1982,
I do not take offense at any of the posts, I merely disagree with your assessment of what has been and is going on for all the reasons that I have posted in the past.
I hark back to the protests by the Greens, a long time ago you may say, but the waves caused by their delay and the changes to the application processes and a whole range of things, have detrimentally impacted on our company. All of which are beyond the control of management and all that they can do is to be flexible enough to be able to navigate through the maze which has now been created.
This is what they are doing.
Consider carefully the time the delay caused and what the price of Oil was 12 months ago. Do you not think that the decline in the price of Oil has impacted on the Company. We would have been further advanced than we are now, 12 months earlier with out their interference.
You make the point in relation to TP15 and the potential farmout, that there has been plenty of time for that to occur. I refer you to a number of announcements where the interest has blossomed as a result of engaging a new group of consulting Geophysicists who reprocessed the seismic data for TP15 and reappraised the potential for successful drilling ...... this is still no guarantee .... as TUI often says .... the drill bit will do the talking and only 1 in 10 wells are a success, but at least this has generated some interest and the company hopes that a farmin partner is in the offing to have a go.
I remind you that these things are not easy to put together as any prospective company will not take our word for the probability of success. They will take it to their consultants whom they trust to gain their opinion of the quality of the data. This takes a lot of time as you will have learned from our company when they are waiting for the analysis of the data that they have gathered from the A2 well.
Companies who analyse this data base their reputation, and their future jobs, on what they report so if they want to stay in business they have to be accurate ..... therefore they take a lot of time to check and recheck their analysis.
TTE and AWE drilled drover1 quite a long time ago but there are no results which you could hang your hat on from there yet.
Look at FAR, they have drilled not one but two real wells and discovered what may turn out to be a huge resource of Oil in early November. They are still waiting to get results apportioning reservoir size and commerciality.
The point that I am trying to make is that it takes a lot of time to bring this all together, but management must undertake the work meticulously and diligently even though it is as frustrating for them as it is for us.
NWE management is doing just that, they have not gone out and borrowed money to complete the work, we are debt free, the quality of the work that they are doing is of the highest standard that is available to them at the time ..... this bring credibility to the company and the respect of others who are looking to invest in drilling wells.
At the same time they have not wasted money by paying double or triple rates by working during public holidays ..... I'm sure that you will remember the fuss that was created when we closed over Christmas.
I think that the decision was sensible.
I like most are a long way down the toilet with the share price where it is, but I still believe that the management is on the correct path to bring this home(a production company) with a much improved share price. I also appreciate that the company gives its shareholders an opportunity to take up shares in the CR rather than just going to Sophisticated Investors through the brokers and the existing shareholders
just keep getting diluted .... then it is our choice to be in or not.
Sorry I am rambling on .... I think that you get my point.
Good night all.
NWE Price at posting:
0.6¢ Sentiment: Buy Disclosure: Held
