Crude-Read the three sticky posts above. While they go back over a year, since no wells have been drilled on PEL112, there is no reason to believe that the reserve valuation has done anything but go up with the price of oil during this time. In addition to the higher price of oil, the fact that Beach/Cooper may have hit a few wild cat dusters takes much less away then the magnitude of the five prior successes have added.
This part of the Cooper basin is obviously not made up of "blanket" sands, but rather stratigraphic traps and attics. That's why Beach/Cooper could bring in a 5000 barrel a day well and a month later a dry hole just a couple of clicks to the west. 3D seismic interpretation is what it is all about and beginning in August, a 30,000 acre $4 million 3d seismic shoot will begin on PEL 112, paid for by Brandenberg.
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