P1 was not a successfull well because it had to be abandonedand...

P1 was not a successfull well because it had to be abandoned
and could not flow gas. Wells flow oil or gas. P1 could not.
It was however a great exploration hole as it suposedly found a large intersection of gas bearing sands.
Seems the find was not what was expected as COP want to
spend a heap of money doing 3D seismic again????
P1 cost 100 million and was not a successfull well.
The cash burn will continue for a few years yet for KAR.
So expect more capital raising.
COP will be spending the majority of their exploration budget on Gladstone CSG for the next few years.
Many huge projects comming online to supply LNG in the near future. LNG prices to stay at the lows they are now. Browse will take years to assess and then sit like Sunrise has.
Although Sunrise is one of the projects being fast track studied at the moment. Supply supply supply. Lots of it comming online in the near future.
Some projects will sit for years.