AUJ 0.00% 36.5¢ augustus minerals limited

sonris update 09/13/2010, page-6

  1. 655 Posts.
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    You are correct - a dry hole tree is most likely just an interim installation while they are waiting on the work over rig.

    If you look up the Fausse Point well (VIL/GGP) drilled by the TGR Land Company (Well ID 240087) you will see on the 18th of January they also fitted a DHT. At this time at least they thought they had a monster on their hands.

    In summary, a DHT is a good sign but no guarantee, just means they are preparing for a work over rig. They would just plug and abandon it if they thought there was no chance of commercial production.

    Out of interest can anyone provide an update on an estimated cash position - at 16.5 cents we must be getting very close to cash backing?
 
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