Great points micro and I agree. It has been a very challenging go since the pandemic for MJ02 to get this far. It’s actually fairly admirable that they are at this stage in my eyes.
The equipment on the ground tells me of a much greater probability of commercial success. KyOil and I agree. I believe the pictures that were presented in the latest update are key in showing what is happening and it does confirm the Feb update with particulars of enhancement, upgrades, and stimulation.
Why MJ01 did not receive such advanced novelties I do not know. Was it short on funds? As with any resource explorer we must as investors understand there are never any revenues, there are never any assets unless discovery is made, and they always burn cash. With cost push inflation going on resource exploration companies face a dire scenario of higher energy costs and dried up financing. This is a death knell for all of them. I hope Zion get to the proven and probable stage. Have they confirmed P50? Not sure. The BOP being removed says the completion liners are in, the well bore is secured and ready for perforation and stimulation once the xmas tree is installed on the wellhead. What was confirmed during mud logging must have presented such compelling evidence that this well needed to be completed. Acid fracturing or water flooding enhancements are an added benefit if used. Anyways why deviate the drill but 6 degrees and aim for a target 2k feet deeper if the 3D didn’t say, “There it is”.
The challenge of completing such a deep well with high temps and pressures is truly daunting. Those who’ve worked in an oil patch can appreciate this matter. It takes on average at least a year or more for such a well to be completed and tested. I see projects all over the earth seeing major setbacks due to supply chain issues, sticky inflation, and worker shortages. It’s no surprise to me. Just a little longer snd we may be surprised either way.
