Rather a harsh comment,but,in the light of recent...

Rather a harsh comment,but,in the light of recent
non-events,understandable..
I feel that Heritage,(with their not-quite 20%),will, sooner,rather than later,need to indicate their intentions re their parcel of PFC shares..

In the light of the down-hole conditions encountered during drilling to date,(especially in Owen-3),it seems very likely that the way forward is going to require some extensive re-engineering of the drilling format..

There is also the casing repair,(not to difficult) in B-2,and then to complete B-2 hydraulic stimulation.

The horizontal,1080 metre length of M-2 was hydraulically stimulated and positive hydrocarbon indications along the complete horizontal section were recorded.Subsequently,H2S was detected and the well was suspended.

The current hiatus is frustrating for all shareholders, but it MUST be realized that there are some very technical aspects of this programme that need to be reconsidered, before a return to field activities is possible..

The biggest conundrum facing the partnership,now,is to manage to by-pass/overcome the downhole challenges and successfully stimulate M-2,repair the casing in B-2 and complete the stimulation programme of B-2 and then,in
Owen-3,utilise a different approach to overcome the highly permeable streak of fractures,or"vuggy porosity"...

Operating in this Southern Georgina Basin is presenting a challenge,logistically and operationally,the complexity of which,was probably not forseen,12 months ago.
But the challenge will be met and,eventually,PFC/Statoil(or whoever), will be makin' hole again!!!