Now that we have a new update and the dust has settled I have...

Now that we have a new update and the dust has settled I have been having a good look at the update and what it might mean gowing forward.

The main point would have to be the news of a pending JV this sets the foundations for the company and derisks the whole project IMO

At this stage they are talking a multi well Horizontal program starting this year. With talks proceeding on 3D this says to me that 3D will most likely be part of JV talks and that drilling wont start untill the 3D is finished, probably late June or July.

This does leave the possibility that we could proceed on our own with verticals, we seem to have 2D over our land and 3D was aimed more for Hories and the deeper intervals.

They have gone back to three new intervals so its possible the strawn results are not as good or there waiting for 3D.

The Cline was mentioned for the first time and appears very promising.

SRH 3 was less than I was expecting and as they didnt mention frac fluid its likely cleaned up and be near its peak production. Unless they are only producing from some of the intervals.

The original update on this well was always muted and there was no testing done and no extra frac stages. So it will most likely be one of the wells that bring the average down. But at that rate it should still pay for itself in a year and keep on prviding cash for many years.

Thats the Beauty of the Permian even a below average well can pay for itself. It beats the hell out of a plug and abandon.

The other wells are more or less as expected and on there way to production.

The new wells in the EFS will provide a stream of news going forward and they have a very high strike rate.

The Bowtie west will be a lottery and would unlikely change the share price much either way and will most likely be the next update.

So we have at least 6 weeks waiting for any JV arangement but a steady flow of news to fill the gaps.

Beyond Bowtie west the next update will most likely be The quarterly.

We have a steady and growing income and cash in the bank and I believe a very bright future.

I think it will be well into this year or early next year before we really hit our stride but it should be a large stride.

Im giving it a nine out of ten with very little not to like.

Cheers Whisky