Ann: Well workover program expanded by 5 extra we, page-16

re: Ann: Well workover program expanded by 5 ... Just stepping back a little,

The old wells were shut in for a reason.
There has been a lot of time pass since they were turned on.
The wells will consume refurnishing costs.
Most importantly, the decision to do this or that is one thing and doing it successfully is another.
An old well renaissance is a big idea in its early stage and it is a long shot by that reason alone. All good if it gets support - and support it will need to cover costs.
The idea hasn't been tested to yield any results or current indication that it can happen. The new wells cost an arm and a leg and the old style wells need up to 4- 10 times more maintenance.
You cant get too carried away with something in its idea stage.
If the announcement covers more than an idea and they have some testing results then that is what should have been announced.
So until more comes, the major factors in front of the company are current financial ones in general, plus costs associated with refurbishing old well heads, pumps and recomissioning of sites and a cap raising to cover them.

Stepping out further again,
the company hasn't successfully resolved what they put Jay Stratton in to resolve yet. I wouldn't exactly take todays announcement as word of ditching the modern Clear Creek holes - which still need to be unblocked and recompleted as promised over 6 months ago. But i would say that one project will definitely take the back seat to the other project.
There is barely enough money available for the company to even write the words "Clear Creek" into an announcement, let alone for it to be able to finance a very broad excavation of their primary asset and its machinery.
A lot more money just became needed, which might justify a potentially large Issue of new shares and money raised.
From here MAE lays the foundation for a new story, rather than just have the same old story to draw on and its woeful history.
From here a company name change would creep in nicely to top it off.

Im not confident that any of MAEs new ideas will ever be realised, after 3 failed major ones that cost share holders absolute millions in wasted wages and savings.
Until there is more to go by, MAE wont have a light at its tunnels end - and so shortly (when the project begins) there is a new light at the end of a new tunnel, for Management and Directors to use as a carrot to raise money and hopefully inflate shareholder spirits.


L