pep11 drilling location announcement, page-6

If they are smart they have gone for the target most likely to hit gas. If they succeed here 1st up (and from my reading 200bcf is commercial) then raising further funds will not be an issue, But if they miss then a 2nd drill becomes less likely. I know Advent are endeavouring to raise enough right now to enable a 2nd drill without going back to the market. But for BUY's sake this 1st hole has got to be good.. So if going for a smaller target with greater certainty is what is happening then i'm all for it.
However, this New Seaclem 1 is still targeting over 4Tcf (at P50) in two reservoirs plus its having a look into the slightly deeper Permian which i think is a csg target but just might have a bit of condensate/oil.
I would not be disappointed with the target.

This is an excellent announ and tells me that the drill rig must be contracted to Advent and its on its way. At 400k per day people dont muck around.

After being ultra cynical about PEP 11 i'm starting to get a little, just a little, excited.