Not so strange IMO, but who knows what the ASX is concerned about? RMP is in suspension because of ASX listing rule 12.1 which effectively says they had no projects or prospects to pursue and therefore could not trade. They did have over $10m cash at the last half-yearly. One would think that the 'Western Blocks' consortium would be grounds to satisfy Listing Rule 12.1 and that they would soon trade. Interestingly, I note that RMP just hired a new CEO from Exxon. Perhaps a lifting of suspension may be at hand. Not that it should matter to the consortium members if one of their members was publicly traded or effectively privately held. Perhaps ASX sees differently....or they expected RMP to also communicate to the market through the ASX?
Aside from that, this really is an excellent play by the BoD. Apart from broadening our sphere of operations and hence diversifying the risks, it also potentially adds quite significantly to the top and bottom line in a nearer time frame than other prospects and opportunities. Its proximity to CP projects in the East and OSL projects in the West means not only relatively easy route to market for fulture production (if successful), but also a relatively easy exit option by selling out to one of the larger neighboring producers (again, if successful).
The consortium (with the possible exception of GB) may be similar to exploit the Yukon Gold opportunity once that 3D seismic paints a more detailed picture. And then of course, we have our own Icewine Western Fairway 3D seismic analysis on conventional targets - of which early results are due about now!
Meanwhile, chugging away in the 'background', we have what is still the big daddy, IMO - initial flow testing of the HRZ interval. Clean-up going slower than most hoped or anticipated, but still progressing. The days of "fail fast" have long goner as anyone with business start-up experience will tell you. 'Fail fast' is pre- proof of concept. That was completed with the results of IW1. Now it is about 'proof of value'. This stage is about designing the right process for getting the oil out. Virgin territory for HRZ oil extraction and so much potential to screw the opportunity by rushing in blindly or with false bravado. Nice and steady is the best use of shareholder funds, IMO, and management need to keep their eye on the big picture and not on short term SP reflections of the bed wetters. Work out how best to get connection to the reservoir. Log, learn and continually refine/improve. Full HRZ value will take a few wells....make sure we get the most out of each, and each progressively more than the last.
The journey has only just begun, and the various bits of 'action' on the side may just provide us with the fuel for the trip.
All IMO. GLTA.
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