Tim, this was the old 88 DW drilling update days imo and it's clearly evident that we now have a new direction taken by this company whilst under new MD imo and is the complete opposite to me after reading that terrible mixed messaging in this RNS.
Yesterday’s poorly worded RNS is 100% responsible for causing this sell off, NOT global markets imo. The company is 100% responsible and imo have to immediately rectify this ASAP. Their badly written comments below, sends a terrible message to holders and the market imo
The KUP reservoir is a tertiary target and will be drilled subject to remaining time in the season – This means to me, PPP after 12 months and we had some delays getting rig on site, late CR and also had minor delays/issues whilst drilling to BOP stage and we are not sure if we can complete our drilling program imo?????
The Company anticipates the primary and secondary target zones to be intersected within the next two weeks, before determining whether to drill ahead to the tertiary target and reaching permitted Total Depth (TD) of approximately 12,500 feet. - Again, says to me, we might run out of time and might not complete our drilling program once again, then alone reaching TD and puts wire logging in question imo???? Now we are time poor, with time constraints!
A sophisticated, targeted wireline logging program is planned to be run after reaching TD – Sends uncertainty reading above, saying we might not even get to TD due to time constraints so will we actually see wire logging being done at all imo ????
The Company will provide further updates subsequent to Hickory-1 achieving TD– This is the kicker that really smashed the market imo this word “SUBSEQUENT” which Bill highlighted and I originally rushed over - meaning “coming after something in time; following:”
So, unlike every other drill done under DW, who regularly updated the market going through various pay zones which keeps SP momentum going and attracts investors in the first place. WOW the new looking 88 have changed our script and that's why we invest and market has reacted imo. We would never have invested big if we knew this would be the case, way to risky having updates at the end. I am livid!!!
Company now saying they will only update after TD which may never happen! This is inexcusable and unaccptable to me and the market IMO. IMO the company has to be fully held to account! I am personally furious of what this RNS is actually saying. Highlights “nothing but uncertainty” and further ??????.
Anyway, that's my take believe it or not, the market has spoken, hopefully by next week and company repairs this mess after the overnight markets get smashed and the company restores some positivity next week. The company has no option now but to announce hydrocarbons present in the SMD's if and when they encounter them.
Remaining silent and not updating is NOT an option and if they remain on this outrageous new unacceptable course, how many of us would invest again, I wouldn't and I would seriously expect resignations after this drill imo. Have a good weekend to all and don't watch the carnage tonight is my advice.
88E Price at posting:
1.0¢ Sentiment: Hold Disclosure: Held
(20min delay)