Please don't view this as a down ramp. I am simply sharing my research in hope of opening discussion regarding a resource i was hoping to make good coin out of. Doing my own further investigation and I came across this...
Seems that they had the same problems drilling there (in 2005) as has been experienced on atzam.
Apparently, the reports alluded to here are from a company called Taghmen Energy. A/The major shareholder (and director) at the time was Mr Gregory Smith.
I have read elsewhere that the resource was later (as early as 2007) managed by a company called Petrolatina also fronted by Greg Smith. I haven't yet found out what happened to Taghmen but am assuming at this point it met the same demise that Petrolatina suffered in 2010 (receivership).
As we all know LAR (who is chaired by Greg Smith) now hold the licence to the Atzam, Tortugas and Las Casas. http://www.latinamericanresources.com/our-team.html
The positive view of this is that there is definitely oil there in commercial quantities :) They estimated double what we have estimated in the atzam field alone.
An unfortunate truth is that it seems the same bloke has managed this resource for at least 10 yrs now and drilled unsuccessfully numerous times to the avail of all involved (apparently not Mr Smith though(?)).
My (un-technically experienced) conclusion..... This operator has had more than enough goes at getting these fields working but seems not to have learnt to date how to drill this (admittedly complex) geology. I really hope that now the CTR (and more importantly, a highly regarded consultant)are on the scene i am highly hopeful A5 will be a success.
As a post script...
I read about Petrolatina on a completely different page but am not willing to share on this board at this stage as there is a bomb shell in there that i have not been able to substantiate yet and am not prepared to drop in here at this critical stage of our company's development. I know this would seem very elusive and possibly intriguing for some on here so i will be willing to share the link via my email on the proviso that it is not aired here with out substantiated evidence attached.
My email is [email protected] I promise not to humbug if you do contact me :)
Cheers
CTR Price at posting:
1.3¢ Sentiment: Hold Disclosure: Held
(20min delay)
