With all the negative thoughts going around I thought I would give my opinions on Whn at present. Seychelles- Although the JV was a major dissappointment I have not given up hope. If we can get the seychelles government to relax its timeframes we could still get the major to schedule the seychelles into its exploration budget for 2015. SN leaving although a drawback to the board experience balance could give new investors a confidence boost if we secure someone with a high profile. (still hope, not dead yet) Palta- everyone is writing palta off as a duster. I am not so sure. The announcement said not commercial (correct me if i am wrong). Large companies like shell will not consider a project commercial unless it has the confidence that it will produce billions in revenue. We still do not know what they found there and wont until they have to inform the government within 6 months. They could of found large amounts of gas and condensate but after all the problems with drilling and costs of establishing a producing field decided that the profit margins were not large enough to consider worthy of development. BHP were the ones who drilled La Bella and considered it not commercial but look at it now. Also it was only 1 drill at palta. It is a large area, whos to say the whole area is not commercial. I can see more holes being drilled there in the future. Not sure what our work commitment is for palta but it is too early to call it quits yet. I would wait until we get to see actual drill results before making any decisions regarding palta. La Bella- At present our best chance to improve shareholder value. With the JV close to completion (hopefully) and increased gas pricing, 3D seismic later this year we should be seeing some positive growth finally. La Bella is basically a no brainer, we know we have gas and condensate and more areas to explore in a proven area. How could it go wrong! I could be wrong on all counts but as I said before it is too early to write things off yet. I would not say "happy" but stubborn to hold for now and see what eventuates in next 3 months. Glass half full, glass half empty. Your choice!! Cheers
Bowser
QFY Price at posting:
1.4¢ Sentiment: Hold Disclosure: Held
