A few observations
* CRC was the operator of this well, and is the most likely buyer of the asset or the company on the success case. As operator they likely had 'approval' over the announcements, which may explain the infrequency and bland nature.
* This seems like a great outcome. Results 'as expected' - Large amount of Gas in Place in the middle of infrastructure in demanding market.
* Over pressured sands - reason given for failure of previous drilling, but more pressure also means higher flow rates.
Looks like it will come down to the productivity of the well, but it is gas which doesn't need much perm to flow. Would be very surprising if flow tests are not positive. The likely hood of a positive commercial result seems very high.
MPE Price at posting:
0.2¢ Sentiment: Buy Disclosure: Held
