Compared to CoP completing and testing Baker 2, TCEI has been moving like an express train on a well with a lateral nearly 3 times the length. The gunge that they are trying to get out is denser than the gas & condensate, it's going to want to stay down there and they cannot even offer it a free exit because they have to maintain some pressure in the well. Also, even once it's clean, they won't know that they have achieved maximum flow until they repeat whatever operations they are conducting and obtain little increase. They have clearly said that they will report only when they have stabilised flow. I suppose that the best that they can do is to give a baseline indication until then but that might not be acceptable under ASX or AIM rules.
What they have done is to confirm that it is flowing gas and condensate despite all the gunge still down there. We knew that because of the flaring and black smoke but it's good to have it in an official announcement.
As they seem to be letting the formation pressure to do the work, they will just have to wait for it to do the job. There's no mention of use of nitrogen etc so they obviously feel at the moment that the pressure is quite sufficient. That must be a positive sign also.
Perhaps this is all crap.
ADI Price at posting:
32.5¢ Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)