TSV transerv energy limited

tree shaking, page-8

  1. 637 Posts.
    Occam,
    I can't see anything either misleading or negative in the sections below taken from todays announcement.
    Looks like the market feels this is a thinly veiled " this isn't going as planned " but when the release states "This
    was a significantly better gas flow than anticipated" how can anyone draw the that conclusion?

    I believe the previous announcement gave us about a 3 week window so only 9 or so trading days and we (should) know.
    Mind you, there's 5 weeks left to the end of the 60 days, it may take the 60 days for the well to clean up.

    Quotes from todays release:
    Removal of the coiled tubing increases the volume of the well bore, and therefore the volume of water in the
    well bore, and was expected to cause a significant drop in the gas flow rate and well head pressure.

    Upon recommencement of the flow testing on Friday the well flowed gas at an average rate of two million three hundred
    thousand cubic feet per day (2.3mmcfp/d), with a well head pressure of 240 psi, and the choke opened to 58/64ths. This
    was a significantly better gas flow than anticipated.

    The well has now demonstrated an ability to flow gas to surface without the assistance of coiled tubing and/or nitrogen lift.

    The full Warro 3 flow testing program commenced on May 2 and is expected to take up to 60 days.
 
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