A few thoughts as I pondered the latest release and tried to put it all together. In June '07 ROC said Dunsborough-1 had encountered gross 25m oil cloumn with interpreted 13m (max) gas cloumn overlaying it, and pressure data suggested a total gross HC column (ie, oil + gas) of 70m could be present in the structure. That means an additional 32m oil column should be present below lowest oil in D-1.
D-2 intersected reservoir 47m down structure. This means if they were correct back in '07, then an oil/water contact should be located around 15m up-structure and the residual oil shows in D-2 should be below the OWC.
If so, they might yet decide to side-track D-2 (I don't think they've released the rig yet) to another location a few hundred m. northwards to locate definitively the OWC.
It could be that D-2 is located within a separate fault compartment within the main horst block, with a different OWC (lower than OWC in main horst block).
ARQ Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held