JL, I have been around the oil/gas sector for a long time and one thing that is all to common is a fall on good news. Why it happens is anyone's story but it does happen time and time again.
My story on this one is that some of the less researched investors thought we would get "the big news" from this stage of the project. That was never to be the case. Definitive flows will not be available until fraccing is complete, dewatering is complete and flows are measured after a pressure build up period.
The important outcomes we need to get warm fuzzies through the process to end completion are:
1/ Productive depths as predicted (or bettered). Complete.
2/ Good gas readings whilst drilling. Complete
3/ Good initial unstimulated flows prior to fraccing. The next week to 10 days approx.
4/ Successful fraccing . Unknown time frame as yet but according to Breakaway, it should be complete by end of September.
5/ Flow rates at least at 2-3mmcfd.
6/ Production decision.
7/ Reserves announcement (possibly earlier than point 7). An internal company estimate may occur after initial drilling of T-3.
For now the project is looking good at this early stage and thats about all we can expect until more information comes from the work in progress to completion/production.
