Well…. That was certainly not the announcement we were looking for today Scotty !!
However - we will endeavour onwards. I actually like the announcement - no fluff, no timelines to be another “sell-down” catalyst - just a brief announcement roughly stating - “shit broke - we are fixing it and we’ll let you know when the overall job is done.” - not an unusual comment akin to that of a local Perth mechanic when having troubles with the CPU/electronics in the Lambo…. (future problems) What does it mean to the average investor if Scotty says that the “flux capacitor” shat itself which in turn cascaded down to wipe the “commbobulator resistor” - google experts would be having a field day !!
In my mind - a result is unlikely before Friday - more likely early next week. - happy to be proven wrong though. I believe the tooling checks were ongoing - ie. not complete and may take further interrogation if not 100%. Sometimes issues can be a 5 minute fix - other times it can take hours to diagnose and repair on complex pieces of equipment like these. I do not put any expectation that we are back in the hole already - I actually think it’s somewhat unlikely just yet.
The incessant ramping from quoting discovery results in the next 2-3 days may leave some very disappointed come Wednesday / Thursday - I would advise all - to not get caught up in the “2-3 days” hype and make a considered opinion on likely timeframes. (It was 3-5 days when they were about to commence the last TLC run - why would it be any sooner - especially with a “start that is imminent FOLLOWING successful tooling checks”. )
To those whining about whether checks were done on the tools - of course they were. There is a QA/QC onsite and a professional SLB team in place. Failures happen - the tool was sent up/down multiple times which exposes it to formation temps and pressures. Do you really think these guys charging such a premium for expert services are that unprofessional ?
For those who want the liner run immediately (and post 4-5 times the same thing) - sit back and wait (and possibly only post your opinion once). SM and the team would be well aware that this is an option that they can take - when and if necessary. They have obviously taken the option for TLC sampling because its the BEST option taking ALL THE INFORMATION into consideration. The team have taken a very cautious approach to this well so far - I cant see them getting cowboy reckless just yet !
Also agree with many - that we will run 7” liner and drill deeper - its the best opportunity and most cost effective way to test the lower formations at the current updip location.
Hold Fast ladies and gentlemen…. Many options still available in the tool bag - just looking like it’s taking a little longer than we all first expected.
IVZ Price at posting:
19.0¢ Sentiment: Buy Disclosure: Held
