Right, they now have info from 5 additional wells, including Obo-1, they now have 6 wells in the JDZ, they can now recalibrate seismic, and really have a decent geologic model, and now they'll have SNP's pockets to perform a thorough drilling campaign for phase II, I still remember the oil analyst on the last conference call who complimented mgmt and said in all his years of covering the oil patch, he can never remember another company being involved in an exploration campaign that drilled so many deep offshore wells in such a short amount of time, we know why that was, it was because Addax didn't have the funds to do thorough drilling and they were basically doing a looksee this time, and wanted to get phase 1 drilling obligations out of the way before the deadline, the rumors were they just drilled the caps, if the acreage gets deeper the further you go out on the continental shelf, it would make sense that the sands containing the gas were deeper, and the sands containing the oil were deeper than they drilled in OBO-1, and they drilled shallower than OBO-1, and just hit the gas areas, to hit the oil they needed to drill deeper, of course this shouldn't come to a shock to the JMC or JDA since they approved the depths prior to drilling, they know phase II is a go. Further, Addax could have drilled years earlier, but as we've learned after the fact, they were always on the selling block, Gandur was just building an asset rich company to sell, and they never had any intention to spend the necessary funds needed for a proper phase 1 exploration campaign since they wanted to sell and not waste the resources on exploration but rather use those resources to acquire more assets to make themselves a more attractive buyout target, it was a cheap, fast drilling campaign for phase 1 in blks 3 and 4. In September we'll learn what is really going on, this is the oil patch, things take time, but at least they're drilling now and have a much, much clearer picture of what they're dealing with.
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