Yes and as a CUE S/H I understood we were drilling to the deeper Arumbera Sandstone formation which had potential to be a potential large mean 60Pj prospective resource ... I didn't recall anything on other Pacoota targets outside a lateral at P1 if unsuccessful ...
I guess the drilling contractors have been having enough issues drilling the Pacoota sandstone(as we see from timelines) and with minor Gas shows P2-P4 going lateral might unlock something? exploring formations that have never before been penetrated at Palm Valley ....
I'm no GEO ..but seems like a major change in plan ... caused by poor equipment, planning etc ..... like you said the problem with this process has been the drilling plan.... CTP is the operator .. the experts in the area I'm sure NZO/CUE would have put much trust into them running the program..
And now that program has been changed no more Deep large Gas Targets but smaller less risky Pacoota ...
If this was the plan from Day 1 would the terms have been the same ?
In CUE case they have half the interest in Mereenie Vs PV or Dingo ... so positive will be less CUE funds needed if thats the new plan to focus on Mereenie / PV ..
CTP Price at posting:
10.5¢ Sentiment: None Disclosure: Not Held
