Ann: SPP closing date extension and drilling update, page-2

Exension of SPP most likely due to lack of demand...? What happens when the company doesn't raise the funds it intended to raise? It cannot complete the intended program and/or needs to do another raise at a lower price to fund the intended program? Amazing they couldn't even manage to prop up the share price for the SPP period to get the bids in before letting it flop.

Dangling the carrot of a reserves booking as a catalyst for share price appreciation but I hope people realise how small the proven (1P) and probable (2P) reserves booking will be. Under PRMS rules for an unconventional play like this, reserves should be booked based on a proven area, which in this instance is limited to the pilot area, and more specifically limited to the well(s) that actually produce economic amounts of gas + 1 well spacing (for proven reserves)... and since the well spacing is so tight here, it will be a small area. Now they are saying first reserves booking is expected in the next 12 months so it looks like 12 months and another raise or two before there's a reserves booking if the timeframe of this announcement is to be believed.

Big brains at Schlumberger tell them that more wells = more depletion. Who would have thought?! Hope they didn't pay too much for that new 'simulation'.

woof.