.

lol baler but i hope not - he does have some very good points also though - but the gas find is not commercially proven and to make it commercial the find needs to be massive at least 5 / 6 trillion cubic feet due to location and that type of gas expensive to process - that is well known - i hope you did well here before the drop - i guess someone like cynic might be shorting here right now

hyleo - unlikely to be imo which is maybe why that was not mentioned in the rns - wonder how low this will drop / where the bottom will be

It's not commercial if it's on its own....this is condensate...if the drilling program goes well : it will not be on its own...there will be infrastructure...rigs everywhere....such early days yet...

this is worth remembering : Hoil was £4 plus based on an oil find then dropped almost immediately to £1.50 when their find was proved gas, additionally AUL also went from 86p to 18p when their oil turned to gas, that says it all imo gl

Was not condensate.....big, huge difference in price...

rf - good point and because early days only and other mitigating factors the chance of lower sp is imminent

Possible...but this might go back up to hover around 100p prior to next spud....

buy buy buy.,.

I suppose the Argentinians are rubbing their hands with glee, trying to pretend that they didn't really want that part of the Malvinas anyway!

I doubt it HC.....this drilling campaign is going to be superb....

baler 50p would be nice! i seriously hope no one burned here though as otherwise that 50p comment would not be welcomed i realise that

220p offer for Cove Energy,,,you see...even Shell loves gas......girlfriends don't but oil companies do.....

the drilling campaign will have its ups and downs as it already has politically would expect some sort of a deal with that mad argy woman will happen in time - argies are nothing much on their own - depends how much other SA countries back them and what if any US involvment diplomatic or other

lol rf

COV is mainland Africa rf, with infrastructure already in place.

He's trying to talk himself into buying more...........@50p.,.

lol & lol

Going long (small punt).....we shall see...too many negative vibes here....

gl rf - see a bit of a rebound on small buying right now

As some people seem to struggle to understand what gas condensate is, I have put the following together quickly, apologies for errors in advance - this is just a simple way of giving an idea of what "gas condensate" is.


The most interesting question is what is the bngl/mmscf for the gas condensate ?

The company has said, in effect, this is not a "wet gas" find, they have said this is a "gas condensate" discovery.


"Wet gas" is as it says, its gas with fluids in it. Wet gas can be anything from tea cup of Natural Gas Liquids per MMSCF to around 10 barrels of NGL/MMSCF.

BNGL/MMSCF is Barrels of Natural Gas Liquids / Million SCF of gas.


Now, gas condensate discoveries, as opposed to wet gas discoveries, tend to have a value for bngl/mmscf from 10 barrels of NGL/MMSCF up to around 500 barrels of NGL per MMSCF at which point above 500 its into the realms of "volatile oil" before becoming "black liquid oil" at around 1000 BNGL/MMSCF equivalent values.

So

Up to 10 BNGL/MMSCF is "wet gas"
>10 BNGL/MMSCF up to 500 BNGL/MMSCF is "gas condensate".
>500 BGNL/MMSCF up to 1000 BNGL/MMSCF is "volatile oil".
>1000 BNGL/MMSCF equivalent is liquid black oil


To put that into perspective - if lets say the Darwin East + Darwin West structure is joined and has 5 Tcf of gas equivalent value and that "Gas Condensate" has a BNGL/MMSCF value of 100.

You would get :

5,000,000 MMSCF x 100 BNGL = 500 million barrels of condensate.

If its 2 Tcf and 200 BNGL = 400 million barrels of condensate.

If its 2 Tcf and 20 BNGL = 40 million barrels of condensate.


This is why at the moment its very hard to value this "gas condensate" discovery, but its certainly not a "wet gas" discovery as per RNS is clear, this is into the realms of gas condensate.

We await the fluid samples and therefore a value for the BNGL/MMSCF of the fluid recovered from Darwin.

If they recovered fluid from the reservoir it is possible this is actually in the borderline between gas condensate and volatile oil - if the BNGL/MMSCF were to be 500 then it would be fluid like, on the borderline state between condensate and volatile oil.