Spoke with RS, last week regarding options and current testing plan timelines.
Options will all hinge on the testing of P2 well.
No set dates for when they intend to start, however sometime between the 10th-15th of June is anticipated.
5 zones to test - 3 days required to test each zone.
If started on 10th add 15 days = 25th June.
Depending on the start date, we may see all 5 zones tested or only some zones tested before June 30.
Untill we have some test results confirming commercial gas, the heads are unlikely to move to 20c plus.
Options atm wont get underwritten with current SP.
RS did say they are not looking to extend the option expiry date. It will hinge on the SP at 30 June.
ATM and until testing is completed and confirmed, they are unable to announce P3 or any other further wells. This will not occur before June 30.
All signs appear to show there may be a continuous gas coloumn, however nothing can be confirmed until testing is done on P2, depending on those results they will then begin improving P1 to bring them both online.
Again depending on start dates, the hope is to have RPS updated report out asap after testing is completed.
Basically a case of sit back and wait for the testing of P2 to start.
GDN Price at posting:
8.2¢ Sentiment: Hold Disclosure: Held
