timeline

I'd expect regular newsflow from now on. My thoughts below.

Their reporting protocol at Tindalo-1 should b similar to what we saw at Galoc back in '08.

Here's looking at the 'Galoc' timeline:

- On 9th Oct '08: Reported first oilflow, no rates were mentioned. Also mentioned an extensive well testing program was 2b undertaken to assess the productivity of each well & that testing will take between couple of weeks.

Refer the updates on the ASX archives.

- 20/10/08: They reported both G3 & G4 were online at 18-20k bopd. Oil samples were taken & analysed in the lab. Oil was 36.1 API & was referred to as Palawan Light with no adverse contaminants (sulphur etc). Full Lab report was also released.

- 30/10/08: First cargo of 300k bbls (66800 net to NDO) sold & offloaded frm the FPSO to an Oiltanker enroute to Petron's Refinery near Manila.

All this in 21 days flat, at 95% uptime. Galoc had 2 horizontal wells & a subsea riser & mooring system that was subject to the choppy waters & casused unnecessary delays later on. However this has been sorted out, with Q1 uptime being 82.64% (or ~75 days out of 90, not bad).

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Meanwhile, at Tindalo, the AD is right on top of the well with a dry tree on deck to control the flow.

AD's onboard capacity is 20k bbls, so once optimum flowrates are achieved, they will start transferring crude oil to the TK via the umblical (hose) frm the AD, as seen in the photo yesterday.

B'coz of the shallow water depth, they have practically bypassed 'waiting on weather' scenario as far as well connectivity goes & r in direct contact with the 120-140m oil column via production tubing. Looks like its all systems go frm here on.

Volume of 22 million yesterday was good, traders getting set for imminent news on flowrates, as expected.

Should see a new base form from here.