88E

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Ann: Operations Update, page-221

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Bert333

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26/08/17

11:40

Post #: 26777955
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Originally posted by Lazarus65 ↑

While there has been only limited specificity from the BoD on this - and my views are formed from transcripts of London presentations as well as discussions after the AGM, I get the distinct feeling that the winter drilling program that has been recently submitted for permitting is a Plan B. This is not necessarily to say that the JV have a pessimistic view on 2V outcomes - I believe it is more a reflection that they have no basis yet, to permit Plan A any further than they have.

If 2V flows successfully, I believe that Plan A is quickly put in place. It becomes a combination of the already permitted additions to the FB pad (i.e. A horizontal flow test well in the HRZ); the amendment of one or both of the B1, C1 wells to go a tad further than the Seebee formation to test the HRZ (as part of acreage delineation) as well as test the conventional leads/targets; and a new permitting for a gravel pad on the highway for a 3-4 well pilot production programme.

Whether it is Plan A or Plan B, size able funding will be required which will entail either equity dilution or working interest dilution. Means to an end. Pointless to speculate what, how and how much at this stage, but suffice to say that the 2V flow test will be a critical input. The BoD is motivated to get the most shareholder accretive deal (in the big picture) so I am relaxed on that front.

The 'fine tuning' announcement to me indicates that Plan A is still on the table. It would appear that the market, by and large, agrees. Not that the market has got much right about this stock in recent months, IMO. We will soon know.

GLTA.

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Laz,

I agree that sizable funding would be needed for Plan B (drilling, infrastructure and the like). I think it is worth surmising whether further funding will be achievable. Where is this going to come from in the event Plan A is a duster?

To me this reads - the BOD are confident the flow result will attract or provide options for strategic investment otherwise Plan B would appear to be a hollow course of action.

88E Price at posting: 3.2¢ Sentiment: Buy Disclosure: Held
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Ann: Operations Update, page-221

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