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0.2¢ 88 energy limited

Ok, thanks mate. See you soon.

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excitable2

3,352 Posts.

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17/11/18

08:44

Post #: 36541287
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Originally posted by Lazarus65 ↑

Originally posted by excitable2
"While for the conventional well, the 25-30% relates to chance of this drill getting to target zone and finding commercial quantities of extractable oil..."

Cheers Laz... am I wrong in thinking the 25-30% doesn't include commercial quantification?
Ex, you are technically correct. This is a geological CoS. Commercial quantification in the sense of revenue greater than all in sunk costs is not a factor in this CoS, from my understanding. A better usage of words in my earlier comment would have been "finding material quantities of extractable oil". Because it needs to be material in order to be (potentially) commercially viable. Otherwise that journey ends.

As an illustration, one of our WB consortium partners participated in an exploration drill last month in GoM with a high CoS (around 50% from memory). It was ultimately unsuccessful as according to them "despite strong hydrocarbon indications on mud logs, insufficient producible reservoir wasencountered to justify setting production casing. The well is currently being plugged and abandoned as a sub-commercial well."

All IMO.

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Ok, thanks mate.
See you soon.

88E Price at posting: 2.0¢ Sentiment: Hold Disclosure: Held
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