Graham this is a significant tick for the JV partners. Proving up a working HC system is the first step. Next step is to hit the source system. This then encourages the JV to explore and drill further, hit more targets then commence well completions to tie in the various systems ready for production.
Cairn may not be interested in drilling more wells yet but another party might be keen to buy the interest from them following the promising initial results - other parties with deeper drilling budgets and expertise might be now prepared get involved.
The result this morning was very encouraging and has probably not met the pre announcement hype of people talikng retirement etc. Still slightly below my average price but heading in the right direction.
Cheers
BF
Graham this is a significant tick for the JV partners. Proving...
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