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2C resource is contingent.

It goes 2C resource then 2P reserve. 2C reserve is contingent, ie contingent on further wells. 2P reserve is proven and possible, ie drilled and discovered. So we have three wells that have discovered and confirmed the 2P reserve. This is bankable. Obviously, surface facilities need to be constructed, but that's part and parcel of extracting the 2P reserve and you wouldn't be constructing these facilities without the 2C or 2P estimates.

The 3D will be calibrated to the wells NT1,2,3 which allows transfers of GIIP of 8TCF to upgraded 2C resource and 2P reserve estimates. How much volume get;s upgraded depends on Area km2, continuity of the sands, thickness, and energy in the reservoir, along with porosity and permeability. Also, further reservoirs may show up on 3D seismic as yet undefined. Then there is the deeper Jurassic.

The increase in gas to 8TCF by ARA is due to thicker reservoirs and high energy channels sands equating to more gas in place. Basically it's loaded to the gunnels at high pressure.

Edgar 11.36 TCF

winalot 2.36 TCF Net to AEX (9.44 TCF Gross)

Alcapone 10 TCF

PageofCups 8TCF

Ave 9.7 TCF

Interesting.

Let's be more positive. What do we think of the gas in place figure will be based on the 3D seismic?

ARA have said 8Tcf. I'll go with that. They are the experts and have all the info..

Any thoughts?

Winalot, you have to understand that the seismic has been recalibrated to known gas reservoirs and therefore the data from the well logs tied to the seismic, hence the accuracy is proven. When ARA say they estimate 8tcf gross GIIP, it's not made up. The 3D is used more for optimal drill locations when developing the field. The 3D results will just give accurate assessment of total volumes across the entire licence area.

Focus on the revised gas reserve and resource due by the end of the year. GIIP resource estimated by ARA to be 8Tcf based on 2D seismic.

"The entire 3D seismic data processed interpretation will be completed in Q4 2023, permitting a total revision of the gas reserve and resource potential for the field. Moreover, RPS Energy Consultants Ltd has been contracted to produce an updated CPR before the end of this year.

That was last week. Need some of the other directors/ CEO stepping up.

Need some directors buying at this price. Show the way.

JOG RNS for Buchan Development farmout.

Work is progressing on the Front End Engineering and Design ("FEED") studies that require completion ahead of FDP approval and the development moving into the execution phase of activities. The total capital expenditure forecast for the Buchan redevelopment is estimated by the Operator, NEO, to be approximately £850-950 million (gross cost) to bring into production over 70 million barrels of oil equivalent (95% oil), with peak production rates of approximately 35,000 barrels of oil equivalent per day.

They got a 20% free carry to production. The partners have committed to a capex of £850-950m spend for a 70M barrel field with max production of 30k barrels a day. Sounds like a lot of cash on a small field compared to Darwin.

I thought JOG news was interesting. They found a FPSO and then concluded a farmout shortly afterwards.

Well they better hurry up and get whatever the deal is over the line or the BoD will likely get kicked out by the big holders such as Newlands and Mr Brimacombe. Look what happened at GBP. The CEO and board kicked out and new board installed to get the job done.

MM's twitchy. Not surprised with the news about to drop.

Don't worry..you will see some sells by the management before the flow tests. Probably be some tax reasons no doubt or some other excuse.

Haha...Think about this then..maybe they awarded themselves the shares to sell before the well tests so they can bag a handsome profit on the excitement of gas flowing. If the wells don't flow, then they will have walked off with even more cash by selling the shares... The timing of this award is rather hasty before the wells can be called a success and as evidenced by recent and past RNS's, there is much to question.

Get those shares before the 3D results, not after. Bargain from the Gods compared to the gas in place and any expansion of the resource. 8Tcf has already been estimated by ARA from the 2D seismic.

The word success is a bit dubious. Counting chickens and all that..do they give back the award of shares if the wells fail to flow? All sounds dubious and totally detached from reality.

Successful drilling results? What are the flow rates? Where's the gas??... Shirley Shome Mishtake.