I think SGC and XST will be able to afford a US $10m drilling...

I think SGC and XST will be able to afford a US $10m drilling campaign which includes alvares they'll be earning revenue as they drill anyway from red sky and anshof-3 for XST and I also take note as Longreach says these guys are talking all the time to their peers there could be something even nicer they've been discussing we have no idea about until they table it which will be shortly. Was hoping for TH today guess they are busy putting together presentations and finalising sale of nido!

The reason why I think it should be last (alvares) is pretty simple if you've got 3D all around borba and you know of a successful shallow trap at 3500 feet / 1200m it would be silly to go drill the 5000m alvares which will take 3 months + when you can quickly drill 4-5 look alike prospects within 3 months get Borba earning revenue plus maybe agreed the 4-5 lookalike prospects aim to have them near other pipelines not restricted and just go straight methane so the "borba" becomes a token blue hydrogen well with 4-5 natural gas look alikes around it into other pipelines There are pipelines everywhere. Whether you believe in grey hydrogen or not California is big on both hydrogen and electric vehicles all trying to push towards a renewables future. Converting methane to H by steam and a catalyst isn't that hard and then pump the CO2 back under ground CCS. You need hydrogen fuel stations to have hydrogen cars which Japan has bet bit on and over time move to more green hydrogen but Grey / blue hydrogen is a necessary evil in that transition imo. California is the tip of the spear for any renewables push including hydrogen and electric vehicles.

Regardless as with MAY getting revenue and the easy wins is important before you go for the moon shots just imo. There's an as big or bigger moonshot they can farm back into nido for Balyena but the timeline is relatively short I'd say < 2 years and they'd need >10-20m USD to play. If both oil appraisal wells off the Phillipines are successful I'd say PNOC would push for the next well to be exploration into Balyena as that is their true goal if that hits gas it solves the Phillipines problem of declining gas at Malampaya keeping the lights on in Manila. It'd be a multi TCF field as well. It obviously looks very attractive on the seismic as well.

What everyone needs to remember this isn't other than borba (unlucky I guess) stranded gas it's in the north of California who imports 90% of their gas you get double what you get elsewhere in the US. Shallow wells that flow reasonably well is a ticket to sustaining as many basin basement / big gas appraisal (alvares) or exploration (Dempsey / borba etc) plays as you like.

They've purposely constructed their portfolio to be around big energy hungry economies but they need to revenue to drill and keep drilling.