CTP's version of events just does not stack up.
As was said above, as soon as the incident happened, everyone on the rig would have known it was serious, and within minutes, it would have been reported up all the relevant channels.
They make it sound like they had to wait for a telegram from darkest Africa or something - when in fact they were in constant contact.
129 stands of pipe leaning at 30 degrees is NOT something you have to stop and wonder about. It is a serious incident.
CTP claims drilling incidents had happened before and that they needed to wait and see. If so, how come all the contractors knew the severity of it within minutes? How come the MARKET knew about it by Monday morning? And how come the market never responded to the previous incidents that JH mentions like this?
Does JH expect shareholders to believe that some elements of the market knew that this time around it was serious enough to dump CTP stock (down more than 10% on that one day - remember this while holders were awaiting news of Surprise-1's promising oil shows), but CTP itself didn't?
Even if we accept the extremely unlikely claim that CTP wasn't aware, shareholders still deserve an explanation as to why a halt wasn't called immediately when it was at least suspected that the problem could be serious, and with evidence that at least some elements of the market were trading on that information.
I'm just not buying CTP's story.
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