hi holdersthought would just have a quick look at the week...

hi holders

thought would just have a quick look at the week fundamentally and technically.

close on Friday 11/11/11 60c

on monday we got news that the Tahara well was successfully fracture stimulated in 12 stages over approx 4200 feet of lateral and that operations to drill out the isolation plugs was underway.

this caused a 2c jump on open, ran to 63.5c, then fell to 60.5c before a close of 62c, our opening price.

this formed a long legged doji, an indecision candle, at the time i discussed this with another shareholder, do have a few trading parcels, considered selling them but didnt want to miss any news.

on tuesday we had an announcement that MacQuaries ceased to be a substantial holder, being the seller of the 5 million shares at a very nice profit.

this didnt seem to effect the SP for the day, up .5c

by thursday however SP fell down as low as 58.5c, touching the 13day ema, then bouncing to a close of 60.5c.
this created a hammer, generally a good time to buy.
this was on tiny volume.

today the hammer was confirmed even with a poor market, closing at 61.5c, again on lowish volume.

lower volume for the week could definitely be attributed to the fact flowrates from Tahara are expected shortly.
most shareholders who have held this long, imho, are happy to hold to get a look at the first horizontal flowrates.

regarding flowrates, tried to research this using other similar wells.

allowed 2 days to drill out frac plugs.
to pump out this much frac fluid, allowed roughly 1% of fluid per hour on a round the clock operation.

if DP is going to release a 24 hour initial flow rate, then this quite possibly could be released on Monday or Tuesday. if anyone knows more about this love to hear it, jm2110??

very exciting times, got everything crossed for substantial flowrates.

overall week, up 1.5c, excitement level up another 20%