why so slow???, page-5

Schwale, although some would wish to shoot me down for my opinion that there is a high possibility that the removal of Eclipse was orchestrated by the directors with the choice of location and configuration of the first two wells. My research points to the directors intense desire to retain 100% of the field and to retain debt free status, they are also, as I am, convinced that a huge bonanza is to be revealed in the future with a proper program of drilling discovery wells.

I have considered in depth the scenario if they don't pull it off this time. It would make it almost impossible to get future debt funding and the sp will be murdered giving very little return or further value from share placements. GDN also risk breach of covenants on current loans puting directors personal assets at risk. The possibility would be that a substantial part of the field would have to be sold or handed over for a pittance to survive financially and the dream would be in the gutter.

I believe the directors are not stupid - never met a real estate type that is - THEY WOULD BE FULLY AWARE OF THIS SCENARIO - hence my belief to watch the jockey, I can't see any other option to get it done.

My analysis of directors' actions on the progress of this well so far, dovetails very nicely with my conclusion that they are timing things to get the oppy cash.