RE: Rationale1 Nov 2022 14:31
At the beginning of the year 3 wells completed would have been possible.
From your reply 'expected to COMMENCE in the second half of this year.' It says COMMENCE the campaign not COMPLETE all off them. Two of them are from the same pad and wellbore so would have to be done separately. It took 4 weeks to drill a 5000ft lateral. These are double that so around 6-8 weeks each. Plus they need to drill the horizontal at around 3-4 weeks. Even with simple math that is longer than a quarter of a year and doesn't include any testing inbetween which can take a month or two.
Also, from 7th June RNS (which is a written update) "the Company is also at an advanced stage of planning for a three well drill programme on the Paradox project expected to COMMENCE in the second half of this year."
Even the third drill they have only just announced the contractual arrangement with Kirkwood a week ago. That process and negotiation has been going on for some time and now they can look at progressing the third drill. That will now depend on permits and rig availability plus when Kirkwood want to fit this into their planning.
It would be great if these wells were underway, and we wouldn't even have to have the conversation. Supply chain issues have delayed ZPHR with both the drilling and 16-2 testing. During this time they managed to pick up extra acreage that meant they could expand their plans further. Unfortunately, this has meant reapplying for permits and all the delays that has brought. The company didn't even expect the delays to be this long as that is why they set the presentation date.