Retail Entitlement Offer Booklet and Covering Letter - AJ Lucas
Retail Entitlement Offer Booklet and Covering Letter - AJ Lucas
Retail Entitlement Offer Booklet and Covering Letter - AJ Lucas
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Current Forward Program for Cuadrilla<br />
• Post completion of the sale of part of the Bowl<strong>and</strong> interest to Centrica:<br />
– Cuadrilla <strong>and</strong> <strong>AJ</strong>L will benefit from a GBP45mm free carry at Bowl<strong>and</strong><br />
– As a shareholder Cuadrilla, <strong>AJ</strong>L will have the benefit of Cuadrilla’s GBP30mm cash to fund additional non-Bowl<strong>and</strong> exploration <strong>and</strong> development<br />
– Separately, <strong>AJ</strong>L will have to fund its own direct 25% share of activities on its share of acreage in the Bolney project<br />
• Bowl<strong>and</strong> capital works program:<br />
– CY2013: flow test 2 horizontal wells (Grange Hill, Becconsall); drill 1-2 stratigraphic wells; planning for 8 well sites<br />
– CY2014: drill <strong>and</strong> frack at least 2 wells (sited from 3D seismic)<br />
• Bolney capital works program:<br />
– CY2013: drill Balcombe-2 well (oil target) – spud shortly <strong>and</strong> flow test by September. Objective is to determine if oil within Micrite formation will flow<br />
without hydraulic stimulation<br />
• Netherl<strong>and</strong>s capital works program:<br />
– CY2014: Drill first well (oil, gas <strong>and</strong> tight gas target), subject to permission to restart unconventional exploration<br />
• Pol<strong>and</strong> capital works program:<br />
– CY2013: shoot <strong>and</strong> analyse 2D <strong>and</strong> 3D seismic data<br />
– CY2014: drill first well<br />
• All capital works programs are subject to regulatory, environmental <strong>and</strong> other necessary approvals including final Cuadrilla board approval<br />
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