The Bellatrix-1 (BEL-1) well encountered only gas in poor quality reservoirs at the main exploration targets. We had valued the associated prospect at £0.10 per share, which we are now removing. At the deeper appraisal targets, sands were encountered on prognostic but the high quality lower sands were below the oil water contact. This will likely result in the range of resources narrowing, with the 3C case being reduced. In addition, a secondary exploration target was encountered, with
12 Apr 2016
Expensive Relative to Peers
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Capricorn Energy PLC (CNE:LON) | 170 0 0.0% | Mkt Cap: 156.7m
- Published:
12 Apr 2016 -
Author:
Stephane Foucaud -
Pages:
7
The Bellatrix-1 (BEL-1) well encountered only gas in poor quality reservoirs at the main exploration targets. We had valued the associated prospect at £0.10 per share, which we are now removing. At the deeper appraisal targets, sands were encountered on prognostic but the high quality lower sands were below the oil water contact. This will likely result in the range of resources narrowing, with the 3C case being reduced. In addition, a secondary exploration target was encountered, with