Thanks Ya. Is it possible that they may be able to borrow money...

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kmuirhead

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03/09/19

14:29

Post #: 40292282
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Originally posted by Ya: ↑

There should b few more updates from the company in the following order, assuming no show-stoppers,

1) WE-2 at TD, tripped out of hole, rigged-up WL logger (SLB or BHI??) & preparing to run WL tools.

There should b multiple runs, as they plan to take sidewall cores, fluid samples & the usual raft of logs. (Note: the current 6.75" diameter Open hole is from the last 8.625" dia casing point, i.e: from 4226 till TD of say 5230m(?) allowing 30m extra for the rathole for the Logging tool in the Holmwood Shale).

2) Comprehensive results from the Wireline Logs & fluid samples etc
These will give us an idea of the gas recovery, permeability, & more importantly movable Hydrocarbons in the Kingia & HCS, CO2 content, Gas Water Contact, gas composition et al.

3) mid next week: prepare to run 5.5" Liner in the 6-3/4" hole

4) Production casing set. Well secure. Makeup perforation guns run back in with production tubing assembly for test
(Ballpark estimate is another 10-12 more days of activity in Sept before flow-testing begins).

I think at some point my gutfeel is that they could do a CR should they plan to on perforating 2 Zones (1 each in the Kinga & HCS) to understand the flowrates from each reservoir.

As per their recent qtrly. Cash on hand $11.3mil, Estimate cash outflow for Sept Qtr is $7.5mil. So net cash on hand should b apprx A$3.8mil.
In my view they could perhaps raise A$10-20mil (??) to take them thro' to December qtr. After this, its about how much 2C Resource they've booked from this well once lab results r in for the sidewall core studies with any plans for a follow-up drill at WE-3 &/or Ocean Hill-2.

Hope this helps folks.

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Thanks Ya. Is it possible that they may be able to borrow money at reasonable interest rates rather than having a CR. I presume, that to do, this will require that there is a high degree of confidence that WE-2 will deliver the goods. Have you any idea of at which stage this could occur?

STX Price at posting: 27.8¢ Sentiment: None Disclosure: Held
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