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I personally agree with you - they should have gone for the biggest target - normally they may have done - but this was a highly challenging technical drill in a frontier territory with many unknowns on what was possible - Santaren channel deep drilling being one.
I think they went for an ultra conservative approach on the northern crest edge of B Structure to first ensure a drill could be successfully completed, then find HC, then commercial - in that order - but only IMO.
Its what they inferred in approach RNS pre drill aswell, as ive highlighted.
Its just what they did, doesn't mean I agree with it, but then we dont know what they do.
Interestingly, Exxon statement on Guyana drilling says what is "generally" done is go for the biggest target, but that infers not always:
https://oilnow.gy/featured/oil-companies-drill-where-data-is-most-promising-but-liza-and-tanager-show-results-could-vary/
"Generally, you drill the biggest, best prospects first when you enter a new area, which is what we did with Liza-1, The “world class Liza discovery” of 800 million to 1.4 billion barrels of light crude in 2015 showed that drilling that prospect first was the right call"
Do BPC think they should have followed the Exxon approach? go for the motherload strike and potentially miss all targets for technical complexity drill delivery, Working system found and commercial ? (as Exxon have missed in subsequent drills adjacent to Liza discovery in this article)
They game planned all aspects for this drill for years - their RNS text is pretty upbeat, they dont recognise this drill as a failure at all - Major interest does support that view.
Lets see what occurs in the next few weeks.
....now lets move on and hope the BOD can earn their super star wages.
Tiburn, If you are checking something out you go to where you think the best prospects are then when you have hit pay dirt you check out the boundaries using the money from your find. NOT THE OTHER WAY AROUND, OUR BOD HAVE PROVED NOTHING EXCEPT FAILURE HERE.
Everyone who writes on here has an agenda Petro, hence your constant blabbing about the 2nd coming of P1.
Please put me in the green box room
RNS Nov 17th
"The Perseverance #1 well .....location has been chosen, based upon high resolution 3D seismic data, as the best balance of lowest technical risk, geological conditions and recoverable volumes at the CRESTAL point on the northern segment of the very large B structure. "
So right at the top edge or crest of the northern part of the B Structure - not in the middle of the most prospective commercial volume area - it was a balance - what carried the most weight in the decision?
"It is anticipated that any discovery at this location has the potential to extend into a larger portion of the overall B structure extending to the south-east"
Which is what they are analysing and modelling now - the bigger structural target was always to the SE of Perseverance#1 site.
"The well has been designed specifically as an exploration well, with the sole objective of establishing the presence of hydrocarbons through a range of tests that will be conducted as the well is drilled."
The drills main goal was find presence of HC - BPC didnt expect to ever produce from here as they knew this wasnt the biggest commercial target area. They needed to prove it was possible to drill in the Santaren channel - reduce technical risk - and find HC, a working system.
They achieved both core drill targets, commercial volume in this circumstance was third in priority as the first two aspects critical to allow further development - but this isnt an aspect the market would fully understand and still doesnt.
The Majors get it though.