Just saying that the speed of drilling and execution are not defining this prospect. The quality of the frac job and the quality of the subsurface work are. Agreed that the flow rate is important as is the gas sales price to determine company value.
agree that no field could be developed if you drill one 30 day well every 5 months (or 2 1/2 yrs from first attempt - depends how you look at this) during development. This well is an appraisal and proof of concept well in my opinion. I also think the well was over budget slightly - and the capital raising was to to get enough funds to get through to the option expire date next year where funds will be raise at 15c per option IF the share price is above 15c..... Everything hinges on the flow rate.
In summary
Management have no incentive to have a share price spike but do desperately need the share price above 15c in a year and a bit from now. Any investor in India would not expect North American batch drilling rates in India. Canning is a dark horse and may help cash flow and reserve picture but a partner is needed and the time table is driven by finding this partner. You could invest in worse penny dreadfuls - I have in the past.
OEX Price at posting:
11.5¢ Sentiment: Hold Disclosure: Held