Means that they install a blind flange are a flange with a valve on top of tubing spool until completion operations are started. they would not set 5'' casing if it was adry hole.
I'm no expert but "set 5" to 12895'" means you have a producable well. If you run and cement casing, you have a well worth producing.
I do not understand "cemented long string".
"Waiting on completion" means they will "complete" the well.
"complete" means they will be "running the completion" which is running the production tubing, packers, etc, fracturing and perforating.
"Waiting on completion" could mean they are waiting on equipment, materials and personnel to "complete" the well or it could mean they are just gonna leave the hole as for now and come back and complete it at a later date.
"Dry hole flange" or "dry hole tree" is not a bad thing.
"Plug and abandon" or "P & A" is a bad thing.
I'd be very excited if I was involved in the above listed well.
The term cemented longstring means from surface to total depth. the cement around the bottom part up to the points to isolate the production form rest of well bore. the amount of cement is used to bring cement to where they want the top.