Well?????, page-174

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healyn

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14/12/15

12:53

Post #: 16608589
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Originally posted by Harry3539 ↑

Well, Well....Oil Well

The trading halt plus suspensions through the "zone" may be Ken's modus operandi for all wells .

"A weekly update will be provided to shareholders, along with additional releases in the case of significant events."
Ref : Ken's letter of 17th Nov.2015.

The "flare". Well you wont see one of those (if the wirelines are good) until some time next year (latest being the 2nd quarter 2016).
"In the event of a discovery, the well would subsequently be completed and tested with a smaller rig in
Q1/Q2 2016. The RGN-1 well could then be tied into the Red Gully Production facility via a pipeline in
Q3/Q4 2016, subject to government approval."
Ref : Ken's letter of 17th November 2016

As soon as T.D. is reached, the bare hole through the target zone will be wire line logged, and more than likely the 7 inch casing run (hole integrity) when the rig will be released and the hole suspended. The smaller ring will lay the tubing, perfs. and accommodate the test units.

Note that Mr.Marshall completed all this in just over a month from T.D. He used the same rig (Weatherford 826) albeit he went about completions in a different way (probably cost a motsa unless he got a special deal). The biggest wait was for the SGS test gear to arrive from South Aust.(Red Gully One Project)

Never-the-less, the wire line logs (hopefully run from sometime this week) will give the market something to hold onto until testing. I expect other news to shore up the wait (Black Swan, Debt reassignment etc).

Until then, the glow in the sky from the south paddock will probably just be from the ruminants letting-off a few "hot ones".

Just my opinion only.

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There is nothing like a big flare to fire up the market. IMHO. Ken is an O&G man from way back. I reckon Ken might light the match just to get the satisfaction of saying I told you there was gas there.

EGO Price at posting: 44.0¢ Sentiment: Hold Disclosure: Held
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