quarterly is out!!, page-119

3 Sep
"As a result of oil being produced, the well was shut in after only 10 hours of flowback, as the Arrowsmith-2 location does not have sufficient capacity to flow back and store the quantities of oil that could potentially be produced."

6 sep
"The well remained shut-in whilst the necessary equipment was sourced and assembled on site to manage the production of oil to surface. OPERATIONS HAVE BEEN RENEWED AND THE WELL IS FLOWING BACK oil, gas and injected water to surface. The objective is to clean up the well to enable the Kockatea gas and oil flow rates to be established and will be followed by an extended production test phase."

10Oct
"Due to the production of oil to surface, the well needed to be temporarily shut-in whilst suitable surface containment equipment AND THE NECESSARY DMP APPROVALS were arranged to manage the handling of oil to surface."
and
"Norwest has now COMMENCED PLANNING AND PREPARATION to re-enter the well AND INTENDS RECOMMENCING FLOW-BACK of the Kockatea Shale interval LATER THIS MONTH. This zone will be flowed back until the majority of the remaining injected water is produced back to surface. This is expected to take several weeks."

It seems to me they may have overlooked and/or been delayed by permit requirements and/or there has been some disagreement/discussion amongst the JV over next steps. We certainly have a more detailed programme in the Qtly, so there must have been some discussion.

Either way, they did not update the market for this 6 week plus hold in re-commencing flowback and it does not appear an accidental miss-communication to me. You can debate whether this is significant in terms of ASX requirements, but I wouldn't bother; and nevertheless for buying in anticipation of flowback results it clearly was significant. Exacerbated by what looks like a pump and dump on the basis of flowback expectations.

Whether a six week delay bothers you or not will depend on your investment time frame, if and when you bought and whether this affects your perception of management. But, in any case, at least several more weeks before flowback recommences.

Maybe it holds here at the bollinger band low, or perhaps the 200MVA and other apparant support around 6.5cps is a target, or possibly the 5.7cps lows if global markets sell off and get nervy again. Any of those are candidates over several weeks.