So I finally got through to RLE yesterday. Good new is people are on site, and I expect initial flow rates from T2 next week. After that RLE will move to T3.
RLE are very confident T2 has recovered enough frac fluid to test T2 and results are expected next week. RLE are also confident T3 has recovered enogh fluid but wary more fluid may need to be recovered before testing. This is due to more frac fluid being injected at T3. RLE will assess this when they move to T3.
T2 will be tested for ~2-3 weeks to get sufficient data for reserve estimates. RLE don't expect to post flow rates in an ongoing manner. If the initial flows are good and reserves are certified then they don't feel its necessary. That is until they start producing!
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I asked SB about the sale of the options. They were indeed an off market sale. I didn't ask to whom because I felt that's not my business. My gut suggests its to an associate. SB indicated the options are somewhat of a 'burden' as its difficult for a MD to trade and also he'd have to stump up a hefty cheque. He felt it was much simpler for him to hold heads and the B options which are a long way off. I asked if the sale was an indication of shifting timelines but he said that wasn't a consideration at all. In any case he's got way more leverage than any of us and stands to gain the most from success at T2 & T3. I sensed a nervous excitement from the RLE camp.
RLE are not necessarily banking on a big cheque from conversion of the A options although that is the plan. Given RLE share price is 8c its not something they are banking on. On success there will be a wealth of funding options even if the options have expires, all of which are on the table.
I asked about the flare photos. The flares were continuous and those photos were from 'steady state' flares.
Assuming good flows, 2P Reserves will take ~ 2 months.