains the lower flow rate, no having the water drive... but that is ok... they will get the oil out... just go horizontal if they want to increase the flow rate.... the fact Beach puts out this release at all for a 300 bopd well... unusual as they generally wait for the next monthly update, indicates the import of this drill ! The statement Beach will actually alter drilling plans because of this well...
Now, I have been harking on this drill since they announced it as a target. A new producing horizon that is evident through out the land base... this IS important and the success has me very exicted. Not sure how much any of you know about the oil bizz and exploration programs and the why things are done and how to interpret results... well I do have the experience and that knowledge and this one had me exicted to buy more shares and now with the success of the well... NWX has become a screaming buy again...