Ann: Phoenix South-1 Well Update, page-22

Hi IC,
Oh, the dilemma of investing and picking the bottom and the top! Good luck with your decision.

One thing I've noted, and I don't think picked up by other posters is CVN's language in their announcement

"At the current time, the estimated additional cost to Carnarvon of the side-track operation is around A$6m, based on final costs exceeding the cost cap of US$70 million."

What I think they are saying is:
a) The addition cost of drilling is $6m, but
b) We don't know if the cost cap will be exceeded until drilling is complete, and
c) The cost cap may not be exceeded.

So the additional $6m is likely to be a worst-case scenario, at this stage. So we cannot assume that there are any additional costs yet.

Cheers
Pecs.