Grange everything is on schedule and they are due to start in mid 2009. The plant will have the ability to produce 160 mmcf/year of helium.
Rob, I can see GSG disappearing off the radar aswell during the seed capital raising just like PXA. HeN will be an interesting one which will no doubt happen in due course.
I think however it will be somewhat be dependent on credit markets freeing up - which still seems at least 12 months away for this kind of activity. The companies with accessible funds in the bank are the ones capitalising on the events while they can.
Further to this, BG as I suspect, will now have a substantial influence to the direction of CTP's campaign. Given the suggested campaign for next year, we are looking at an accelerated multiple rig scenario - and I'd suspect BG will be bringing in extra rigs specific for CBM drilling.
The previous well from hunt rig 2 at c. $3.2m was well above reasonble and demonstrates that you need to utilise an appropriate rig suited to CBM drilling. The $3.2m could have basically drilled another oil well in an expanded program - and not been wasted on a CBM.
CTP Price at posting:
8.3¢ Sentiment: LT Buy Disclosure: Held
