I guess many have seen these planned 6-7 weeks as a good opportunity to make a buck and because NWE has had to move the rig (as per the JV agreement) so quickly, some of those expected results have been pushed back until a later date meaning that many traders have moved on because the risk is increasing. Now whether the date for results is Monday or at the end of the drill period or even a month or so after the drill period nobody really knows, they will appear in the near future however as they are as essential part of the project (ie. determining Arrowsmiths commercial worth). Otherwise all those bearded men running around the harsh Aussie outback were doing all this for nothing and I don't think they would agree to that! All we know is what we can glean from the announcements and as it stands they have said they aim to report a flow rate 7 days after the frack of the Carigynina (Monday).
Put it this way, we have a result from the HCSS, its pretty good! We didn't get a chance for a result from the IRCM (that was the turning point for the DT's) but NWE has mentioned that the IRCM's potential is still huge, but that they just had to move the rig on in this case because it was needed by AWE. Now we are still awaiting results from the Carigyinia and the Kockatea hasn't been fracked yet. We might wake up on Monday happy people. Just be prepared to pull out if you have too. Regardless results are coming no matter what, the only true determining factor of the SP are these pending results. The SP may as well be 0.00001 until these are released. That said it's handy to have a 10c SP so if we come up bust there is a bigger jump board to jump from. Even so if all that was the case the SP would decrease pretty fast, so does it matter?
NWE Price at posting:
5.8¢ Sentiment: Hold Disclosure: Not Held
