What lies about OBO-1? They disclosed they found many feet of pay (oil/gas/both I am not positive but I think they stated they found both)and the only negative is that they have said it was not stand alone commercial. As many on this board in the know have stated, how can you declare any well commercial at this depth and costs without knowing more about the entire field size? Such info can't be established with only one well drilled. I know they have downplayed the findings but everyone pretty well knows OBO-1 was a pretty good well making Block 1 very interesting, as evidenced by Total buying the major share of it.
As to our Phase I wells, there had been unconfirmed initial reports of major pressure finds and major gas finds but nothing official so can't rely on those reports. Everything we have been told, and DK specifically stated, was that ONLY biogas was found and not in great quantities and nothing was found that was expected. Assuming they were drilling with expectations of success (to mean oil or thermogenic gas), that leads one to conclude they did not find great success (IMO) ergo no oil/thermogenic gas in decent quantities. I just don't see how DK, speaking for ERHC, could say they found nothing in Phase I but biogenic and down the line we find out they found many interesting assets in Phase I. Too blatant a lie if that were to occur which could cause lawsuits and I just don't think ERHC is playing that game.
Not saying they could be pulling a fast one, just that hanging ones hat on the fact that they are lying thru their teeth is a pretty far reach. I will err on the side of conservatism and say Phase I was a bust. I just hope it was a bust due to poor drilling locations, maybe poor depths, lack of drilling expertise in this type of intricate geological deposit by both SNP and ADX, or possibly just bad luck. All in all, I think the JDZ is loaded with assets, I just don't think they stumbled upon them in Phase 1 drilling.
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