Hi PLM,I fully agree with your sentiment on the high...

Hi PLM,
I fully agree with your sentiment on the high prospectivity of this area but I think that the decision by Tower to drill the second well is based on more than just on a 'maybe better luck next time round'
(throw away line?) and deserves a little more input.

Have pasted below for those that may want a shortcut for relative info (from LTi 1 update 22/9/09 - this link only had 20 viewings on HC),
by Tower, on the re-evaluation and justification for the second well:
NB Pt.3. references oil sampling.

That GBP has chosen to reduce exposure in the second well does not necessarily reflect a lack of confidence, just prudence IMO.
Tower have the competence and obviously are prepared to go the distance so that is where I take my lead from.

IMO GBP have made a very good decision and success will put a rocket under the SP, which as most probably accept,
is undervalued as things stand.
IMO/DYOR etc
Cheers,

Independent inspections of the rock cuttings material by an expert sedimentologist and (from 1st well)
specialist laboratory analyses have confirmed the presence of clean reservoir sands,
with good porosities and permeabilities, in the interval just above basement between 540
metres and 575 metres (the basal reservoir). Net sand thickness is estimated to be 15-
20 metres. Basin modelling by the sedimentologist has also indicated that alluvial fans
could be present at the Iti-1 location and could be analogous to the basin margin edge
discoveries in Block EA2.
2. Detailed inspection of wireline pressure data, after undertaking quality control of the raw
data and re-evaluation of wireline logs indicate that the basal reservoir could be oil
bearing and is separated from the overlying sediments which are clearly sealing and
water bearing.
3. Fluid samples taken by a wireline formation fluid sampler produced what had initially
appeared to be samples containing only water. Subsequent inspection of the sample
chambers showed oil traces, and small quantities of oil have been extracted from the
rock samples. Analyses of these oil samples indicate that oil could be present above and
within the basal reservoir although this could be consistent with residual non-producible
oil in the formations. Further study is ongoing.
4. Detailed re-examination of seismic data, now calibrated by well data, is helping to better
understand EA5 prospectivity and more work is currently underway for this purpose