Market Reaction: positive. The reservoir thickness encountered by the Etom-2 well is a significant increase on the previously drilled Etom-1 well which encountered 5-20 m of potential net oil pay and the large increase in prospective resources is very encouraging. The operator believes that there could be a further 500 mmbbl unrisked resources (unmapped) in the Axial and Miocene play. Our ReNAV for the Etom area stands at C$0.37 with an Unrisked NAV of C$0.74. Given that Ngamia-8 flowed 2,400 bb ....
