The well the report is referring to must be 22/26d-3 spudded by operator CNOOC in December last year, targeting the so-called Cringletie prospect south of the Glengorm find. Energean added that the existing Glengorm North discovery and the Glengorm Central appraisal well (expected to spud shortly) are considered to be independent of the Glengorm South appraisal well, lending further support to the conclusion that 22/26d-3 did indeed target Cringletie.
In that sense, the outcome of well 22/26d-3 doesn’t necessarily downgrade the volumes estimated to be discovered in Glengorm itself. With recoverable resources estimated at 250 MMboe, Glengorm therefore remains on the cards to be a major development. Because of the observation that 22/26d-3 indeed seemed to target a separate closure, we already argued to classify 22/26d-3 as an exploration well instead.