RE: BOUNCING BACK19 Dec 2022 11:38
Complete over reaction. We all new we had some Debt to pay (buying 100% of the field) and deferred hedge.
Reassured by GL "George Lucan, CEO, commented: "The sidetrack well SF-07 is now drilled and cased right up to and into the target Westphalian gas bearing reservoir. The most risky part of the drilling programme is now behind us with the section most prone to hole collapses, which has been problematic on many previous sidetracks, now fully secured and cased. We look forward to completing the final horizontal open hole section in the first two weeks of January and reporting flow tests immediately thereafter.
There is much to look forward to in the year ahead: not least the bringing online of the second compressor and the ability to run the process plant at rates above 10mmscfd with a backdrop of high gas and rolled gas hedge prices, alongside the potential to develop gas and energy storage projects whilst we continue rapidly paying down the existing development debt and satisfying the deferred consideration payable in respect of the acquisition of the remaining 49% of this Field earlier this year. "