Ann: Odin-2 Appraisal Well Update, page-3

It all hinges on success at Odin-2 for MEL but the thread has dried up. What are the geo's thinking? Is Odin-2 going to produce for the JV? If O-2 flows MEL should be $1m+ per annum cashflow positive prior to any exploration development expenses. With that cashflow surely MEL could then get some longer term finance to pay out the $1m short term loan and fund Odin-3. (yes @boysy1 we're already talking debt again!!)

Comparing the O-1/O-2 announcements they don't give much away except for the additional targeted formations at O-2 and that the gas shows were ""extensive" at O-1. Anyone got a view on success/failure at O-2 or is it still to early?


Odin 2 (28 May 24)
The well has reached a Total Depth (TD) of 3172 m MRDT. Intersection of the target formations has been consistent with prognosis. Gas shows have been recorded during the drilling of the Toolachee, Daralingie, Epsilon and Patchawarra formations and Tirrawarra Sandstone. The significance of these gas shows will be assessed through analysis of data acquired through the forthcoming wireline logging operations.

Odin-1 (27 May 21) The Odin-1 exploration well reached total depth at 3,140 metres at 8:20pm on Wednesday, 26 May 2021. Extensive gas shows were encountered in sandstones through the primary target Toolachee and Patchawarra formations, as well as a basal sand in the Epsilon Formation.