Ann: Commencement of Shenandoah South Pilot Project drilling, page-6

Interesting how FOMO works.

TBN has $110m cash, soggy market cap of $310m and has:
- JV with financially and operationally strong US partners with access to the best equipment, expertise and capital
- proven flow tests on a par with the best US shale deposits
- net acreage of over contiguous shale area or 610,000 acres in a 7 million acre basin where over $600m has been spent on E&P
- binding offtake with a government
- permits
- credible pathway to first gas in under 18 months

OMA has $6m in the bank and has surged to over $78m cap in the last week on the basis that there might be some gas 3.5km below. Their rig has a hook load of 750k lbs vs HP Flexrig’s 1m lbs.