RE: 6,000,000 £145K BUY - Petro Matad Giant Built With or Without Early Gobi Oil Show?2 Oct 2024 09:30
I had to go back and re-read the RNS from yesterday to see if I had missed something or misunderstood what was being said, given the lack of movement on what (from my inexperienced POV) was largely quite a positive update.
- has reached TD and wireline logging has been completed.
- seven days ahead of schedule
- An oil zone of 18m gross thickness was encountered
- wireline logging indicates is very likely the same stratigraphic unit as that successfully tested in the Heron-1 discovery well.
- Production casing has been run
- Oil and gas shows were observed from the top of the formation and an 18m thick interval of sandstone was penetrated in a similar stratigraphic position to the sandstone in Heron-1 that flowed good oil rates on well test.
- Petrophysical evaluation of the wireline logs indicates that oil is present to the base of the sand and there is net oil pay within it of more than 5 metres.
I think these are all good things? Or am I missing something?