So we are now waiting until December to see the results of the...

So we are now waiting until December to see the results of the Blanche1 fraccing. Will they be interesting?

I think not.

It seems there is great emphasis placed on the fraccing as a position for the SP to rally from, but we will not be given significant insights from the operation.

Why?

GRK have the drill core, they know where the stress horizons lie. They are horizontal, the displaying ideal qualities for heat exchange. The extra data gained through fraccing, such as reservoir volume and extent, is quite irrelevant, doing nothing to prove the conditions at 5000m.

So why are they doing it?

I continue to think they are doing this for lack of a better option. GRK are unfunded for any sort of drilling program, so rig acquisition is out of the question at the moment. They need a JV partner, I expect one could be circling at the moment - this will be the next step forward for GRK. I wouldn't be surprised if a partner came out and offered funding on the condition that it be spent on actually drilling and not diversionary fraccing.

To me, the position of the company seems to be based on real weakness, with massive dilution imminent (at least $10M to be raised to fund two initial wells) and a low-grade thermal resource making economic extraction difficult.

The conventional resources in the Cooper Basin will remain interesting as renewable quotas are increased. I hold the options as a JV partner will really stick a jalepeno up this one's tailpipe, and may allow for diversification beyond an O.D project that does not look competitive.