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ASX Today, page-8721

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    Regarding next well.....if flow rates and GOR is compelling and we get a partial farmout, then I can see a new pad adjacent to the highway that will not just have 3H but possibly also 4H, 5H and 6H plus 8R (reinjection well). Separately, east and west would see 3V, 4V and maybe 5V to test the larger conventional prospects as well as delineate the HRZ.

    If for whatever reason, the current farmout terms are less attractive than a CR, I would see a deferral of the new Dalton hugging gravel pad and instead proceed with a 2H (already permitted) from the current well bore, followed by 3V, etc for the conventional tests and HRZ delineation - subject to funding/creaming approach.

    Just speculating, but they are the two broad options I can currently visualise under different flavours of a 'success scenario'.

    That said, the market reaction to positive progress reports of recent vintage highlight the skittishness of the market and hence the likelihood of farm-out being less value dilutive than CR. I'm guessing the skittishness is a reflection of a number of things - not least being the amount invested by many punters; and that each increment of knowledge painfully gained by punters emphasizes how much is still not known. Certainly the case for me.

    Still holding and still confident. GLTA.
 
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