RIA 0.00% 3.3¢ rialto energy limited

Ann: Weekly Drilling Progress Report , page-71

  1. 1,957 Posts.
    Personally I was happy to hear we had finally reached 2500+ TVDSS and encountered encouraging oil and gas zones and will be even more happy when we reach full depth so that the mechanical risk of drilling is over in this well. The weekly update didnt contain specific results because it hasnt been tested yet. The geoological risk is greatly reduced given the historical results. The well was planned using 3D technology which is excellent by all accounts and is what was utilised in the Jubilee cluster discovery that unlocked 2.2billion barrels in the same basin in 2007. There is always risk, but chances of good results here high IMO.
    The stuck drill pipe delay cost the program a month when you look at the time line. Had it not have occured we would have been at this stage a month ago when world markets were more stable. Thats life and thats the stock market. RIA's project is robust but it is also still speculative. Speculative stocks get pounded hard in these market conditions. It will become much less speculative if decent results transpire and reserves are booked etc. Also, GW and co would have a good handle on whats going on and there is no indication of selling. Hopefully the Greek situation will settle down to a dull roar in the coming days. If so, and world markets stabilise, its possible we will get a relief rally running up to the greek elections. Results from Gazelle and Condor should be released in the same time frame. My opinion only.
 
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