Hi
@Hoodlum ( great nic by the way
)
Now that the cap raise cash is banked, work has already begun to prepare to drill the Jewell well... services are being booked, we should see announcements regarding the pad preparation and setting the conductor within a few weeks.
@peto2810 will put up satellite picks that hopefully will show the activity. The drilling rig has been identified and is available for the BRK contract after it finishes drilling for Camino which will be around 6 weeks.... so the Jewell should be breaking ground end of March/ early April.
BRK's ability to stick to a deadline has generally been good , except for the Jewell funding in all honesty. This has been related to DP doing everything possible not to do a significant and dilutionary cap raise for the well over the last 2 years. It is not the BRK business plan to spend it's own cash on drilling, but the delay caused by attempting to find alternate funding that has not given away too much of the Drilling and Spacing Unit (DSU) upside has materially dented BRK's market credibility. Now that the company has bitten the proverbial drilling capital raise bullet, the hand break has been released and here we are.... you could almost hear the market's ( us long term holders) sigh of relief and excitement with the funding announcement.
There is no drilling program as such. Each of the 3 operated drilling units needs an initial well to be drilled and completed to bring the combined 11.6 MMBOE prospective resource to a SEC compliant reserve. The Jewell well is the first cab of the ranks.... remaining cash raised, cashflow from the flush production from the well which should produce payback of the well on net terms within 16-24 months depending on oil/ gas prices and well performance, along with cash raised from any option conversion depending on the size of market re-rate of BRK and SHE stock will determine when the next operated well, possibly the Rangers well will be spudded.
There is a possibility that BRK/SHE will spud a shallow, cheap ~US$1-1.2 million well in the Bradbury unit later on in the second half of the year, depending on what the technical work up shows is the potential of the 7 hydrocarbon stacked zones in that 40 acre unit. There hopefully will also be some more new Orion workover target wells purchased by the JV, but pretty well all the focus of the company right now will be drilling and bringing the Jewell "exploitation " well on line..... with sales in July/ August.
Hope that helps
Cheers
Dan
(20min delay)