2011 i can't wait, page-24

Yep thepinto, reading into the last AR it would appear that they will now be relying heavily on the Terrex Seismic results to determine their next drilling programme. They are also going to use much more suitable engineering in the next wells.
The AR states that to move these estimates to proven reserves of 2P and 3P Icon Energy must demonstrate commercial flow rates of fluids. Therefore, they must find the sweet spots within the coal basin. It also says that there is good coal thickness of an average of 13 metres and full gas saturation and the gas is 98% pure methane.
I am relying on the fact that Stanwell are the "experts" compared to myself and they are prepared to commit another $30 mill in ATP626P.
It also looks as if they were quite disappointed with the overall results of the first drilling and are much more hopeful of satisfying all of the certifying requirements with the new seismics and engineering. That's what I am relying on and staying positive.
What I expected to happen today seems to be proceeding with ST and DT's who were putting all of their eggs into the GSA basket are not prepared to wait for the next drilling and the GSA decision and have, understandably, pulled out.
Now, we just have to see if the longer term holders will buy in at these levels and we won't know that for a few more days. But, there has not been a dump as such and I am quite happy with what has happened so far. But, certainly watching that space.
BPT will start drilling the second well on 218 very shortly and that will also be something for all of us to watch with great interest.