MoMo,
I am not expecting ERHC to release any drilling results as it is not their responsibility, as Operator it is Sinopec's responsibility and then ERHC can repost in their own fashion. And to that extent we have not seen an official release of drilling results by Sinopec. Rather, a communication that states drilling results warrant further examination. A true release would contain exactly how many hydrocarbon plays were found, what were their intervals, what were their depts, what were the pressures at each zone and a "very" qualified estimate as to the amount of recoverable hydrocarbons that were found across each zone. I missed that press release, did you see it?
When we look at the drill depths of all 5 exploratory wells the contention among this group "given the limited amount of information made public", is that only one well was drilled deep enough to be below what would possibly be the gas cap of the reservoir. I know this is somewhat speculative but when compared to OBO-1's depth and looking at the drilling days per well it looks like a viable explanation. Also given a few (field) leaks (again somewhat speculative) that enormous pressures were encountered when they reached certain zones so they pulled out it seems to be a plausible scenario that they did not go deep into the 'Big Play' formation.
And finally without drilling and detailed geophysical data how do you know what is in the EEZ and how it compares to the JDZ..truth is, you don't. But regardless if Sinopec and Afren came out and released full data and said the JDZ wells they drilled contained no economic hydrocarbons then that would have a tremendous affect on the bid results of the EEZ.
I still keep coming back to why are they not releasing the drilling results. From every viewpoint that I can see it would be in both Afrens, Sinopec's and ERHC's advantage to release the data quickly IF IT WERE POOR.
There is something in the timing that we have all missed, matbe it is infrastructure related, maybe it is weeding out the poorer players, maybe it is negotiations to develop a huge consortium to develop the JDZ as one large field.
Those are answers I am still looking for, but I feel very confident that the JDZ is an economically viable field.
My two cents,
Bay
