Cooper Energy boss to use power wisely, page-4

Jake,

David Maxwell in his AGM address gave the following
"Our proposed first project for the Ocean Monarch drilling rig in February will be the workover of the Casino-5 well to restore production"

followed by

"subject to joint venture approval, to develop the Henry gas field’s undeveloped reserves through a development well in the second half of the 2019 financial year"

No way the development well is drilled that soon (or the Manta well) as they won't have the capital IMO unless of course Manta is JV'ed

"There are significant savings to be made through using the Ocean Monarch drilling rig while it is in the region. We are hopeful this can be accomplished sometime in the 2019/2020 financial years, with funding either through the involvement of a partner in the broader Gippsland development or from Sole cash flows."

While that is true (the savings) it wouldn't happen in the 260 days timeframe starting Feb'19. Per DM they are targeted by end Dec'19 to have contracted the development well at Casino-Henry and have clarity on timing of Manta-3 and other offshore Otway exploration targets.

Seems like a long time for the contract if the workover is in Feb and Sole D&C is Mar/Apr/May which equates 4 months and fits the firm 120 days. 2 optional periods for 60 days?

Would you know why Ya? Couldn't be contingency for that length.