Tony Guglielmo of Ambassador Oil & Gas commented in an ASX release 30 January that Santos were stimulating their first dedicated shale gas well, Moomba 191, in March.
Halliburton have now completed this operation and are moving to Encounter-1 which is expected to take up to about 5 weeks to complete due to 2 weeks flow testing in the lower formation. Other layers take about a day each to frac.
Wells in the Moomba area are back in operation after 160mm of local rain earlier this month and Halliburton were evidently not delayed by rain/flood on Moomba 191. Cooper Creek is flowing into Lake Eyre but not affecting Moomba drilling operations.
So NWE are on track to commence fraccing Arrowsmith-2 in late May by the time the rig is moved to site and maintenance is carried out.
The Arrowsmith-2 operation is expected to take about 2 weeks according to the reports by the Govt. so the oppies are still worth a punt imo...especially at their current prices.
NWE Price at posting:
6.8¢ Sentiment: Buy Disclosure: Held
