Star Finch-1 has spudded and a 20 day drill schedule to TD of...

Star Finch-1 has spudded and a 20 day drill schedule to TD of 450m given. The target Birdrong Sandstone at 390m is hit in the drill schedule about day 14 - about 22 July.

So much now for the misleading statement in the DVM replacement prospectus on page 8 about hitting the top of the target on or about 10 July.

Nevertheless, the Star Finch-1 contribution estimate of $480,000 would have been paid and so DVM cash is further reduced. The relatively shallow TD of 450m could be reached early, as 20 days is a long time for this, but then it comes down to the quality (or otherwise) of the rig.

Hope the DVM directors have something more in mind than just sitting in deck-chairs and watching this well with a glass in hand. Given the operator's well history there is no certainty that DVM will have an asset after Star Finch-1 is completed.

Meanwhile DVM is still not trading, and the replacement prospectus is fast becoming dated. The offer closes on Thursday 10 July thank goodness, so maybe Ivan is not the joker we suspect he is but really has a joker up his sleeve.

If DVM is not trading by the time Lake MacLeod spuds the the Chairman needs to take action. The ASX will not list for quotation a cashbox. If the wells are not successful there is no present fallback suite of assets. Unwise in the extreme at this juncture.