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0.3¢ 88 energy limited

Ann: OEL: Winx-1 Drilling Update, page-185

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14/03/19

15:18

Post #: 37762837
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Originally posted by alexei ii: ↑

In reading the tech info, im guessing that Winx hit the target Nan and Torok at a much lower depth than Horseshoe. There were also some intervening layers between top Torok and the top Nan payzones. The presence of clay rich sands implies a distal facies of the target reservoir sands - which means you would expect less clay up dip. But the oil was there. So was the water unfortunately. But does this not simply mean we hit the oil water contact? and maybe the same sequence further updip is where the oil accumulation is sitting? The only negative news here is that we dont have a lot of money to drill another hole. Id be interested to hear the Docs take.
Another surprising (to me) aspect of this is the seemingly exorbitant cost of drilling in Alaska. Am i right in reading it was a $13M excercise?

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Let's face it, the team are not capable of finding proven oil reservoirs or bringing it to surface (we're great at spruiking probable reserves but that has worn too thin now). Our best option would be to sell the company to someone who believes the hype that we own acreage that actually has oil in it. I'd be over the moon if we could achieve 5 cents (mkt cap circa $300 million )so we can all move on.

88E Price at posting: 1.6¢ Sentiment: Hold Disclosure: Held
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