Interesting development.
It's absolutely prudent to reassess, for as long as they spend circa $5m for every 2 successfully completed holes this project is dead in the water imo. Neither can afford it.
They obviously had operational issues with water and rigs, but this is a very large miscalculation of funds required. A poorly executed program seems easy to conclude at this point. Certainly an emotional response from ARE, but you don't get that without there being some truth to the story. How much is yet to be seen.
Disappointing after all these years of waiting for it to start heading down the winding and difficult path it appears to be on.
Better explanation to shareholders required imo.
Ann: TORRENS EXPLORATION PROJECT - DRILLING UPDATE, page-26
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