I dont like posting negative comments, but as I know anything I write has no bearing on the market but will be understood by others involved. I am very disillusioned with the way things have unfolded to date. Pre spud guidance dates were not met and then changes not announced leaving us second guessing. I excused that saying once the weekly reports come that will be sorted. Then weekly reports started and the information in the tables was not updated throughout. After averaging 500 metres per week for a couple of weeks the drill stuck announcement comes out saying 70 metres progressed since last announcement which is one days drilling yet we didnt hear about it till day 6, yet material events are supposed to be released to market as they occur. At week 3 we should have been at 1500 meters. We got there one month later so the 2 week delay was a 4 week delay because it was already a one week delay when we heard about it. Then we hear a corporate drilling manager has been appointed half way through the drill program. Then we are given guidance on the next weeks program including testing of UC. Next update we hear no testing but weve gone deeper. Then the original TD changes although we are finally wirelogging. Next we get a poorly written announcement basically telling us that after 11 weeks there is nothing to test and only clipped the edge of Condor even with 3D seismic. Then the announcement doesnt give clear direction on the way forward, bringing into question whether a sidetrack will even be the option, when there were no other obvious options. Then we have an half baked phone interview where we are told how wonderful the news is even though it smashed the SP to a .20 cent intra day low. Then we hear we are appraisal drilling after all.End result. Lets sidetrack to what was found 35 years ago. Lets hope this time we have something to test and better days ahead.
RIA Price at posting:
28.0¢ Sentiment: Hold Disclosure: Held
