RE: JP17 May 2018 19:29
Testpack, let's paraphrase/quote & qualify that first paragraph of yours & then answer it:
"since us PI's were informed by Crude, following a chat with his mentor, that the LE would be seismic driven with no further drilling".............you have just hoist yourself on your own petard! JP never said anything about 'no further drilling'! What he actually said was this:
"Regarding the proved up volumes and how a purchaser might value the business�. I think the way to think about this is that we should get a high percentage (maybe 90%) of the P1 volumes and then a low percentages of the unproved volumes. The key variable which the seismic helps reduce is the risking of the unproved volumes. So right now, based on public information, we might get say 90% of our proved 0.5Tcf and a small percent, say 2% of our 31Tcf potential. Post seismic perhaps that 2% increases to say 10% or another number as we will be able to demonstrate with a prospect inventory how our 31Tcf is built up. More drilling and re-entries will increase in the proved volumes but actually, most of the value uplift will come from the seismic". He prefixed that with: "We haven�t provided any updated guidance on a value per Tcf � that was a conscious decision for a variety of reasons � mainly that we do not yet know the gas sales price, which is the most important variable. As we approach FID we will put a number in the public domain."
Where can you quote James in my post as saying 'no further drilling'? He never said it is why! You are full of it.....just like your incompetent buddies, Fatty, CD & Desert Fox......
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