To be honest the unconventional vertical wells are only part of the picture, if these flow well it is an added bonus and has the potential to greatly increase the economics of the cooper basin unconventional gas.
I hope Halifax gets good flow rates from the vertical wells, but I will be watching more closely for the Holdfast-2 Horizontal well results as I think these will be more of a deal breaker for beach..That said it is still early days and they are gathering information on each drill in this program, which will be used to refine and improve flow rates in each successive drill and fracture. It is still early days and I personally think any serious investor/ potential suitor will understand this and not have a knee jerk reaction to one well, even if it is not as they expected.
I'm not really sure where the selling was coming from today, but it was pretty heavy, based on volume compared to the recent month. But to me it looks like insto selling as other stocks such as SXY got hammered too. These guys are trigger happy and living on the edge of a knife, and are not forward thinking as there bonuses are determined by short term results, so me personally I would not be reading to much into the sell-off today...but that is for each person to make up there own mine.
BPT Price at posting:
$1.33 Sentiment: Buy Disclosure: Held
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