RE:RE:RE:RE:RE:NewsI will give my analysis, but first the positives....
Now that Recon has released the log data (some of the zones anyway), it's clear to me that the well was a success as a "strat well". They wanted to find a sedimentary basin (that's clear now, although the total basin depth is still unknown). They wanted to find reservoir rock and evidence of hydrocarbons, check and check.
Now the bad news...the reservoir rock in the zones highlighted in the NS report is pretty low grade - interbedded sands and shales, and the sands are silty, and interbedded carbonates with silt and anhydrite. Pretty poor porosity in general and low perms if the best they mentioned was a few millidarcies.
The only beds with any oil saturation at all are the low porosity zones, that's because the immovable oil bound to the pore walls fills what little pore space there is. Any porous zone is clearly wet, but oil has migrated through these zones (hence the oil shows). They have nothing to production test, no pay zones at all. I wish they would stop hinting that the seismic data can somehow create a pay zone in this well to production test.
Stop dreaming about rivers of oil and a reservoir joining the 6-2 and 6-1 wells....there's no oil yet! And Turntotheright, they didn't show the data on all the zones, they obviously only showed the best zones! That's why we won't see all the data.
But this STRAT WELL is a success. The next steps are not just using the seismic to find a closed structure, they also need to find a well-developed reservoir (with a lot more than a few millidarcies of perm - we always wanted at least several hundred millidarcies in a carbonate, and a good clean sandstone can get to several darcies of perm).
I'm warming to this story, but it's way to early to pop the champagne corks!