Unfortunately in the US the reporting is much different. In Aus many have weekly or even daily updates and report on shows etc. They have started the lateral already previous to that news and all is going well. I am quite sure that if there was no oil they would not have drilled the lateral. Many of these wells don't flow until fracced or if they flow it is very restricted. Flow rates may be at least 6-8 weeks away.
In the US the final flow rates aren't reported for up to 6 months after a well has been drilled as they wait for the stabilised flows and all frac fluids to be cleaned out.
More acreage today and the story is continuing to build.
Internally the company is on target for 1000 bopd net by the end of the year which at $90 US oil is still cash flows of 32 mill per annum or 2.7m per month. They are also flagging this to increase to 1500 - 2000 bopd by mid next year. Pretty compelling stuff even with lower oil prices.
SEA Price at posting:
24.5¢ Sentiment: Buy Disclosure: Held
