I would have thought that they might be planning to test either this well or more likely Yulleroo-3 once operations at this well have been completed and that the have more or less proven a BCGA in the area. However, there are potentially several matters which might affect the timing of a test:
1. Have they had sufficient time to plan a proper test of an existing well? I would think so. 2. Are the necessary approvals in place? They've probably had time to do this, but who knows. 3. Weather? With the all weather road, given that they can drill a well, I would think that they could test a well. 4. Do they have the necessary equipment and expertise on hand? They've had plenty of time to manage this stuff too. 5. State Election? Perhaps they want to wait for this to pass before proceeding. 6. Corporate activity in the form of takeover or development/farm-in deal? Perhaps they are worried for some reason that a deal they are working on will be adversely affected by commencing testing and/or the actual results of testing.
So, why do they need to wait until Q3? This is a very big question mark in my opinion. With the gas sector picking up in sentiment, right now seems to be a good time to initiate a testing programme.
Anyway, it seems they are not in a hurry to do the testing, so everything must be alright, eh.
Cheers
BRU Price at posting:
$2.55 Sentiment: None Disclosure: Held
