If anything is to be gained from several recent announcements it is the sense that nothing is proceeding as quickly as many posters would like or "imagine"
Take today's announcement for instance. * 1. They have reached TD and electric logging completed.
* 2. 118ft of net pay (oil and gas)indicated plus extra.
* 3. The JV will move to complete the well over the next TWO WEEKS! How's that .....TWO WEEKS and then testing will begin SHORTLY THEREAFTER.
So maybe by the end of September we might find out what sort of flow rates they might or might not have.
I mean, don't get me wrong the amount of net pay sounds good to me. The fact that they have idetified oil and gas sounds good to me. But we are in the situation where we think we have struck oil and gas but we won't know how good (or if it is good) for some weeks yet.
It kind of takes the gloss off of dancing on the ceiling if you see what I mean.
Now, it has been the same with FP-1. Careful testing programme and just taking the time that it takes.
Bit frustrating for the shareholder at the moment but perhaps in another month all the time delay will be forgotten. Of course the time delay is probably just the way it has to be. Getting the right rig in place. Getting all the operations done carefully and correctly (Don't want a D&L -1 look alike on our hands again do we. Testing and checking that the well is operating at its optimum. All takes time I guess.
GGP Price at posting:
2.2¢ Sentiment: Hold Disclosure: Held
