gassinThis has been drilled before by Phillips in 1975, known as...

gassin

This has been drilled before by Phillips in 1975, known as Albion Head-1.

It was drilled off structure on the bounding fault (looks like one I mentioned yesterday). When this fault was penetrated, moderate to good oil shows were encountered. Poor seismic was to blame here.

They have given it 17% COS. The oil looks like it is there but the COS attributes the economics factors to production.So it is still risky. Being a conservative guy (no political connotations), I like to feel 115mmbls recoverable is something I could live with.

There is known oil/gas (Aboabo & Albion Head)in what looks like blue sky quantities in this provence . That's why we want another 10%. Just got to find sweet spots.

Reference ASX announcement 7th May 2013
(Please take the time to read this, it is worthy for your library)