8.4 Metres of coal intersected at Humboldt South 1 with gas bubbling from the core which is consistent with that at Mira to the South West has to be seen as being good news.
The Mira 6 horizontal well due to spud on 2nd November will provide us with all the data required – thereafter finalisation of pre-feasibility study of first stage development at Mahalo.
The uplifted 2P figures when they come - will result in a multiplication of our underlying core asset value.
Watching with interest our position in the Galilee Basin with us having 2,287 3C of contingent resources of Sandstone Gas and CSG. A successful hole sunk in the sandstone structure would be a game changer.
With Mahalo coming good and Galilee being brought forward – not surprising the rise in interest reflected in the increasing share price/market cap of late.
COI Price at posting:
26.5¢ Sentiment: Hold Disclosure: Held
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