As generally agreed, this is fundamentally a well managed...

As generally agreed, this is fundamentally a well managed company with a strong record. That being said it is in an industry that is highly technical and is exposed to many outside influences. I note that a big question mark still exists with the Austin Chalk and TMS drilling zones. Not enough modern day drilling has been carried out to conclusively confirm the economics in these areas as yet. I see that COP have released some inconclusive data regarding their McKewon #1 well. It is an Austin Chalk well close to ATS permits. Don't bother reading it as it is convoluted. It needs to be said however that it appears that they did encounter some operational difficulties and aborted part of the drill. They mix this by saying that they are pleased with their initial findings and will wait for the results from their other two wells currently being drilled nearby before summarising these results for the market. Like ATS their learning curve is dramatic in this precinct. They appear to be holding their cards close to their chest. They are governed by different reporting standards to ATS. COP hope to release this three well drill summary July/August. EOG another very big company are also drilling quite close to ATS at the moment. Oce again at the AC depth. All these wells take a lot of time and are closely monitored by the corporates. ATS are going very steady with their two current wells using the new drilling fluids. They are extremely aware of how market sensitive a hiccup can be. That being said most of what happens underground is out of their control once all the technical data has be assessed and drilling has been committed too. Trump, oil prices, Macquarie's finance, the AU$ and the world markets are all important. Thats where a little luck comes into play. Beyond all this a fair whack of patience will be required. I believe by February 2020 we will have the answers we need. To end on a positive note, these stocks can run hard after a sequence of successful consecutive drills and importantly ATS management have been here before. HOLD!