Ensing 970, page-4

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nammuldi

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21/05/21

09:46

Post #: 53323328
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Originally posted by gimo211: ↑

Hieveryone, I just want to share my views from some research about Strikesoperational schedule because I expect that the Ensing 970, currently operatedby STX at West Erregulla 5, will be handed over to MinRes after completion ofthe WE5 drilling for drilling Lockyer Deep very soon…

NWE already mentioned in the AGM presentation lastyear that the Ensing 970 will be the rig to drill LD-1.

Strike commenceddrilling of WE5 on 8^th May and currently is close to the next casingpoint at 3,750m. After logging and cementing the casing they will start drillingthe final section of the well through the Kockatea shale and the main Permiantargets (Dongara/Wagina and Kingia/High Cliff).

I think therig will finish operations at WE5 in the coming 6 to 8 weeks (considering thatthey need some time for planned coring operations in the main target sandstone's).However, the Ensing 970 should be available sometime in July or latest in Augustfor the next drilling operation…
The next well in STX drilling schedule will beWalyering 5, but STX mentioned in their quarterly that they will drill thiswell “later this year” although the rig could be available for this well earlyin the second HY 21.

In addition, the recently published operational Schedule starting in April 21 for the remainder of this year shows that Walyering 5 will most likely commence sometime in the last quarter of this year.

To hand over the rig after the WE campaign might make perfect sense for STX because they likely need some time to prepare the drilling of Walyering 5 and South Erregulla-1 back-to-back (for example, they need the results from a new 2D seismic shot currently acquired to define the optimal drilling location for SE1). So, it could be a win-win if they release the rig for drilling of LD-1 after finishing the WE campaign...

To cut it short, I think an announcement of a rig sharing agreement - as mentioned in the quarterly - with Strike can't be too far away…

And even MinRes expect drilling of LD-1 in the second HY 2021 (which is their 1HY Fiscal Year 22)...

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yes totally agree and buying in spurts lately suggests it is close - plenty of sellers also tucking in while no news but that is normal if some had bought at .003 - so i expect rig signing any day soon and then the drilling of one of the 2 last significant current identified targets - Sth Erregulla and NWE,s which both get about as good as it gets in this game in terms of success

NWE Price at posting: 0.8¢ Sentiment: Buy Disclosure: Held
9 Upvote

0 Great analysis

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