Jesus this would have to be the most longest spud time ever. From January to what appears may well now be October. Fair enough there was some civil unrest in between but it sounds to me like ADX lacked some serious foresight with some of their decisions which could have sped this up greatly.
VIL are no better, i am still of the opinion that no news is definately bad news from this lot. It also appears as though mgmt are too scared to partake any more input in their projects after the initial investment phase. Seems as though they have as much sway in their projects, some of which they own 72% of, as i do a mid range share holder.
One thing they do have complete control over is the farmout of FP2. In the June announcement when they pencilled in early August spud VIL said they were close to sorting that part out. 3 months on and theres still no news. Im guessing it wont be for a few more weeks at least as GGP have said that they wont spud until 4th Quarter. Judging by all the other spudding estimates i think FP2 might be likely mid next year if at all.
At this rate the next well to spud will actually be LP in late August.
All that being said im tempted to put in a small offer for 0.9c
But then looking back over the last 24 months at the share market in general. I would actually be in a nice profit if i had just left all my money in my ING account.
Id be more impressed if Andy took to the well site with a pick and shovel and just got something started.
Bit pessimistic lately? yes. This market sucks.
I'm taking my ball and going home lol.
(note i also have long term holding in QBE and NWS. Figuring out how to tie my noose.)
VIL Price at posting:
0.9¢ Sentiment: Hold Disclosure: Held
