10-22-2014, 05:30 AM
'Putncalls' pid='51106' datel Wrote:It's material. There were concerns about that darn shale. We know that CxHy has been observed in WBR. Now there is one question for the two wells. Is the energy economically recoverable? If it is, does that change the 1/10 statistic being used?
Agreed, Putn, on the PR.
However, I have never accepted the "1/10 statistic" as applicable for IOC, and been in various arguments about it. It's true that Hession has cited it more than once as a global exploration statistic, probably trying to tamp down sky-high expectations. On the other hand I don't think he has ever cited it as specifically applicable to IOC in PNG, and in fact has stated that IOC has had a better record so far, and he and others have said many things that have created higher expectations. Obviously, let's hope the latter are correct, as I believe.