"Why are we only just now hearing about the Mereenie Recompletions drilling results, when this could have been done earlier via its own Ann and with more enthusiasm?"
The Mereenie program seems to have significantly underperformed expectations, other than perhaps the Stairway gas flow. The Pacoota wells were supposed to bring the field back "towards 45 TJ/d" but according to AEMO data has only reached 34 TJ/d, from a baseline before the program of about 30 TJ/d. If we account for natural field decline, that 30 TJ/d baseline would probably be down to about 28 TJ/d now, so IMO we're looking at somewhere around 6 TJ/d uplift from the program. They say they expect continued improvement as the wells clean up but at this point I don't think Mereenie will go above 35 TJ/d, and that field decline will kick in again soon as the older wells deplete further.
"I have nothing to add on Range. CTP's recent performance at its most low risk opportunity is a bit depressing really, and sadly the market agrees with me."
Agree. From what they've done and said about it, I'm not convinced the company actually understands the play at all, which I find odd given the technical staff involved and their experience in CSG. I have been very surprised by both their initial actions with the pilot (drawing it down much too quickly which is THE cardinal error in Qld CSG pilots due to the well-known effect of stress-sensitive permeability) and their apparent struggle to explain why it has underperformed. I am also concerned that their plan to resolve it is to chase thicker coals with step-out single-well pilots which are too far away to mutually support the existing pilot, which IMO is likely to just repeat the error they made first time around.
All in all I am disappointed and I have voted for a board strike. I'm very interested to see the voting results next Wednesday.
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