I think it has always been consistent that sales figures have been released in quarterly reports rather then an adhoc basis, i posted a rough breakdown below for #3 if anyone new is interested. They aren't just going to continually put out a bopd every time they have an announcement, it flowed at the 306 and then it was still flowing a similar rate a few weeks later. Similar to the fact they aren't going to put a $figure out until they finalize in the quarterly, they would probably get a query from ASIC if it were fluctuate due to oil price or rig shut down etc so why would they risk misleading the market.
https://hotcopper.com.au/threads/ann-new-well-to-spud-at-mustang-prospect-permian-basin-texas.4796290/
Broker report here from Jan too when we were planning on drilling 3 wells and not 34 wells...http://www.winchesterenergyltd.com/sites/default/files/broker-reports/winchester_strachan%20corporate%2030%20jan%202019.pdfAs for the significance of the announcement and the price sensitivity, compare the upgrade in P50 and P10 figures.
Mustang Prospect Prospective Resource Target
5 June Announcement P50 1.43mmboe & P10 3.76mmboe
21 June announcement P50 2.03mmboe & P10 3.77mmboe
Probability that 600k more bopd is ~50% chance or a ~$30mn..obv all potentially..this all goes a long way to increasing the $$ value of our acreage in the area.
From memory the wells at our expense were about $500k each so they are very economic with good NPV.
As for a CR, we just raised $3m. It is common that once 2/3/4 wells are proven it is likely that some debt facility will occur to punch out the other potential 34 wells. Yes if the SP hits 10c+ on the back of these results they may do the smart thing and re do a raising but at least it will be less diluting.
2 Wells drilling in July back to back, plenty of news flowing and a slow uptick in oil price due to tension in the middle east...when people start to add oil and gas producers back into their portfolio hopefully they start to look our way as a cheap/undervalued prospect with plenty of upside due to the fact we still only have a $13m mcap!
