Looks like I'm everyone's favorite poster on this thread lol...I can understand the angst as I'm sure most on this forum would be underwater.
I hope it all pans out for holders/believers but IMO the sp currently reflects underperformance..."overhang" or not...
From the Oct 8 2012 presentation....
---------------------------------------------------------------------------- Now – CBM rig at site and available exclusively to Triple/CFT – Drill well in a proven coal seam area - run a drill stem test and get core (“DST”) – Objective will be to establish characteristics of coal reservoirs, gas content and pressure
• 6 Months - March/April ‘13 – Drill 2 core holes (pressurised core) • Objective to establish gas recovery factor and gas flow rates • Potential to book some reserves, sign gas contracts on positive data outcome?
• 9 Months - June 13 – Establish pilot gas production from 2 or more wells, book reserves – Plan up to 75-80 development wells over 5 years
• 12 Months - Q4 13 - Q1 14 – Start drilling development wells in prioritised areas
• 18 Months (or earlier) – Explore adjacent mine areas for additional reserves and production
