Where to start. Best analysis is double Christmas for WBE...

Where to start.
Best analysis is double Christmas for WBE holders this year.

Drilling and fracking did go very quick and smoothly. Far exceeded my expectations.

Then the fishing for stuck coiled tubing!!!

So I rang and emailed the company to find where we are at.

Yesterday I got a phone call back from Messina. A long conversation, so forgive me if I miss bits or make a few inaccuracies. Not quite a conversation as David was keen to talk about what is going down at the Lake Wizard Rex well.

Please remember know one knows exactly how this will turnout and I’m just trying to give the gist of the conversation.

First, the blockage, the guys operationing the cleanup are not worried, it is just a three or so day delay that is being worked through. Apparently caused by not enough water flow/pressure applied during cleanup for the amount of sand build up around the coil tubing.
And speaking of sand the porosity at 15% was much better than expected, a good thing for flow rates.
It could take quite a few days to have the final accurate flow rate, thus probably not before the weekend thus more or less at Christmas.
There is not going to be a flow test as such, a tank farm has been set up and they plan to go straight into production.

Lake Wizard Rex is in the middle of a major oil producing area , is about 20 kms from a refinery and all the backup services needed to run/ manage oil production.
The road from the well site is good so the oil produced will be trucked out.

The other wild cat well has been canned and Rex 2 will happen as soon as a decision is made regarding the best location to drain the field.
David said normally the second well would be place a long distance away to determine the extent of the field by they will probably go for cash flow and plan it for optimum field drainage.

Optimism is high, David’s enthusiastic but no flow rates yet.

Also they are going to put the well under pump straight away rather than test the natural flow rate.

I’m exhausted now, good luck all.

Remember my recollections and do you own research.

Saltbus

PS . PLX was at 19 cents yesterday with small turnover of 14,400