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I would be kicking myself if I had sold today, if this hits oil I will genuinely be gutted for all the pi’s who have lost hard earned cash because of terrible wording and market overreaction. I might be wrong but like I’ve said what’s the point in selling now, mcap is 7M it’s priced in as a duster
The SP fall of 64% is ridiculous. So oil wasn't found in shallow depts, however as the RNS clearly states the company will *continue drilling to test the deeper objectives* Let's wait and see what happens in next RNS.
1. They still have more analysis to do on the oil shows seen in the Nanushuk Formation. Note, ...they suggest the interval is likely "at the lower end of the range required for commerciality". But they don't flat-out say that it's non-commercial. Saturations, net pay, and deliverabilities will be key.
2. They still have the deeper Torok targets to reach with the drill bit. Basin floor fans, especially in oil-rich regions, have the potential to be significant development projects in their own right.
In other words, ...this ain't over yet.
just my opinion
Yes they were to shallow to have gone through the full Nanushuk zones.
Spike
It is ASX rules to RNS every time someone has a piss do they RNS every oil show and every gas the come across the whole way down. Continuous disclosure
DrMaccers N4 looks very good. Notice N3 below also. N4 has a solid seal. N5 not so much but it does have oil shows which are low level commercial. The Torok stacked targets look impressive also.
Dr maccers They did also say they have targeted an area of nanushuk and received these results but not specified it was either 4 or 5. I strongly feel that had that been the case the rns would have mentioned it.
Would love an RNS Sunday night telling us Commercial Oil discovery further down! ASX rises 100% We rise 600% Only Dreaming!
Thanks dr Maccers! I also saw the chart from 88e presentation - more of a graph but I agree with yr assessment Cheers
So why not wait and RNS the whole drill, rather than this part only and take 50% off the mcap. Makes no sense to me. Unless it’s positive there was no need to issue today’s RNS imo
have a look at page 13 of this
http://clients3.weblink.com.au/pdf/88E/02070754.pdf
You can see N5 is expected at 4520 to 4550 area
N4 is expected 4610 to 4670 area
The have RNSed an oil show from 4,460’ to 4,530’
This could either be above N5 or be N5 but it is not N4
Given that this zone has likely commercial oil and N4 is looking better then its improbable it would have any HC shows AT ALL to tell us about. Therefore i conclude that this RNS is only about N5 or above and not N4 and down. Which will come on monday and could very well bag us back
Tilburn They have mentioned they have drilled 4500 so far and hit a target in nanushuk. Where can you find info on the depth for nanushuk 4 and 5 ?
Massive big black line between the N5 and N4 certainly looks like a seal.
Very weak finish...wrighting is on the wall with this one.....
Fubaratbirth see here for pics re why....https://twitter.com/RealisedP/status/1101521822850433026 see tweet and reply, The info is in the RNS and previous Winx presentations.
GLA for next week. Hopefully crawl some back. Good weekend all.
Seal, in the form of shale, interpreted above both the target Nanushuk sequences
Taken from presentation
if there water in 5 there certainly next to chance of oil being in 4
Tiburn the Nanushuk is a non starter, Ok they have the deeper TOROK which was the least likely to be commercial out of the 3 targets.
TIburn what do you know about water and oil . ???? Oil sits above water so the fact that youve got water in the Nanushuk would suggest theres a lot of oil in the Nanushuk zones.
Placing for a new target in 2020 ?
there must be a plan
The forward plan is to continue drilling to test the deeper objectives.
coming Fri, Sat, Sunday
------------------------------------------------------
OVERSOLD
Preliminary review not Final
Preliminary review of the interval by the operator suggests that the zone in which the shows were encountered is at the lower end of the range required for commerciality; however, further petrophysical analysis is necessary
RNS
Monday or Tuesday for Final Nanushuk.
SP will rise as they approach the next drill target on anticipation by those that no nothing about oil exploration geology = its just another drill target
and also that bizarrely, those that know an awful lot about geological structures, sealed traps, porosity and hydrocarbon charge that make up the chance of success evaluation
They are still drilling_ fact
They have encountered oil_ fact
They will target deeper nanushuk and torok main targets _ fact
This is oil exploration so man up and get lost if you don't like the news lol,
Nothing in Seabee, but as per slide 7 here....http://clients3.weblink.com.au/pdf/88E/02070754.pdf ... where the Winx star is there is hardly any Seabee (and look how thick that Torok is, 500ft)
Nanushuk 5 is a right off IMO but as per slides 13 and 14 here... http://clients3.weblink.com.au/pdf/88E/02070754.pdf
...Nanushuk 4 looks better than 5 and we are not there yet. This could bounce hard if Nanushuk 4 and Torok look good next week.