In reviewing the recent ann's. dated 21/8 & 4/8 some thoughts come to mind.
When Ron let us know the well needed to be shut in or flow reduced to replace the frac tree, from what I have read if the well was infact shut in and flow stopped there is a risk that the frac pores can become blocked due to loss of circulation. I believe this happened causing blockages of the pores and the subsequent two trips to the toe of the well were for either exploratory recognisance or wiper trips so I suggest the blockage was flagged at this time.
We were told that the well clean-up was for gas/condensate expectations and the crude/gas could impact on the time required for clean-up. This would suggest that a different frac proppant fluid or well design could have been used if known.
Although the ann 4/8 states the CT has been demobilised for cost benefits, it doesn't state it has been released so works could be well advanced or complete.
I'm guessing that the analysis of the HCs are known with reference to Ron's choice of the word "sweetener" when mentioning the bonus of continuing to produce crude. ( i.e. sweet light crude - low sulphur)
With the tick-up in SP on the AIM and no real drift as most were expecting and the ASX following, we should be due for news on definitive lab results and/or remedial CT works re potential blockage including pressure restoration.
Cheers....
OEX Price at posting:
16.5¢ Sentiment: Buy Disclosure: Held
