As we near petromanas transformational news, one way or the other here is a quick review of what are chances are, I have always maintained a high likely hood for sucess given the following factors & the longer we wait for news the higher likelyhood we have that the drill is indeed making progress & it's anywere from 4900M to 6100M the "target zone"
1. Albania has oil, lots of it- first discoveries in 1918, Italians have been intersted in Albania ever since.
2. Shell, Occidental, Agip & Chevron all active in Albania since 1990
3. Occidental was the first to reach deep oil, that is the light variety vs older heavy crude in Albania(our property now)
4. Occidental had major drilling issues & corrupted the hole by using improper drilling fluids amongst other rig, drill bit, pipe issues etc etc
5. flow rates were achieved yet adversly effected, light sweed crude did flow to surface at 400 BOD, this encountering 600M of what is believed to be 1500M zone
Corrective actions give us what kind of chances?
1. Pmi is using the highest quality Mud/petrolium based fluids
2. New Directional drilling techniques (rotary vs slide)
3. Not getting stuck, high speed mud motor vs Turbine.
4. Etc Etc Etc
Will PMI with everything learned from Occidental and Shell as a partner get low enough-4800M right to 6100M to test the full zone?
Did F.Gustra come on board because he believes they can?
Ladies & gentlemen if they do & we allready know they sidetracked successfully and are drilling ahead as per the Dec 31 press release than the following assumptions can be made.
Occidental flowed 400 & up to 570Bbl oil per day, Given the damage to the hole & restrictions to the flow rate & given Occidental tried twice in 2005 to side track again & again with failure they must have truely believed they could of course flow better & needed to go deeper.
Blue Sky Assumption:
PMI side track goes perfectly, proper fluid, no pipe issues, no shifts & mother nature cooperates the same 500M to 600M should flow as high as 1200Bbl oil per day. The next 900M is where things get interesting. We get 1200Bbl from 4800M to 5300M if we can get down to 6100M the next 700M could very well equal the 1200Bbl or do better, I am confident that Shell & PMI & Occidental believe that they can do better in the rest of the fault. The more time that transpires the more confident I am that we are getting deeper & deeper/
As far as keeping a lid on the "news" keep in mind that as the drill advances there will be oil shows in the mud, this is to be expected & not indicitive of a commercial find, so as long as the drill is advancing deeper & deeper all that PMI will see is oil shows, we are not going to hear about the oil shows-it's a given there is oil...Occidental dereisked & proved this prior. PMI just needs to get as deep as possible, maintaining hole integrity & we will all be rewarded
Things are getting exciting/ wow .14Cents what an opportunity to add to ones position