nice post rob. Soredawg, just to clarify my personal preference...

nice post rob.

Soredawg, just to clarify my personal preference is for Ooraminna first, without question. If successful this could potentially be backed up by Waterhouse, Johnstone, Magee, Mt Kitty etc.

The CBM wells although good in the interim, may not have the desired impact needed to push the SP into the right region prior to June (though I'd expect the company to set a target of April/May to reach objectives as delays are always expected). Keep in mind that for many option holders who intend on selling to cover their commitment, the fully paids would ideally need to trade at 50cps.

There are numerous CBM explorers flow testing multiple wells and even have a JORC compliant resources in excess of 1TCF yet they fluctuate between 40-60c (with a tighter capital structure). Basically, the risk is that the market may not value the 5 cbm's as high as many would think and this is a risk the board should not take when there is $24m at stake. It will however provide a good basis to get the campaign moving forwards and stabilise a new floor level. Not suggesting the CBM's will not have a reasonable impact, though a tandem campaign would be ideal.

All IMHO but I'd personally like to see a rig mobilised to Ooraminna by the end of April at the very latest. This allows a window to rectify any potential drilling problems which may occur.