BYE will have a list of targets based on the chance of geological success , potential flow rate , potential resource size , probable gas / oil mix of production and difficulty to drill . F5 will be on that list but probably not the first . Operationally as seen in the aborted first well , it will not be an easy well to drill and there is no guarantee of geological success either. It is most definitely not a " No Brainer " Imho opinion that is not a phrase that can be used for exploration or appraisal drilling .
BYE critically needs to have a well that adds to their cash flow that results from their next drill .
I think F5 will be down the list. I think they will drill at least one or two wells on the new platform first.
As a holder of OEL I would like to see F5 drilled as soon as possible as OEL has similar needs in its next drill as BYE but does not have the same options. I however doubt that OEL,s needs will come into consideration when BYE decides on its drilling schedule.
BYE Price at posting:
17.5¢ Sentiment: None Disclosure: Held