To my mind it's a question of timing. AD22 was the...

To my mind it's a question of timing.

AD22 was the confirmation for Oak Dam West that this was the real deal. AD23 was the headline hole.

So CHK potentially have an AD22 on their hands with HWD004 with the ability to use data from HWD004 and HWD003 to work out where their own AD23 may be located. Alternatively HWD004 actually turns out to be CHKs AD23.

Either way CHK will drill again IMO and this investment is de-risked from where it was just a few short weeks ago.

I think the market is beginning to understand this and with HWD004 firmly in the middle of CHKs tenement is possibly starting to price this de-risking event in.

Remember AD23 was announced to the market as it was materially significant to BHP, OZL are massively invested in finding signs of a significant IOGC deposits via crowdsourcing competitions and various JV drills (e.g Maslims) and FMG have no doubt had their umbrellas out during the recent rain having a good look what they may have south of HWD003.