from today's preso...
CB drilling to resume next week, probably Monday. $5mil in bank all slated for CB. CB unlikely to find liquids but plenty of gas for LNG
EFS acquisition will take STX to 9,480 net acres, reckon 10k may be the goal. Plan is to prove up worth of leases via exploration wells and farmin at favorable rates....
Admission by David Wrench that STX has failed to deliver in the past but now looking to focus on only 2 projects (EFS & CB) and deliver...but this is a risky play - not for the faint hearted.
STX loathed to give away anything they don't have to for easy funding - cash is the problem going forward. When asked about funding, no mention of possible asset sales.
All up very positive and honest preso, clearly setting out the goals and tasks ahead for STX - the room was full - CB shale is all the talk.
Cheers
HC
excellence in o&g syd, page-9
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