Ann: Drilling Update ATP626P , page-25

G'day Katok, MY very own sentiments, absolutely.

I have been in and very supportive of ICN's management(at a cost on this forum) but, July is D-Day for me. If we don't get a better deal than BPT and we WIN the Court case (i.e. no BPT), I have nearly lost all faith in the ability of management to deliver anything by their own work.

Sure, they might be able to get partners to share the GSA, but, I can't for the life of me see them tackling 855 without a very big brother to do all the hard work. Simply do not have the skill or competence, dare I say.
They don't seem to have any drilling nous at all and as occam always (rightly)reminds us, they seem to be using poor, cheaper equipment that always fails. I am also involved in several co's drilling the Perth Basin. They use the Waterford 826 rig and they do 4000 metres without one hitch. Atlas can't even get past 700 metres!!!

I am no mug either, I have big money tied up in ICN, relatively to my overall assets, and I am bleeding much worse than most, but, IF ICN's management do prove everyone (including many of us) wrong, and I am still confident that they will, I still say that the current SP is a good punt for LT purposes. I am still buying at these numbers (small by comparison to most posters here I would think) but, buying all the same.
But, that confidence gets kicked in the guts with just about every report that is coming out. I still think that it is too early to chuck the baby out with the bath water, but, foolish to just have blind faith and believe me, I am VERY aware of that.
It's just that they don't owe me, having been in from the USA days and am prepared to give a sucker a break, but, not for too much longer.