Cardiff-3 has reached a depth of 3,918 meters on day-30 of its drilling, and we expect it will take another two weeks to hit our projected depth of 4,900 meters. At that point, we should know whether to proceed with hydraulic fracturing stimulation or not, depending on the total meters of net gas pay, permeability, and the volume of original gas in place that we think we can access with this well bore.
If fracturing is required (the Taranaki Regional Council has granted consent, should it be called for), careful study has shown the formations we're targeting to be completely sealed by more than 4 kilometers of impermeable rock. And TAG will only use the new generation plant-based fracking fluids, which will be contained in a closed system along with the water used.
On a mid-case (P-50) basis, the prospective resource estimate at Cardiff-3 is 160 BCF gas and 5.49 million barrels of condensate. Now only time...and a little more drilling...will tell.