Ann: Cyrene-1 Daily Drilling Report for 24 Januar, page-24

re: Ann: Cyrene-1 Daily Drilling Report for 2... Hi Malmoe

As requested, took a while.

I thought I might have another looks at the Hedonia 1 wcr which was written in 1985 by Gulf.

The Nita and top Goldwyer had been eroded by a channel.

The well had heavy gasses in the base Grant and top Goldwyer.

The Goldwyer and deeper level had limited porosity/tight, maybe possible fractures deeper down. Basement was a possible fractured granite

The Goldwyer had good oil shows

They did six DST over various intervals of which three had tool failures or miss-runs.

The three successful test after acid wash has bubbling gas and oil fluorescence in the water but it is believed that the recovered liquids are acid wash and drilling/completion liquids. So we don't know if there was any oil and if there was was it displaced!!!

So with that info in mind what do we think of the latest well being drilled updip? (possible concern on the use of old seismic data here).

What to expect?

Well we might have a bit of Nita lst left which can be a reservoir and we might have an oil leg.

But lets be honest that would be a surprise as we have limited top seal, no regional salt seal. But Ungani dolomite was a surprise for Bru hey

The key will be if the Goldwyer (when cored) has high oil content that if frac can be producible.

Ideal as the depths are shallow.

So basically we drilling a post hole for a cheap price (Bru paying) by comparison to NSE program really shows how cheap this well is.

Would I buy Key, not just yet but I do just love it when exploration companies are drilling wells.

Here is a question is the well planning to TD in basement as the Hedonia 1 well showed some potential.