247You make some valid points but I think you need to look at...

247

You make some valid points but I think you need to look at many more factors in your assessment.

Investment timelines are always interesting. As you have read I have been here for 5 years plus now. I get the impression you haven;t and expect this little development at Snatcher to provide you with a quick return. Maybe I am wrong. The Snatcher prospect is important due to the Western Fairway concept. The well itself is small.

Although I hate the time frames I prefer that VPE as operator take their time and finish wells appropriately. The Mirage development was rushed imo and llok at the results and has been well documented before. VPE have won no friends as operator of this jv.

Snatcher is a new oil fairway. If they have to setup a new production facility it will take more than 2-3 months to get that going. I will be happy at this point to see Snatcher 1 flow. The nearby Santos field I am sure will play a role in future production offtakes etc. Lets wait and see.

You cannot compare a BPT to ITC/VPE. We are a junior with limited cash flow, limited market pull and personel. We are working towards that goal which is now in sight.

In terms of the Growler field I dont follow your conservative feelings to the dealings of the wells. The field had to be restricted due to the surface facilities, nothing more. There is nothing conservative about that. The fact they can only adjust the choke in a small way and have a profound effect on the flow of one well proves the field may be bigger than first thought. Water cut has also been low to negligible still 12mths after first production. G1 and G2 have been shut in for all this time awaiting surface facilities. My only drama is that I feel they should have had bigger tanks as once they drill more Growler wells we only need one more G3 and the facility is at capacity. They are looking at 2 more development wells this year. Sustainablity is the key and if they can flow these wells conservatively they will preserve the field for longer and not put pressure on the well bore. Thats good practise to me. The fact the facilities took so long at this point in the cycle is of no consequence to me. If it was ready by March like originally planned then the revenue would have been poor. Saving oil for when the oil price is high is also prudent for juniors.

I know this long winded but I think that perpsective is needed here.