Hi Hardmano my bet would be SNE North to see how the S460 sands...

Hi Hardmano my bet would be SNE North to see how the S460 sands look like at that location, because if they prove their model to be correct and find the sands they are expecting then this would add the most to the SNE field and confirm the design of field and how to proceed with a staged development as this was the justification we got for VR1 e.g. Checking the S500 sands to add to the 1C, with a chance of a lower target.

South Fan is in deeper water so that would be more expensive to drill and I would expect that after SNE north

So next we look at the timing

VR1 well should be completed 10/4/17 30 day drill

Then we move to SNE6 ; 30 day drill to 10/5/17
Add 10 days testing that would be completed by the 20/5/17, at this point we would have spent about $30, add admin and we are left with about $13m cash at bank and lots of results and the AGM.

If we assume South Fan would cost FAR $10m it is clear that we are going to have a CR any time from now to the 20/05/17, or we get funding news of a different nature by that time.

What I am looking forward to is the results of each well because the model the JV has with the number of holes drilled and the data they have collected must be very good by now e.g. they understand why the lower target at SNE1 didn't have oil. But mainly because of the statement made by CNE which said words to the effect that you don't drill two wells SNE1 and FAN1 and find all the oil in your leases so their must be more oil out there due to the working hydrocarbon systems.

Anyway the closer we get to the 20/5/17 the more expectation I would have that funding is less of and issue to management because of some funding deal or their high expectations of results

Both work for me but what would I know, just another dreamer

Zip