The market has not been told that the well is 'on pump'. Posters on Hotcopper have stated it, but there has been no company announcement confirming it. On Dec 5th it was announced that the well would be placed on pump and that could take a week to do. 16 days later it was announced that the well had flowed a total of 40 barrels, but the 'on pump' was still to happend.
Councilgriter is correct when he mentions the history of Paloma not being kind to small oilers. If one Googles for Paloma Oil Production there are some papers to be had. Its risky, and the company has alerted the market to this in a statement in its annual report.
No advice intended, I'm just adding to the discussion.
NEN Price at posting:
26.0¢ Sentiment: Hold Disclosure: Held
