News being bandied around that there’s an RNS tomorrow from the Horse-Hill Brigade concerning oil shows. This is a blatant ramp. There maybe an RNS and there obviously is some fluorescence & some C3 propane gas but this is a non-event. The mud gas was expected to be encountered. It is not a commercial oil or gas find it is simply a marker of the drill bit reaching the 1st target/s. Oil bearing zones are not necessarily commercial oil producing zones. This is a mud gas propane zone.(C3)
It looks like some are trying to use this as a push on the sp. (As I have predicted). The companies involved stated that the well had at 11 AM yesterday been drilled to a second casing point at a depth of 1,795 feet and that cementing a 13 3/8-inch steel casing was underway.
“The bottom of the well is currently located in the upper part of the Jurassic and the operator reports that the well has encountered the expected mud gas up to C3 (propane) and mineral fluorescence just above current well depth. Based on observed geological analysis and mud logging from rock cuttings circulated out of the hole indicate that geological markers in the well are slightly shallower than initially expected based on seismic and the nearby Collendean-1 well drilled by Esso in 1964. As a consequence the second casing point has been revised up from 1,865 feet MD to reflect this change.”
I read this as nothing other than what was already known. It is neither a good sign or a bad sign. It is the expected mud gas sign.
NB. Keeping your feet firmly on the ground