Operational Update4 Jun 2018 09:13
"The results of the analysis concluded that the large volume of produced water in the VOBM#5 well is not believed to be sourced from the perforated intervals in the targeted Eagle Ford sandstone, and is more likely a result of frac operations communicating with a deeper water source below the perforations. Future wells will most likely only perforate the upper portion of the Eagle Ford sandstone and will be designed (in collaboration with third party experts) to avoid possible communication with deeper water sources. Encouragingly, the analysis also concluded that absent fracking, the perforated intervals should have produced hydrocarbons and water volumes comparable to analogue wells in the nearby Double A Wells Field."
An operational balls up not geological. All those who sold out, unlucky
This plummeted in April from ~50p to ~20p so a rerate is now on the cards.
Tickets please, all aboard