.

From the placing RNS - which is the latest RNS and makes the 23rd April 2012 RNS out of date and no longer applicable.

Does anyone think they have done a sidetrack in the last 2 weeks to test the second reservoir and therefore hopefully bring the resource figure upwards and to possibly very commercial levels ?

I remain unconvinced but also would not fall of my chair in surprise if they have done a sidetrack - BOR like to be, lets say, shy in what they release to the public where others would shout.


.......Reasons for the Placing and use of the proceeds

These funds will be used to acquire additional 3D seismic within the Company's existing acreage, to enable further analysis of the results of the Darwin East well and for general working capital purposes, including further contingency funds for the upcoming exploration well...........

.

Pro trying to twist things again ....read the last RNS u Thicky it tells you in black and white.

The Company now intends to complete wireline logging operations, plug and abandon the well in line with regulatory requirements and move to the Stebbing prospect, the second well in the current drilling programme. An announcement will be made once this well has spudded.

The thing that could support the sidetrack theory is that the initial Sun article said "1 billion barrels" but then it was updated to say "1 Billion barrels over 2 reservoirs".

That kind of suggests their "source" said hang on, the 1 billion is over Darwin East and Darwin West, not just Darwin East when asked to clarify.

If that were the case then a quick fund raise and running a sidetrack could make sense to bring Darwin West into play and therefore push the resource figure to 1 billion boe levels.

Which would make the Sun article pretty much spot on, apart from they should have said BOE (Barrels of Oil Equivalent) and not "black stuff".

This is from DES, the sidetrack actually only took 12 days (15th Oct finishing off logging to 27th Oct sidetrack completed).

The sidetrack started straight away on finishing logging, so no extra permissions needed it seems.


........................The Rachel well has provided much new valuable data on the distribution of the reservoir targets within the Eastern Flank play and in particular the calibration of the 3D seismic data for sandstone prediction. Our understanding of this play type is rapidly evolving but one of the biggest remaining uncertainties relates to the oil charging mechanism from the mature oil source rock to the fan sandstones. Based on the latest information from this well, potential sandstones have now been identified downdip from the existing location, closer to the mature oil source rock, significantly reducing the oil charge risk. As a result the well will be sidetracked to this location to evaluate the prospectivity. The sidetrack will commence when the present logging operations are complete. The total depth of the sidetrack is planned to be 3,418 metres measured depth (2,970 metres vertical depth) with an offset of circa 1.2 kilometres from the total depth of the original vertical well. The sidetrack will be designated 14/15-1Z and is expected to take 20 days and the Company will make a further announcement upon completion of this sidetrack................

Stebbing to be spudded next, and should be next news.

Yep, Stebbing is next.

The question being raised is have they, in the last 2 weeks, run a sidetrack from Darwin East well into Darwin West to test the Darwin West structure ?

Its like jackanory a different story evey day....of course all made up in his small little mind.

I can't imagine they'd do that prior to announcing wireline logging results. I don't see how Rachel compares to Darwin for a sidetrack either without Regulatory Approvals, the drilling rigs are different as are the depths being worked in. No point speculating just yet until results are known and we know what grade of condensate has been found indicating if Darwin is a standalone development.

How very separate is Stebbing from Darwin in geological terms and what sort of distance are we talking about......is my question ?...

RF see here http://ar10.bordersandsouthern.com/media/pdf/at_a_glance.pdf page 2. I think there very different.

Darwin is a tilted fault block. The reservoir is interpreted to be Lower Cretaceous shallow marine sandstone. The prospect has a flat spot, amplitude conformance to structure and an AVO anomaly. The company’s P50 recoverable resource estimates for the amplitude anomaly alone are 300 million barrels. P50 recoverable resource estimates for the entire structure down to the mapped spill point are 760 million barrels.

Stebbing is a thrust-cored anticline. Stacked reservoirs are interpreted to be Upper Cretaceous and Tertiary deep water marine sandstone. The prospect has AVO anomalies in the Tertiary. The company’s P50 recoverable resource estimates for the combined two reservoir intervals are 1,280 million barrels.

These prospects are completely independent except that they require the same source rock to be present throughout the area.

Circa 25 nautical miles apart RF for distance.

Stebbing is shallower and less likely oil thats been overcooked and gone to condensate/gas. Also its slightly into the oil mature window as well.

it must be disconcerting for holders of both BOR and FOGL to see sp dropping by a further 5% albeit that the market is generally pretty pissy all round

on the other hand, those promoters of GOO could well be viewing beachy head with some interest

Pissy for oilies, but have taken a nice profit on Advanti so can't complain. Held GOO for years now, averaging some 10p a share and had written this equity off along time ago... Lets see it Z34 farmout can get me out evens although I won't hold my breath.

Wrong thread I know but I fancy going long on BNC right now, just a pure punt, any views cynic?

Updated destination is Stebbing 3.

The LE rig is on its way and will arrive today, so spud over the weekend it looks like.

And for anyone interested :

Stebbing is shallower water than Darwin (around 1.5km against 2km for Darwin)

Vertical depth of the well is about 1km less than Darwin - its a shallower drill, the target is higher up.

Drilling days allocated is TD estimated at 34 and the rig is estimated to be on site for 45 days from today.

Target is 25 API oil. Being shallower and in the mature oil window one could suggest Stebbing is more likely to be oil than gas.

I have heard there is a chance FOGL will now drill Loligo next.

Looks like you heard wrong again maybe you should just read the RNS pro....

Ps the man who said DES had no oil,wrong again if you read the RNS today......thicky!!

mark - you devalue your own argument and point

Second day strong on the bounce

there is seller at 82.50p on the order book ( you will see the quantity of "AT" at this price, that re-enters again on size of 21K once is previous one is gone), once finish should carry on with the rise

The problem now is whether to keep some BOR or to put everything into FOGL......at the mo it's 85% in FOGL for me...

Always wise to spread the risk a little, rf, even though, in this case, the two companies are linked.