IMO, the activities over the next few months, especially up to end September, represent the critical proof of concept phase for the commerciality for the Amistad Field. My Work Programme summary is shown in the Slide below. The drilling and flow testing of Amistad-2 & 3 with all that the JV has learnt so far is obviously the most important. But, also the trial export and receiving payment in a timely manner are very important as well. On success of these, closing the finance facility and the FID for Amistad's development will fall into place. So, IMO we are just about to enter the most critical development phase of all - how the broader Market see this and rewards this phase on success is the key question!
Fully agree with you on Point 7. This was the key point for me, hence the 3 blue flags, that currently the JV is still planning to drill production wells in its first phase of development pre the 3D. As I show in the Slide below, we may get further development wells drilled prior to the 3D starting in November, but I feel this is unlikely; however, on the basis of Point 7, I would expect further development drilling to start post the 3D's acquisition. Also, during this drilling hiatus we will be banking cashflow!
GLTAH Cheers VOGC
MAY Price at posting:
2.5¢ Sentiment: Buy Disclosure: Held
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