RE:RE:RE:Active Petroleum SystemWell they spent about 11 weeks to drill about 2600 meters from the last NR. If they had no operational problems then what were they doing for all of that time?
Certainly not drilling a vertical well. Probably tripping, coring, running wireline, maybe even DST, evaluating, directional drilling. My guess is that they probably cored the Campanian and MDT'd w/ sidewall cores the rest of the "several" formations. As info became available they correlated with seismic to show them where to aim the bit. Directional drilling high angle chews up a lot of time building your vertical and azimuth angles.
Doing so allowed them to intersect multiple oil bearing formations. They are verifying their seismic interpretation. They might have intersected lensed out portions of other traps that identify other reservoirs. Didn't Exxon say that the entire area was filled with multiple separated traps? And not just sandstone. During their evaluations and seismic reinterpretations they discovered an even deeper reservoir, the deep Santonian as they call it. Carbonates as well which I take to mean ancient coral reefs. But the big stratiographic trap on Kawa is the lower Santonian I guess.
Active hydrocarbon system is explicitly defined as the elements that you mentioned Dfly. But can't the migration pathway be a fault running from Canje source kitchen feeding multiple traps above? Maybe a lot of time was spent looking for that (those) faults if it (they) exist. That would really help them nail down the location of an appraisal well. They're acting as if they want to develop an oil field and not some bumbling idiots shooting darts. Gonna get expensive but if they hit hundreds of millions of barrels of oil then what do exploration costs amount to? Less than $1 per barrel? Not much on a per barrel basis. And how much do oyl's total assets go up by? I'm sure everybody is running their numbers now so I'd love to see some analysis on that. How much do oyl's total assets go up by if they hit say, 300 million barrels? Their liabilties after drilling may be about $100 million. Total assets minus liabilties is the shareholders equity. Divide that by outstanding shares then you have the value per share.
OK I'll go out on a limb here. I'll say that a 300 million barrel find, if oil in ground is worth $5 per barrel then we're talking about the $4 per share that Waitingstill calculated. But WS inferred that the value of oil in ground might be much higher so the $4 estimate might be low.