If they didn't find gas it doesn't mean it is not there. Look at the (clumsy) picture I did below (http://img832.imageshack.us/img832/9121/mmr2.jpg). As I see it they hit the empty chimney and they now have a problem. They need time and/or money to test the right spot, maybe only 50m to the side.
If you look closer at the New Seaclem-1 Thick Porous Sandstone Reservoir Discovered-announcement, on page 4 someone left behind a black line. That's interpreting and should not be there (nothing on page 3). Either it happened as an accident or on purpose. On purpose could mean, someone wants to fool us or give us a hint.
What can they do? Having time and money (1) logging the existing hole properly, (2) close the hole below let's say 300m and (3) sidetrack drill into the seal. Making such decisions takes time and they bought it by suspending the trade.
Once again, if they didn't find gas it doesn't mean it is not there. If they drill the seal it doesn't mean they will find some.
Source: page 4, New Seaclem-1 Thick Porous Sandstone Reservoir Discovered, Announced by: MMR, Announced on: 30/12/2010 08:23:00 page 13, INDEPENDENT EXPERT REPORT, Announced by: MMR, Announced on: 22/12/2010 12:31:00
Thank you all folks for all the input you gave me in the past and a HAPPY NEW YEAR to everyone !!!
MMR Price at posting:
69.0¢ Sentiment: Hold Disclosure: Held
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