No, I nearly went to Utah for P1, but in the end spoke to the drilling crew on the phone instead.
The reference to the drillers and Halliburton should be obvious to one of your wisdom. If the well was a blower (what do you call a doozy of a gas well? gusher doesn't seem right) they would know and all their friends and rellies would be buying, which we'd see.
As you say, all directors have self interest. Including the directors of Croesus, Macmin, Sons of Gwalia, Resolute, AED etc etc., all of which failed for various reasons, mostly associated with lack of resource. To you, this is a company finessing the situation to get rid of Eclipse, with directors so brilliant that to do this they can drill two half chance holes and a blower AT WILL. If they were that good at picking drill positions they'd have made their billions years ago. And if they were that intent on tweaking the sp at oppie excercise time they would have delayed P3 for five months, so that they could have some nice fresh news with which to ramp it up to 15c.
To me, this is a company almost at the end of its capital raising abilities, whose directors have been hanging on in the hope of success - and no disrespect to them for that attitude except insofar as they have not been accurate and helpful in the company announcements.
It will be interesting to see how they get through the next few months. By their own estimates cash should be now around the $1.2m, with loan repayments due this qtr of $750m, leaving them only $450,000 in the kitty. I suppose they could get maybe $3m for their WCU stake.
GDN Price at posting:
7.4¢ Sentiment: None Disclosure: Not Held
