I was thinking of starting a new threat called time lines but...

I was thinking of starting a new threat called time lines but have decided this thread covers the topic. I have been rereading the financial news transcript and think it is the update that everone has been waiting for.

The first question asked is how much money raised and what is it going to be used for.
Answer
"John Heugh: Recent fund raising, a share purchase plan and a top-up placement raised about
$10 million - $9.9 million to be precise. Those funds less commissions are earmarked for
appraisal of the Surprise prospect in the western Amadeus Basin."

JH clearly states that the money is for APPRAISAL Surprise. Not drilling other prospects.

Timelines

JH explains the timelines in the following quote. This is not as precise as mathematicians would like but the situation is very fluid as there is insufficient hard data about anything. At this point in time we don't know if Surprise will keep flowing. Maybe they don't even want to commit to a seismic until they have several weeks of strong flow rates. Maybe after the seismic results they can plot the well locations for the development of production of the Surprise field.
The timelines are all further afield than I first thought possible but this is crunch time They have $16m and can not afford to do production wells until they know they have an oil field.


"John Heugh: Well look there are three things that we’re doing at Surprise in the initial appraisal.
As I said, we are planning an extended production test, we are planning a second well and we
are planning a 3D seismic survey. So we don’t know the exact sequence of events but by July
or August this year, we should have approximately four to five months of flow statistics up our
sleeves. We could have drilled a second well by then and we could have also done a 3D
seismic program.
So by July or August this year, I would say we should be in a very good position to plan a fullscale
development of this field, if that is warranted. We’d like to think it will be, the early
indications are very, very strong but we don’t know for sure, there are no guarantees until this
work has been carried out."

The real update we want is when the flow rate results of the EPT start coming in. What ever is underground at Surprise be it miniscule, small ,medium, big or huge oil field NOBODY knows. The clues will start flowing with the EPT.

4 to 6 weeks to wait before the clues start.

Saltbus

PS. The company has enough money to do this.