Ann: Quarterly Activities Report & Appendix 5B, page-26

As a technical achievement it's pretty bloody impressive, although the real number that counts is going to be what is the decline between the IP30 and the IP90.

Reaching rates equivalent to the Marcellus is fantastic but the Marcellus was always the lowest cost shale play in the US. There is little chance of being able to replicate that cost structure anywhere in Australia, much less in a remote frontier area like the Beetaloo.

So while I think on a technical level this is a remarkable achievement by TBN (and full credit to their technical staff) I don't see them undercutting CTP any time soon. The risk is probably that they sell gas at a loss while they build scale, similar how to tech companies operate.

But let's wait and see the IP90. 30 days isn't long enough to know what the decline curve will look like, the well has barely finished flowing back its frac fluid at 30 days.