re: Ann: MMR: New Seaclem-1 Thick Porous Sand... I'm happy to agree with you George W re the "spin".
I'm the one looking for a good re entry this morning and judging by sentiment on here I might still get lucky but was just stating imho +40mtrs thickness resevoir with av 30% porosity is quite significant
Joshua4687 on the mmr thread just summed it up quite nicely imo. "Having read the latest announcement, it appears that there is potential to increase the predicted reserve size based on the results from New Seaclem-1. Therefore I don't think the drill can be considered a failure, as it is only intended for exploration in the first place. A 40m layer of porous sandstone does seem significant and if extrapolated, indicates the presence of substantial gas reserves nearby.
I guess the only loss here is the cost of drilling - 20-30M? However judging by the combined market cap of PEP11 (~250M) this represents only 10%. Therefore is probably the only realistic drop in valuation."
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