RE: Investors popping champagne corks after 12m pay zone discovery19 Jan 2022 16:06
Piltick
"So NZOG thinks that a 12m column is worth popping corks for!"
Yes. That is what the article says.
I commend you on your ability to read, appreciate and reproduce those words on this bulletin board. Did you manage to read as far as the $1.2Bn? Or are NZ$ too inferior to bother with?
"NZOG shareholders are popping the champagne, with news that the company's latest exploration well has struck black gold.
The Amokura-1 well, drilled off the Taranaki coast, looks to be a great success, with discovery of a "12-metre gross oil column" announced to the NZX yesterday morning.
NZOG, which has a 12.5 per cent interest in Amokura-1, says the well, expected to cost between $15 million and $20 million to drill, has the potential for 15 million to 35 million barrels of recoverable oil. At current prices, 25 million barrels would mean gross revenue for the well-owners of about $1.2 billion.
"Initial results indicate that there is a 12-metre gross oil column at the top of the F Sand," the company told shareholders.
"Reservoir quality appears to be excellent, consistent with that encountered at Tui-1 some 4km to the southeast."
This means a 12m layer of oil-saturated sand has been found. How far this layer extends from the well site will be determined by seismic surveys and drilling appraisal wells."