.

Re post 1897.... I didn't like to say.,.

Well - good luck everyone - I will be buying be it bad news or good news and so I may be very quiet later today if news comes out as expected 7am.

So do not expect any detailed posts from me until the dust has settled down and the BB loonies have gone.

I will probably only comment on Twitter if I get the chance. ( @proselenes )

Good luck and have a great week regardless !!

cynic and others got it wrong!
gas discovery but have not yet read any detail at all

that should put a smile on the faces MrP and Poodle-boy

====================

now that i have read it, i'm not much or even none the wiser

however, while it's obviously much better than zero, it does not seem to be a cast-iron humdinger - if there is such a thing!

Gas Discovery !...

At a guess with a 100m of interval this looks like a large gas discovery.... perhaps very large over a wide area.....just like it showed up on the seismic !...gas over a wide area.....I reckon that there might be several trillion cubic feet, at least.....can't yet be declared commercial but I bet it is.....shame it's not oil, but a very large gas discovery is not to be sneezed at !

Quick comment. Excellent news to get so much potential pay in such a compromised well location - with T5 even better than expected pre-drill.

This well was not about hitting net pay, it was about drilling all the targets to sample them all, and it did that.

The appraisal wells in the next drilling round, after 3D seismic is done early next year will be all about hitting the thick net pay.

With the sweet spots it could certainly be a 25 TCF recoverable total for Loligo now - way past the needed 5 TCF recoverable for commercial development and in excess of the 10 TCF recoverable needed for very attractive commercial development.

Edison SPA must be well happy, they are EDF's gas development side - spearheading EDF's gas exploration and development program.

Excellent news and now on to Scotia - for a 1 billion recoverable barrels P50 potential there - and Scotia is pure oil prospect :)

Very happy the whole Eastern Falklands is now in play.

P50 for the East Falklands is potentially 80 billion BOE recoverable, and now its all systems go !!!

Very happy - and thats all I have to say :)

Yes....looks like a big commercial gas discovery....will help to reduce the UK's imports in future years....

They say that the area exceeds 250 to 600 square km of resource !....this is big .....very...

Look at the size of Loligo against where the rig is. This drill was only about proving they had hydrocarbons in "x" amount of reservoirs. Its done that with a single good location for testing all 5 targets, bad location for net pay.

3D seismic and then appraisal drilling next round.

But the whole Eastern Falklands is now in play - and that is over 80 billion BOE potential on a P50 basis - simply huge - and its in play as hydrocarbons are now PROVEN !!

Sweet spot future drilling and Loligo could easily be over 25 TCF recoverable, that was its P50 pre-drill estimate.

Yes we will see rigs over this area for many years to come.....nobody can sure how much gas yet but this is a very large find indeed....

Funny...where are the negative bunch ?.....no sign of them....and this is good for the next drill...the seismic now becomes doubly interesting to try and define the limits of the field......they will definitely be drilling a few wells here in 2014 !...and I wouldn't bet against Scotia being oil.....or gas...just.... where are the negative bunch....?...

well done RF and others, hope you make a bit of profit but I've never seen a gas find go megga bucks.,.

Cove did....and this looks like an equal to that East Africa play.....and proves a massive hydrocarbon system is here !......from now on every drill could hit something.....proven play is the name of the game.....if the sp drops on opening : jump in with both feet.....it should go up by 20p.....perhaps more...

RF - you obviously didn't read my post (1903) first thing this morning (from dubai!) which beat you to the punch

for sure sp will surge this morning, but how large a rise that can be maintained remains to be seen ...... would hope there is a knock-on effect on RKH, even if they are in NB and have found the "real thing" rather than gas

Looks like the sp is done....thought so.....can't see the wood for the trees...

where is the bid at? cant get a quote?

In permanent auction atm it seems.

In auction.....to me this an excellent result, but to the market...?...

So it only found gas but no oil...

The market wanted oil. 61p to sell atm.