Quote:
Originally Posted by
STRAT
Holy crap,
Macdunk is talking about having stocks on watch and soooo soooon after the olympics.
What about that crash Macca?:p and dont go callin the downtrend a crash:D
Shrewdy will be back soon. Not long now till cue goes for a wee jog I reckon
Holy Crap all right Strat. Here we have a discovery with significant exploration upside in the surrounding area. If it had not CUE would have gone down to 18 cents, yawn.
This is just another string in CUE's BOW, one of many and all of u knockers out there, sit back and knock, because SHREWD IS GOING TO HAVE THE LAST LAUGH.:D
Unless of course the world goes into a depression and then there will be very few winners.:rolleyes:
O I L S E A R C H L I M I T E D
(Incorporated in Papua New Guinea)
ARBN – 055 079 868
A U S T R A L I A N R E G I S T E R E D O F F I C E
Level 27 Angel Place, 123 Pitt Street, Sydney NSW 2000 Australia.
GPO Box 2442, Sydney NSW 2001 Australia.
Telephone: (61) 2 8207 8400 Facsimile: (61) 2 8207 8500
11 September 2008
THE AUSTRALIAN SECURITIES EXCHANGE
(SYDNEY) LIMITED
Level 4, Exchange Centre
20 Bridge Street
Sydney NSW 2000
Attention: Company Announcements Officer
Dear Sir/Madam
Re: Oil Search Limited
Drilling Report (Cobra 1A ST3). 11 September 2008
Please find attached.
Yours sincerely
MICHAEL SULLIVAN
General Counsel/Group Secretary
Encl.
O I L S E A R C H L I M I T E D
(Incorporated in Papua New Guinea)
ARBN – 055 079 868
A U S T R A L I A N R E G I S T E R E D O F F I C E
Level 27 Angel Place, 123 Pitt Street, Sydney NSW 2000 Australia.
GPO Box 2442, Sydney NSW 2001 Australia.
Telephone: (61) 2 8207 8400 Facsimile: (61) 2 8207 8500
DRILLING REPORT – 11 September 2008
WELL NAME: Cobra 1A ST3, PNG
Oil Search reports that at 0600 on 11 September, preparations were
underway to suspend Cobra 1A ST3 as a gas condensate discovery.
Since the last drilling report a closed chamber Drill Stem Test (DST) has
been successfully completed and gas recovered from the upper Hedinia
sandstone. Analysis of the gas indicates it is associated with condensate
and confirms the previously reported elevated gas readings observed
while drilling and the presence of light oil/condensate within formation
fluid samples.
Petrophysical evaluation indicates a 34 metre thick zone of hydrocarbons
is developed within the upper Hedinia sandstone. Up dip potential is
confirmed to the NNE by dip meter data and stratigraphic variations
observed between Cobra 1A, ST1, ST2 and ST3 indicate the Hedinia
sandstone has significant potential to improve both in quality and
thickness in the same direction.
Further technical evaluation will be undertaken to determine the optimum
strategy for the Cobra 1A ST3 gas discovery. Importantly, this discovery
represents the first successful test of the sub-thrust, foot wall, play in PNG
and as such has significant implications for further prospectivity within
PPL190 and elsewhere in the Fold Belt.
Cobra 1A ST3 is located in PPL 190 and lies 13 kilometres east of the SE
Gobe oil field and 7 kilometres east of the Bilip oil discovery.
The participants in Cobra 1A ST3 are:
Oil Search Limited 62.556%
Murray Petroleum Co. Ltd 26.497%
Cue PNG Oil Company 10.947%
Total 100%
P
ETER BOTTEN, CBE
Managing Director
O I L S E A R C H L I M I T E D
(Incorporated in Papua New Guinea)
ARBN – 055 079 868
A U S T R A L I A N R E G I S T E R E D O F F I C E
Level 27 Angel Place, 123 Pitt Street, Sydney NSW 2000 Australia.
GPO Box 2442, Sydney NSW 2001 Australia.
Telephone: (61) 2 8207 8400 Facsimile: (61) 2 8207 8500
For further information please contact:
Phil Caldwell
Exec Gen Mgr, Oil Operations
Tel: +675 322 5602