The Drilling of Block 105 from this report suggests to me that the proposed date for drilling this well is being delayed again!
In the market place, there was high expectation that the drilling of block 105 was penciled in for late May/early June 2013. This was even mentioned by one broker on the YMYC program.
The reason for this is based on the Asian weather pattern. Monsoon season hits its peak in July, Aug and Sept each year. Rainfall exceeds 1000mm plus during these three months with winds and rough seas, delays in drilling are inevitable. Hence why PPP is drilling in April 2013.
Very good management gets things done. They don’t keep regurgitating old news over and over again. We have had now 14 months of it. Most investors have had enough.
Please give me something new, like a definitive announcement on securing a Rig or a definitive announcement on the new partner for Paloma Deep, or a definitive announcement on the improved production at NSA, with regular updates on production numbers. Illustrate to the market that you are capable of completing a Task. Give us some new news, would be a great start.
So from today’s update, I can safely predict that drilling is not going ahead in block 105 any time soon. Looks to me that end of September at the earliest.
If you do the math, 3 long extra months to wait. It is going to be interesting to see if Management is able to drill this well earlier than September 2013.
PPP is looking a far better option short term, if Vietnam is your goal.
This is my view only, and my opinion is that I believe the company is forever behind the bell curve.
DYOR
PS My views my may not be to everyone’s liking, BUT we as shareholders have to stop being "Defensive" and start being "Offensive"
NEN Price at posting:
24.5¢ Sentiment: Hold Disclosure: Held
