re: Ann: Backreef-1 Production Test Update - ... WOW Strange market reaction....this test has live oil to surface, hence "proof of concept" and validates the RPS Report. Yes, it requires production wells to be drilled in the field - what oil field doesn't! Note the JV has already contracted a rig and GRK have paid for the next well already!!
This well was always mapped on the edge of the accumulation - to get any oil is positive. The volume of oil is not relevant, the test demonstrated oil and permeability, the two key elements. If there are sellers at this price then I'm a buyer!
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