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Miller Energy Resources, Inc. Message Board

  • drillingsolutions Sep 4, 2013 2:23 PM Flag

    'Sword Prospect'

    According to maps in MILL's investor presentation, the Sword Prospect has already been drilled by another operator & was a dry hole. I don't know why they would waste $10MM in drilling capital targeting a prospect that already known to be dry.

    This is from their PR:

    The Company expects to commence drilling the Sword #1 well later this month. Following the mobilization of Patterson's Rig-191 from Tyonek Village, all rig components are on location at the West McArthur River Field (WMR) drill site and are 95% assembled. The Sword #1 is designed as an extended reach well to be directionally drilled to 19,000 feet. It will target probable reserves in an adjacent fault block to the WMR field and test an up thrown fault closure. Company owned 3D seismic over the prospect area shows a faulted four-way closure with a 240 acre structure that contains an estimated recoverable 800,000 barrels of oil.

    This is meant to be misleading. There is no oil in 'Sword', MILL knows this, I would imagine that they are just using the prospect to generate hype to help drive up share prices. I bet they never drill the prospect & if they do drill it then they need to hire a new geologists.

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