CTP this morning finally made one of the announcements we have all been waiting for.
They have just confirmed that a Letter of Intent has been signed by Central and Australian Drilling Services Pty Ltd pursuant to which Central intends to contract ADS's Rig 6 (subject to the usual conditions precedent) for the drilling of up to three wells to commence in mid-September 2011.
Madigan-1 will be the second well (after Surprise-1). Approximately 1/3 of the Madigan Prospect lies in the EP97 Simpson Farmin Block. An industry standard unitisation agreement with Rawson Resources will be necessary.
Dependent on the results of final analysis and interpretation the Simpson East Prospect (100% lies within the EP97 Simpson Farmin Block)is an alternative or an additional well.
Not long to go now. IMHO any success within EP97 could obviously have a major effect on Raw.
Good Luck to all,
Klaas
CTP this morning finally made one of the announcements we have...
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