Just while we are on the 'aren't Nido Management such a great bunch of folks who are doing a great job'
No they are not....
I work in the business and cementing a liner is fundamental to zonal isolation to avoid early water break through.
What this lot appear to have done is drill into the water contact then inadequately isolate it with a cement plug when they temporarily abandoned the well. They have then failed to take the second bite of the cherry by failing to adequately isolate the water when cementing the liner in place.
.....and they took weeks and weeks to actually do these operations that should have taken no longer than a week or so.
If the water break through is coming up behind the pipe then remedial operations are far from success assured.
Obviously I don't have all the facts but I think that now they should be considering applying for terms to the 'Pines government to suspend the test then pull the completion and drill a high angle sidetrack staying well away from the water contact which they now have a good idea where it is. A cemented completion could then be installed. I've done this in the UK for sub 1 MM pounds in less than 10 days.
Anyway.....
I hold Nido as they are sitting on very valuable ground but whoever is doing their Well Engineering work appears to be a total incompetent. When you look back at the work they have done in recent years if there is a way to mess things up they have done it, this is very frustrating as well as eroding to shareholder wealth. There is a reason why the price is not, as it should be at 40 cps.
So to anyone at Nido reading this, please take a long hard look at the performance of your Drillers. Not the best is it?
cheers,
Oilman
NDO Price at posting:
15.5¢ Sentiment: Hold Disclosure: Held
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