Thoughts on EWT and PR Timing
I don't recall ZN management saying they would provide info when zone #2 testing was complete and zone #3 was started. They said they would provide summary detail after at least the 3 primary zones were tested. Yes, they stated when zone 1 testing was complete and zone 2 started, but that was in concert with the annual meeting which demanded some sort of update to indicate the timeline. In addition to stating zone 2 testing started, they said the timeline was "weeks, not months" for the summary report. I didn't think they committed to stating when zone 3 testing starts. Let me know if I missed something.
The summary report should be, at the latest, before 2 months passes from June 5, which is August 5.
Further it seems like the earliest it would be issued is 20 days (zone 2 and 3 tested, 10 days each) after June 3, which is Fri June 22 or Mon June 25.
So, with that thought process, the summary report is between June 22 and August 5. If the summary report is on track for the earlier date, ZN may not do an intermediate PR. If it drifts towards the first of Aug, they will likely have an intermediary PR. In any event, I'm not been expecting anything before June 22. But I have to admit I have a hard time being patient. After 8+ years of being a ZN invesor I'm ready for good news!
The primary factor that may extend test time is reservoir characterisation as has been discussed on several posts under the EWT topic. Since this is an exploratory well, the time should be taken to characterize the reservoir, not just back the trucks up and start hauling oil off.
Mechanical failure can also cause delays. The stimulation time can vary due to several items including "flow back" time where the formation pressure forces the stimulation fluid out the formation and back into the wellbore. The initial gas/oil/water flow rates should be known in the first few days after flowback is complete. And, of course, testing secondary zones can add time if they choose to do so.
