announcement out, page-33

Just got back from swimming in the rain on the Gold Coast.
Have reread the announcement and two things stand out.
The 1st well is not yet producing, and more zones are to be opened. This equals that the flow is not as good as expected. Going for a big early result on this well has not come off. The different pressures at different fracc levels have not stablised and probably most of the flow from the early production test was from one or 2 zones.

The weather has had a much bigger impact than anticipated.
Having such an agressive drilling campaign coupled with a very tight cash situation it now appears the company has moved the 1st horizontal well back 2 months which means it needs the $3 million later not yesterday. This explains the delay in the SPP record date and not trying to raise cash from shareholders during the christmas New Year period.
Generally nothing has changed long term. Some of the short term goal posts have moved which is the O & G industry.
By putting back the timetable will enable GGP to obtain income to pay for its drilling and fracc programme. The 1st horizontal well now becomes the key to the future.