"A wiper trip
is presently being run to condition the hole prior to running
an intermediate wireline logging suite to evaluate the
significance of these hydrocarbon indications"
i think thats the reason they stopped drilling
i don't know what a "wiper trip" is but i assume that would require drilling to cease?
It will be interesting to find out the significance of these hydrocarbon indications. This was not the primary target and it will be interesting to see what unravels. It could well prove to be a bonus although its too early to tell. EMR's shares has risen as high as 26c today on reasonable turnover. Perhaps a number of punters liked today's announcement. Any other thoughts?drilling update just came out for the Canning Basin partners
"Further drilling through the claystones and limestones of the
Fairfield Group has revealed additional elevated gas
readings at 2295m, 2354m, 2404m, 2415m and 2470m MD,
each representing an interval of several metres. A wiper trip
is presently being run to condition the hole prior to running
an intermediate wireline logging suite to evaluate the
significance of these hydrocarbon indications"
Company options tend to 'lag' the shareprice movement and are more volatile, especially with low volumes traded. They're only 'cheap' if you manage to sell them on at a better price.With the Stock at 26c, does that make the EMRO at 13c cheap? or at least 2c behind the stock price? Not very good at valuing options hahah
PCL have just come out with an announcement in relation to Valentine 1.
In it Pancontinental (PCL) General Manager, Matthew Battrick said: “Drilling and evaluation operations are continuing; we are currently 23 days into the well and still around a week away from the primary target, if penetration rates remain the same as we near the total depth of this well”.
“The six zones of gas shows now recorded from around 2,250 to 2470mRT constitute a significant interval in a section of the stratigraphy that was not considered our primary target. This is very encouraging news and the entire interval is in need of urgent wireline log evaluation, prior to deepening the well to the primary target.” Matthew said.
EMR is best positioned in terms of share price leverage for any possible success. Hence, EMR had a good day finishing at 26c (up 4c for the day).
DYOR
i don't know what a "wiper trip" is but i assume that would require drilling to cease?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?