Well they got their money in the bank and we aint heard a peep...

Well they got their money in the bank and we aint heard a peep since! That said I have had a little refresh of recent announcements to see if I should be worried. I guess Im not but expect some kind of update in the next couple of weeks.

Firstly, their 6 October presentation contains a reference tool against which to see what the planned activities for the company are out to quarter 2 2011.

Firstly for South Lost Hills, I think we should be getting some indication of the re-entry and test of the old well (1-24) soon given the October pres said to start over next 8 weeks subject to agreement and their subsequent quarterly report at 29/10 said "negotiations have very recently been completed". Given that was about 5 weeks ago I think we are due for some advice in this space. A new well is also planned for this prospect but the quarterly report says "most likely 2011" versus the October Presentation which said "late 2010/early 2011".

Regarding Guijarral Hills - they announced new farm in partner on 3 November 2010 subject to a 90 exclusive period to conclude the deal. So could be Febuary before the deal is finalised. Announcement says scheduled for drilling first quarter 2011 so guess we have a wait on our hands.

In the announcement they say "Production testing at the
SELH gas project and the Kreyenhagen Field testing program will now likely occur beforehand". Great I think we should be told more given its been about a month now.

I think the program for Kreyenhagen Field should also be explained.

So Im a little peeved that the company did a capital raising and they came out with the new farmin deal delay bomb 6 days later. The October presentation suggested the rig was contracted to drill in Quarter 4 yet clearly the company would have known a new deal was in the wind and that the likelihood of drilling in Q4 was a nonsense. Yet they said nothing and raised the money. Poor form.

Anyway at current prices and with a fair bit to seemingly happen in the next couple of months I think this will be an exciting place to be - just get drilling!!!