further news, page-60

First 60 Last

Share
Profile

Follow
soredawg

671 Posts.

14

27/08/14

08:39

Post #: 13877688
Share

Originally posted by gassed ↑

Whisky, these were the words from the Gustavson report.
It is our understanding that Halcon has completed and is currently testing the other two wells in which Austin’s interests are carried, and that they plan to continue drilling in the project with two rigs.  when development is anticipated; Development is assumed to continue via the current drilling program at a rate of one well per month per rig for two rigs for Halcon farmed out acreage.

ASX announcement 16 June 2014 stated:-The Red Bud #1H is also Austin’s first participation well, as Halcón’s three well carried commitment has now been fulfilled.
“We are moving full steam ahead in Texas and believe significant production is upon us. We expect to have four further Eagle Ford wells coming on line in the next three months and drilling of several additional wells to commence by years end”, Dr. Hart said.

"Our understanding"...""is assumed" ... For mine, that wording to substantiate and comply with an ASX Rule seems remarkably "loose" and IMO, has lead to the conclusions re funding that resulted in yesterday's sell off. Surely it is now up to management to come out and put some flesh on those "understandings" and "assumptions" and "expect"s. Come out with definite plans, how many wells, who will be drilling them, how will they be paid for etc etc. to remove the obvious speculation that brought about yesterday's reaction to that Gustavson report?

Expand

Just for interest sakes. Last reported Shorts on the 25th August
13,217,723
Guess there was a lot more yesterday as well

AKK Price at posting: 1.9¢ Sentiment: Hold Disclosure: Held
1 Upvote

0 Great analysis

Reply

Top Stories

CNB

Carnaby Resources hits copper at Mohawk, QLD

CBL

Control Bionics expands into UK and Irish markets with NeuroNode device

RMX

Red Mountain Mining: record gold prices, two projects, two greenstone belts

YAL

Yancoal makes it into the ASX200 in latest S&P rebalance

GDC

Global Data Centres not clear on future operations after AirTrunk sale payout