Thread by @BigBiteNow

Majid Shafiq on 1st #I3E L2 Pilot Well COS

"I know there were numbers out there of 90%. I don't think we ever put those numbers in the market"

On the new A2 well COS

"We've drilled the 8 well (original discovery on LIB), we've drilled the 9 well, which is very close, we're drilling a few 100 metres North East of that, and we have the new seismic mapping, which tied into all those 2 well control points"

Cont'd

"and is a really good data set that's got really really clear mapping of this sand, so its very high."

Moving on to the reasoning for this #I3E A2 well. . .

"The intention always was to drill a well here that meets a qualification test for the borrowing base, and that is what the A2 well was designed to do, and so we need to drill this A2 location and prove the reservoir quality. . . and it proves up a well location"

So it was really always about quality over quantity. Hence why they are able to drill the A2 position for the RBL and don't need to drill A4 or indeed A3.

All of which is why #I3E throughout this time, cont'd to state that they had a "robust" phase 1 development.

Graham Heath on LIB Phase 1 ;

"We're still planning on delivering 2 wells concurrently, in phase 1, in year 1, and then that will be followed on by 1-2 wells the next year."

Cont'd

"So capex profile very similar, production profile (up to 20,000 bopd) and resulting cash flow profile, are all still in line with what we had expected before."

So in essence #I3E, it is very much game on. . .