Duhat underway now should have a result end of August
http://www.asx.com.au/asx/statistics...idsId=01427589
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Duhat underway now should have a result end of August
http://www.asx.com.au/asx/statistics...idsId=01427589
Gents
I am really excited about this well. I'd love to know the chance of success.
It is a fantastic punt with great risk / rewards. If I remember correctly the well is only costing us $6m with mean prize of 38m barrels. At our 80% share and valuing the oil in the ground at a very conservative $5 a barrel a find of 38m barrels would be worth $150m!
If I remember correctly they have a low pos circa ~10% however theory seeps and gas indications in the last attempt at drilling must give a higher level of success
ZigZag has just bought into this one. I like the fact that if Duhat is dry, there should a big increase in production from Galoc to take up the slack.
Trading halt looks like it could be ugly...."well control issues". They are only 3 days into the drill. Conditions might be like the other unsuccessful attempts in the area.
Gaz
Yes as others have mentioned on hot copper it could be ugly. Worth noting is the issues were not encountered in duhat-1 until circa 300m sounds like a lot of pressure down hole either way
I hope this isn't a big issue!
Seems ominous. Trading halt until possibly the end of the month doesn't sound like a minor issue.
...hope there is some kind of silver lining to the news!!
I added 800,00 shares this week at 8.7 so over-exposed.
Th was for the usual period of 3 days due to weekend this runs through to next Tuesday. Seems like they did a fair bit more planning this time lets hope they have a plan B and the right equipment on site to resolve the issue.