The company responded to my queries and as promised, I shall share it with you.
As to Fury-1 - The rig did arrive on site on the 7th June to commence the testwork. MHL have been receiving daily reports from the operator, Victoria Petroleum NL. They have advised the JV partners that there have been some problems with the equipment initially and MHL are now about to proceed with the 10 day test as planned. The oil accumulation at Fury-1 is in the Murta Formation which is typically a difficult producer. Based on adjacent production in the Mirage Oil Field, also operated by Victoria Petroleum NL the Murta responds well to pumping. MHL will update the market as information comes to hand.
As to Airacobra (do not read on if you are squeamish) - Although the well intersected oil in the Permian the structure is deemed to be sub-economic at todays oil price. The well remains suspended as a future oil producer when the market pricing levels improve.
The above has come from Jon Roestenburg.
I encourage anyone to contact the company if they have queries. Although the response took a while, they seem more than willing to assist where they can.
I for one am happy to hold at this stage and believe the company is headed in the right direction with exciting prospects ahead.
Cheers M
MHL Price at posting:
0.3¢ Sentiment: Hold Disclosure: Held
