GulfSlope Energy Inc (GSPE)

[MktMvn]

One more and then I will go away for awhile. I have been thinking about why the sands were wet. Assuming Gulfslope properly evaluated the prospect, there must be a trap at Tau. We know there was good quality reservoir. So either no oil migrated into the trap, or it leaked out the top or the side. If I’m right that the subsalt rocks were overpressured, which would not be a surprise, then the shales may not have been competent enough to provide a topseal. As they drill deeper they could go through a pressure regression which allows the shales to hold together enough to be a topseal. I have seen this happen in a couple of deep water fields, but it could also happen on the shelf. If that happens then the sands below that point could all be pays. Assuming that oil migrated into Tau, and that is usually not a problem in these types of prospects. It is so frustrating, knowing that they were probably very close to having a discovery and then got stopped. Or it may be that Tau really is a true bust. I hope they get another bite of the apple.