25 nov last reported depth: 2320m, page-25

DaveMack,

Picking formation tops from mud logging is notoriously difficult, so don't put too much emphasis on the strat column. I think what happened is they have picked the top of the Stokes high, but not adjusted the base of the Stokes because they have no info on it.

So I think you're probably right, the Stairway will come in shallow and they probably aren't far off it. With one caveat - this may not actually be the top of the Stokes, it could just be a siltstone unit within the Mereenie.

Grangeh,

Interesting to think where we'd be if CTP had said right from the start they'd be looking to horizontally drill and frac.

Then they'd (justifiably) be able to claim O-2 and JW-1 were both excellent results.

Instead, they went for conventional O&G lingo for a campaign which the market now regards as two failures and one in progress.

There's no difference in the actual well results - they are what they are. But the market perception of these wells as conventional failures, instead of unconventional successes, might have had a huge impact on the ability of the company to raise funds in future.