I now know what the saying "to be treated like a mushroom" means. Because that is now what the remaining "rebel" holders are being treated like, IMO. We are now being kept in the dark, and fed crap, on occasion.
Oh well, tbh I'm not surprised, I thought this was inevitable once the board officially changed last week to be MIN controlled. I wouldn't say I am angry... just.... disappointed.
It was only a week ago we were all pumped that Lockyer-2 had spudded. Excited to start the ~35 day journey that alot of us here had been waiting a not too insignificant 600 days for... the time had come.
I was expecting/hoping for an operational update on Monday this week as by my calcs the top hole should have been completed in 4 days and, as per LD-1, we were duly updated and advised that the intermediate hole was to commence shortly.
But no... no update on this progress for Lockyer-2. I was thinking... Was the drill unexpectedly slow?... had there been a mechanical problem?... no.. no such thing... just that MIN, sorry our NWE BoD, don't see it necessary to give timely operational updates.
Now, I guess technically, nothing material to update us on - it's just the top hole done. But I beg to differ... this is after all... our ONLY asset. IMO, everything is material for NWE, especially when you are drilling an appraisal well that could quite likely verify that we have discovered the largest on-shore gas field in Australia. Yeah, that's kinda material to me.
Instead, we get in the know posters (thank you
@Jeremy91) to advise "Top hole completed, not far off intermediate being completed too. Tracking nicely" Fantastic update, absolutely fantastic. So it did appear we had the top hole done in ~4 days, and the intermediate hole is now almost done... which as per LD-1 drill... took about 6 days. So, again by my calcs... we could or should have an operational update by earliest this Friday, 10 days from spud... latest Monday I reckon.
And I remain confident that our BoD will need to provide this next update as per LD-1 the news was indeed material, indeed price sensitive... and I quote "Further to the Company's announcement of 17 August 2021, drilling reached the intermediate casing point at a depth of 3,097 metres (MDRT) on 22 August 2021.
Elevated gas shows were evident at various depths within the Cattamarra Coal Measures, the Eneabba Fm, and the Lesueur Sandstone - none of which are primary or secondary objectives of the drilling program." Fair to say the market really liked this operational update!
And the exciting bit is that not long after this casing point it was not far until we drill through the Dongara Sandstone and Wagina Fm. (both secondary objectives mind you) which for LD-1, encountered
significantly elevated gas peaks. Let's all hope for those words to be repeated for Lockyer-2.
And lastly, as I was searching for the latest Top 20, I can report that the "capital structure" page has been removed from the webiste. Am I surprised? Not at all... I thought it would happen once the board had changed. Afterall, MIN will not benefit by allowing us remaining SHs any useful info or ammunition to help in our cause for holding out. Just another example of slowly turning the lights off... it's mushroom season.
Anyway, I am experienced enough to see through this... and I remain positive... frustrated, but positive... stay strong all... keep focused on the end goal and ignore the noise.
Cheers,
Brobel
