RE: confused24 May 2009 19:38
I did get excited for a second when I seen some postings on Tower resources in Premium chat.
I guess I should mabye start the chat.
I am very unsure of the odds for striking oil. My understanding is that siesmic testing these days is fairly accurate, they say there is 100% success rate in the area but how many drills has given a 100% success rate as that could make all the difference. Tullow having a discovery only 50 miles away. Some people put the odds at 60/40, someone told me it is a lot less in terms of the oil being there and being commercial.
I guess they don't call this the punters share for nothing.
All company rns referring to siesmic is upbeat but that is what every company does, why would they be anything other than upbeat.
For 1 year I have imagined the positive effect on sp of this being a gusher and now that the time is here I find it quite scary.
So any other estimates out there for odds of a commercial discovery on the first drill.