ravishankyApril seems a bit too optimistic to me.The Rig Ensign...

ravishanky

April seems a bit too optimistic to me.

The Rig Ensign 918 is currently held up on the drilling of the Marsden-1 well for STX in PEL95, Cooper Basin.

STX Ann on 5 March that the well was at 1,908m. (of total planned depth of 2,640m.) - after being suspended due to lack of road access by supply vehicles to the drill site.

It is known that Rig918 has been booked by BPT/STX to drill Marsden-1 and Davenport-1 (in PEL94) "back-to-back", and EACH well would take about 3-4 weeks.

We can therefore assume that there will be a period of at least 4-5 weeks with STX, to complete both these wells.

Add another say, 2 weeks to relocate and assemble Rig at MacIntyre-1.

The earliest that we could expect recommencement at Mac-1 would therefore be 6-7 weeks from the time they can get back on track at Marsden-1.

Assume that STX can start at the end of March, then that will take us to at least mid-May.

Still, I must say having held at least some shares since early 2011, I am continuing to hold, as I believe that PFC may know that they are on to something big.

What is another couple of months now!

The decision by PFC to extend the open/bid period with their Data Room has not been officially Announced yet, to my knowledge - but as they will not have the rig on site for some time, but extending could make some sense - to enable more detailed bids to be made.

Exciting times at last - we should expect some informative Ann's from PFC, at least, in the near future.