Ann: LNC Alaskan Drilling Program Update , page-12

Agree with the comments about this being spin doctoring, but there's something else that doesn't seem right to me.

The ann said: "The LEA#1 testing program is now complete with three sandstone targets being tested separately. The testing has shown that although gas was present, the structure is too tight and not able to produce gas without swabbing large amounts of formation water into the well. As such, the conclusion from the testing is that although gas is trapped within the coal, there is not sufficient natural fracturing in the coal to allow for the recovery of commercial quantities of gas."

Very unusual choice of words. It makes it sound like there was gas in the sandstones with the comment "The LEA#1 testing program is now complete with three sandstone targets being tested separately" but then it goes on to talk about results from the coal.

It looks to me like the sandstones contained no gas at all, but PB deliberately worded the announcement to be ambiguous to make it sound like they did contain gas, but tight gas.

In other words, what he means was "The coal testing program is now complete. We also separately tested three sandstones. Coal gas was present."

I've seen all this before from PB. Like when he split with Ergo Exergy and didn't tell the market for three months until he'd got another tech provider.