Hazy250 - this is commenting on your second post. Agree with...

Hazy250 - this is commenting on your second post. Agree with what you say about all the stuff already invested, and I am 100% sure that there will be a positive FID and the appraisal project will move forward. It has to because of exactly what you said - there is too much already sunk to stop and the recent results still hold hope.
But this is still a risky appraisal project that already has no chance of having an economic return. just look how much they spent on the last drilling program (3 attempted laterals) to get a very small volume of gas (half a lateral producing) - it doesn't stack up. but that isn't the point of this appraisal project. The purpose is to show that their wells can be commercial and drilling/fracking can be completed at a high success rate. They haven't done that yet which i think is disappointing, but there is another round of appraisal wells which may have a different outcome. If the next drilling program is much more successful (notably drilling success rate) and maybe a bit better on the initial production and demonstrates a slow decline curve over time, then maybe a project envisaged by TBN can be commercial and make investors money. There will be more rounds of capital raising or asset deals needed to accomplish all this - question is if TBN can demonstrate a project can be commercial before the risk capital for more and more appraisal activity runs dry...