Ann: Termination of Drilling Contract , page-14

well this is most disappointing to discover this.

Not good for Lucas to be doing this I dont think. I didnt realise the suspended well was the lucas rig 85.

Lucas (ASX:AJL) have some substantial cashflow issues and a substantial and heavy debt burden. Their main prospect is looking for shale gas in the UK - big $ chasing that.

They have been having other contract disputes as well. not a good look for a company I support! Especially as they have had a very long partnership with a lot of Armour's directors for a very long time through both AJL and also the previously privately owned Mitchell Drilling.

Well, lets hope the bottom is in for Armour. It does make you wonder with an EV around $25m and $50m in cash, whether the market even cares about some significant gas results like AJQ has had!

It is a fairly remote gas resource, but I still cannot get over the fact that there is a world energy shortage looming in asia and AJQ is sitting at the bottom of the stair case!