Booth was only ever a 1 in 5 COS so the odds were it would be a...

Booth was only ever a 1 in 5 COS so the odds were it would be a duster. I think though a lot of people heard Conrad quote the 60% success rate on drills based off of 3D rather than the 20% COS it actually had.

The other major issue has been the divestment of Cliff Head. As recently as the 14th of June TEG were expected to receive $3m from PGY. When that didn't happen TEG were forced to raise $4m to fill the gap. Apart from the dilution the raise killed any momentum in the run up to Booth. Then Booth was a duster.

Quite a few SH's were wondering why TEG didn't divest GAS instead of a CR. Turns out they were selling GAS also.

Before TEG get to their next drill IMO the bigger issue is PGY. By December PGY will owe TEG order of $9.5m. ($4.5m CH payment, $5m recovery of CH costs) TEG will need to ensure that PGY does pay prior to committing to the next drill. (or risk having to raise again leading into Becos)

"Triangle will sell and transfer its interests in the Arrowsmith freehold land and facilities to Pilot for cash consideration of $4.5 million plus reimbursement of Triangle’s share of operating costs from 1 August 2024, to be paid in staged payments between midOctober and 31 December 2024"

Becos is a simpler, smaller, cheaper target. It's cost and depth are both less than 1/3rd of Booth. It's potential value to TEG is also much less. TEG have said it could be up to $50m ($20/bbl) in a takeover.

GAS is gone, Booth is gone, CH is still bloody here!! TEG really need PGY to make some payments before committing to Becos or they risk needing to raise again leading into the next drill.