Wallumbilla hub spot price is hovering around $16/GJ at the...

Wallumbilla hub spot price is hovering around $16/GJ at the moment which is probably where CTP would be selling any spot they can deliver. But it's only tiny volumes and only of use to CTP if they can actually supply some spot gas - sure would be nice to get an update on how those four Mereenie recompletions went and how WM27 is going. It's been 6 weeks since the last news when they said the recompletions would be progressively brought online and since WM27 was spudded. I don't expect WM27 would be connected yet as it's a new well (which requires some extra work to connect to the gathering) but the recompletions must have been producing for a month by now. Why no news?

The AEMO data shows an uptick of about 4 TJ/d starting about 6 June (about when they said they'd be bringing the recompletions online) but it's only about 1 TJ/d above where it was before they started the work. The intent was for this program (4 x recompletions, 2 x new wells) to add >13 TJ/d to get the field back to 45 TJ/d.

I don't know whether Mereenie is going flat out to make this 32 TJ/d, but I would assume that with spot prices so high they would have it producing everything it can. If so, these two new wells are going to have to be barnstormers to get the field back to 45 TJ/d.

I will keep an eye on the Mereenie AEMO data for any sign of the recompletions actually lifting production above the pre-work baseline of 32 TJ/d but it doesn't look great so far - it appears they have added somewhere between 1 and 4 TJ/d. But as I say, that's without knowing what else is going on at Mereenie - hopefully we get an update before the quarterly with some hard numbers.