trading halt!, page-93

oilman...

From the last announcement 14th April...

"Well expected to reach top of C18 carbonate section within days when the well will be logged for the C12 - C17 sections, then set 9 5/8 inch casing before drilling primary C18/19 carbonate reservoir targets"

Note the term "within days"...in virtually every announcement over the last 18 months, "within days" has equated to ~2 weeks.

If this is the case again, we can assume they have not reached the C18 yet.

But...if "within days" is equal to say 4 days, then...

4 days to reach top of C18 (but not penetrate)
1.5 days to pull out, send down logging equipment and log out through C12 - C17
2.5 days to set 9 5/8 inch casing...and drill out through plug...change bit and commence drilling to primary target...

That's 8 days...April 14th to April 22nd...

So...they may have well have done this quicker and have hit significant oil shows right on day 8...at the very top of the C18 target, which would explain why they needed a halt (the news is very fresh and they need time to put an announcement together).

Also...they may have hit oil but have not finished drilling through the C18/C19 formations yet...and have chosen to drill right through to bottom of C19 before they make a comprehensive report to the market.

But if so, why didn't they simply say, in the request for trading halt..."due to significant oil encountered in primary target"...or words to that effect?

Why use the term "update on drilling operations"...these are the terms you use when discussion operational issues.

Perhaps they are simply reporting on the logging results which have just been finished and need time to interpret...but I would suggest they do not really require a trading halt due to the technical nature thereof, and typically secure nature of those providing the analysis.

Maybe the drill site has been overrun by locals wanting cheap shares?

Who knows?

But...with all the leaks going on leading up to this trading halt, the sudden "tight ship" does seem a little odd.

Cheers!