A promising update. We now have a mixture of 'low' risk wells (CT) and 'high' risk wells (HP) with decent WI% to look forward to/keep us interested/give us something to moan about when the updates take too long :)
It should keep this BB ticking along nicely for the next few months. Happy days.
Some have complained about ML not taking enough risks. He's always played it cautiously, look how long it has taken for him to start putting money into these higher WI wells at CT. He always makes reference to firing bullets then cannonballs, so for him to have increased the WI at HP from a small percentage to now 20% must mean the reentry identified something which looked attractive.
You're right, it is a high risk play, but entered by someone who has a cautious approach. This may be a benefit in the long run. Also remember initial wells are vertical and cost varies depending on the formation targetted.
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