Replies to post #1363 on GulfSlope Energy Inc (GSPE)

[GrabenCap]

Here is the full release--this well costs more than the market cap of GSPE:

Drilling at the Tau prospect extended to January 2019

Tel Aviv, December 27, 2018. Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) announces that further to the Company’s Immediate Reports dated January 8, 2018 (ref. no. 2018-01-003307) and July 29, 2018 (ref. no. 2018-01-069795) concerning the exploratory drilling at the “Tau” oil asset (“the Drilling” and “Oil Asset”, respectively), described in section 1.8.6 of Chapter A of the Company’s 2017 Periodic Report (ref. no. 2018-01-031177), and according to the information provided to the Company by the operator, GulfSlope Energy Inc. (“the Operator”):

Drilling operations on the Tau prospect started on September 13, 2018. The Drilling is designed to test multiple Miocene horizons trapped against a well-defined salt flank.
According to the Operator, during drilling operations, the well encountered difficulties associated with shallow faults above the sub-salt stratum which requires changes to the Drilling plan, and is expected to cause a significant delay in its progress.
As of this time, the Operator has reported to the Company that Drilling operations are continuing and that in its opinion the Drilling is expected to reach the target strata during January 2019.
The Operator has requested the Drilling partners to approve a budget increase of USD 20 million (100%) for the continuation of the Drilling, so that the total cost of the Drilling (100%) will be USD 59 million. The Company's share in the said increase is USD 16million1
In addition, the Operator has updated the Company that in the light of the structural changes in the Drilling, the final depth of the Drilling will be 18,000 feet and will only penetrate the two main drilling targets (M1 and M1A), and will not reach the two secondary, deeper drilling targets (M3 and M4).

[t0ups]

how much oil they can pull from that depth