This is an intersting debate , and I can see both sides of the story here.
However - I side with your argument CB. We need market credibility , and we need it fast. Just look at the weak response to what would normally be considered terrific news. That "..oil flow likely" debacle is hanging over CTP like a lead weight.
I really wonder why they simply cannot do another lateral from the current well as another poster has suggested?
The rig is there , they now know the problem spots to work around e.g. "sloughing clays" , seismic not needed and it saves enormous time as the vertical drill is done.
However , my simplistic argument is based on a lack of expertise in such matters and there are most probably sound technical reasons not to proceed in this fashion.
Or it might simply be a case of "let's not stuff up and destroy the family silver" cautionary approach.Don't know.
In any case I think they will go ahead with another well nearby as JH has clearly announced that this is his personal preference. I think he usually gets his own way.
CTP Price at posting:
30.0¢ Sentiment: Hold Disclosure: Held
