“In this context, "material" means information that would affect a reasonable investor's evaluation of the company's stock. The goal is to provide investors with accurate information so that they can make informed investment decisions.”
I am sure the Company could have “reasons” why they would rather not disclose material information to shareholders. The question is is it right for them to do so?
I believe the analysts on the conference call were trying to get what they consider to be material information. Here are some examples:
Evan Calio - Morgan Stanley
My first question relates to what information you can share with us to help investors ascertain your reservoir quality, whether its log results, flow rates, area under closure potentially from seismic and/or potential resource or even composition of that resource, all be it in earlier stage?
I mean, how should we expect to get disclosure? For
instance, as it relates to the Total payment and the Antelope appraisal wells, what are we going to get when you get results for each well?
And I mean, raising the context that many -- most similar large cap peers would give pre-drill P50. You have a lot of that information to help us assess -- help investors assess the potential of at least on the exploration side. I mean, what should we expect going forward? Or how are we taking information that helped dimension this discovery and/or assess appraisal wells as they come in?
And do you think that would at least to Raptor, is that then subject to the
completion of the appraisal process before you anticipate having an ability to dimension that to the market? Is that what we should expect?
Neil Beveridge - Bernstein
Gentlemen, for the presentation, just two quick questions. First of all, you mention the Puri-1 well, which is close to the Raptor discovery which flowed for a relatively short duration. Is there any read across from the performance of that well to what we could expect to see from Raptor? The second question is around Bobcat. Obviously, you are logging at the movement. Just curious if you’ve seen any gas returns with drilling today that would suggest, we will likely see hydrocarbons in that well also?
Ed Westlake - Credit Suisse
Yeah. I have a whole host of questions. But firstly just on -- congratulation on Raptor discovery. Just on Antelope, what do you think is it four or five which is going to be the main determinants of the resources uncertainty? I believe in the past, you’ve said that it was the western test that might be the step out, just want some color there to confirm if that’s the case?
And then on the comment about Kapuri and and oil flows and then I take
completely different reservoir of confessing. It raises some concerns about things like retrograde condensates in the sense of -- yes, you’ve got some liquids but they actually drop out perhaps over time. If there were any concerns about perhaps in the Raptor discovery or again too early to say?
And just one quick follow-on, if I may. Just on Wahoo,
you mention that you plan to re-drill this prospect in 2015? And at this stage, would you be able to use the existing well bore or will this well have to be drilled from the surface again?
Ed Westlake - Credit Suisse
Yeah. I have a whole host of questions. But firstly just on -- congratulation on Raptor discovery. Just on Antelope, what do you think is it four or five which is going to be the main determinants of the resource’s uncertainty? I believe in the past, you’ve said that it was the western test that might be the step out, just want some color there to confirm if that’s the case?
Right. And then on the comment about Puri and oil flows and then I take
completely different reservoir setting. It raises some concerns about things like retrograde condensates in the sense of -- yes, you’ve got some liquids but they actually drop out perhaps over time. If there were any concerns about perhaps in the Raptor discovery or again too early to say?
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These guys should know what to ask to get "material" information.
My comment:
We have been told for some time we would get information when the wells were completed. I think on these two exploratory wells we should have been given at least this much information since this was supposed to be an update?
Raptor-1
1. Flow rate
2. Well head flowing pressure
3. Choke size
4. Bbl of condensate/MMCF
5. Absolute open flow potential based on the 4 point test.
6. Shut-in well head pressure and/or reservoir pressure.
7. Log data
If this information is truly not available because the flow rate has not yet stabilized then the information should be provided as soon as the well is stabilized and before the test is terminated and the rig moved out.
Bobcat-1
This well was said to be logging several days ago. The logging should have been completed long ago. The log data is available immediately at the well site when the logging is completed.
I consider the following information material in this case.
1. Does the log indicated hydrocarbons in the limestone formation?
2. Does the log indicated this well is a dry hole?
3. Did we see hydrocarbons on the mud log as the pay zone was being drilled?
4. Does the log indicate the porosity is good enough to justify testing to determine commerciality or not?