Yep that's what one would think/hope, but be interesting to be told quite what this implies re enhanced production prospects for Phase 1. Imo this should not have too much effect on the ES submission, there's plenty time to fine tune as sure it will happen after the FDP's in and approved. The main thng is get the show on the road with something that will pass muster with DECC. In that regard it's likely it's partners and funding that's the current hang up, though understandabe to get the Budget issues out of the way, now move..
My initial reading was that instead of 18 producers and 2 water wells XER can now increase to 22 + 2 during FPD, which would pressumably increase the production and costs to varying degrees. The net effect being the rig is more efficient and more productive - than had been originally planned for. The plan looks to have changed again, maybe one of the reasons why the revised ES seems to be taking so long to submit?
additional wells off the N Plus / MOPU, is this two wells with one lateral each, or four separate wells with additional laterals. Does this mean an enhancement to production, if so by now much, or a scale back due to reservoir issues and hence more wells, same production, more cost..
Given that the company has finally admitted that the low POO is having a detrimental effect on contract and finance negotiations - pulling teeth - I suspect the overall 'steadiness' of the day's reaction was more to do with no new bad news than what was actually announced. In effect the market had already factored in delays and finance problems many many weeks ago as it is not as stupid as some would have us believe. The good news was that the partnership remains intact despite the current problems and we have plenty of capital to fund debt interest payments for the foreseeable. So all in all not as bad as some feared, not as good as many hoped... about right for now. I do wish however that the directors/PR & NOMAD would inform the market in a more timely manner of obvious industry changing challenges so we don't have to wait many months until the finals to have to wade through so much flim-flam to get to what we had already suspected... same happened last FY results, could do better on informing the market. The details on changes in funding & timelines? Nothing in the results, so we'll have to see the new RAR estimates to assess what's changed, and by how much. There will be robust headline numbers hailed verily naturally, I'll also be looking beyond the headlines at timelines to FDP approval and commencement of production - to see if I may need to alter my own research.
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