Up to now Jacka / Cooper / Dragon always told us the cost of the well EXCLUDING testing
The last cost was from Dragon on the 6th Aug at $60m ex testing
Good news this morning was its now $70m INCLUDING all the recent work etc and the Testing. Also Jacka have enough cash to pay their way
I suspect the testing is actually costing $5m, so the repairs and delays $5m
The $5m was a small price to pay to recover this well and this also helps the sale of the block to Dragon.
Re going forward, I do not expect any more problems. Everyone involved in this well are fully aware of the technical issues in the horizontal and are now fully prepared to deal with everything, (they have a wealth of knowledge on how best to proceed).
JKA Price at posting:
11.7¢ Sentiment: None Disclosure: Held
