Ann: Hickory-1 Surface Hole Completed, page-71

Help me understand Doc, because I don't see it. Where is the evidence that they "experienced delays and minor issues", as the announced drill time to 3500 ft plus casing plus BOP test was two weeks and they came in at between 12 to 13 days which by my reckoning is at least 10% ahead of time budget. Based on consistent timezone for start and end.

Perhaps you are referring to delays prior to the drilling starting? They said "early March" and they just scraped in if you break the month into three 10 day stretch's covering 'early', 'mid' and 'late'. Potentially they lost a week here.

Anyway, key issue for me is what they can achieve for the remainder of the limited drilling season. Can they defer the planned rig demob date by a week or two, subject to weather? If so, can they at least get to the secondary target (ie amended TD to above the KUP), and complete the WL logging process within this extended timeframe?

For me, I am less concerned with trading opportunities created by announcement flows during this seasonal drilling window...than I am about getting sufficient progress during this drilling season to be able to need a gravel pad based fracking programme next year (which could also include drilling further to the KUP. Lot of things over a short period of time required to give that confidence to the market. I suspect that they will announce when they have something to announce as far as this agenda is concerned, and not worry to much about the cyclical speculator need. But everyone has their own equally valid investment and trading strategy.

All IMO and GLTA.