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10.0¢ armour energy limited

Ann: Operational Update, page-4

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11/12/19

11:32

Post #: 41908048
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Originally posted by frmen1 ↑

Overall a pretty encouraging update.
A couple of items caught my eye:
* Previous announcements led me to believe that we would have flow rates from MCN1 and HS4, both of which seem to be set back slightly. I thought the workover rig would have been finished with MCN1 by now, anyway no big deal.
* MC5A, the announcement of 25/11 stated the stimulation had been completed on 24/11, they were anticipating 2 weeks of flowback prior to results. Now we're being told flowback is commencing the week starting 16/12, taking approx 2 weeks. That doesn't make sense to me, however it's still going ahead and probably this year, so no big issue.
* Still no mention of the upcoming Entitlement Offer for retail holders, which, same as most here believe, are probably holding our SP static.
* The upcoming 2020 work program sounds very interesting withe 5 gas and 4 oil wells being planned.
* Great to see some of the older wells being re-worked and coming back on-line. Every bit helps increase our total production and cash flows.

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Its a waste of time announcing something like this without the market knowing whats going on with the capital raising . Poor management to not give the market further disclosure IMO

AJQ Price at posting: 5.9¢ Sentiment: Buy Disclosure: Held
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0 Great analysis

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