I should have provided more information. I have reproduced below an extract from the prospectus dated december 2008. You can see it confirms what I said. The primary target was at 735M which they have drilled through.
I do hope that they do strike something before they reach the eventual depth of 2500m and I will be happy to buy back in.
CL27
The Nyngynderry Prospect is quite large and structural closure extends over some 22 km2, and it is sited on a north-northeast trending regional high. This orientation is important as it is an old structural trend and should mean that it is an old trap which was in place when any early hydrocarbon charge was generated and migrated through the area. The primary target is expected to be encountered at 735 m below sea level (-735 m sub-sea). The operator has done a potential resource calculation for the Snake Cave Formation interval of this feature using representative parameters of 13% porosity and a net effective hydrocarbon column of 24 m and has estimated that the gas in-place resource to be addressed by this well could be in the order of 160 BCF.
OIP Price at posting:
8.4¢ Sentiment: None Disclosure: Not Held