RE: Confidence is high Houston30 Jan 2020 09:22
Tiburn 100% agreed mate you summed that up beautifully I'm going to repeat it:
They have massive targets to go for and have chosen the lowest risk, highest Chance of success with multiple reservoirs targeted, so multiple chances of initial oil discovery - this isn't the biggest target but that's not the point - all that evaluation, from multiple studies all correlating to fix this one site as optimum.
Its a really optimistic tone and confident tone throughout the RNS, really positive update.
"This location has been chosen, based upon high resolution 3D seismic data, as the best balance of lowest technical risk, geological conditions and recoverable volumes, with a significantly better developed top seal and reservoir characteristics at this crestal point on the northern segment of the very large B structure. It is anticipated that any discovery at this location has the potential to extend into a larger portion of the overall B structure extending to the south-east.
Perseverance #1 will be located in water approximately 518 metres deep, with a target depth of 4,822 metres, but with a capability to be able to reach 5,600 metres, thereby affording the ability to evaluate multiple reservoir horizons throughout the entire stratigraphic column below the Tertiary cover."