can bow energy go wrong?, page-8

After reflecting on today's events I've altered my perception from my previous post. I rang BOW and left a voice message on message bank. I was very specific that my query was regarding BWP39. My call was returned but i was away. I then rang BOW and again left a voice message emphasising my concerns re BWP39. When management rang back and we spoke the 1st question i asked was re BWP39. As noted earlier i was told the well was still 'dewatering'. When i replied that the realease on 14 June indicates that 'the well will be completed and production testing will commence over the coming weeks'... "dewatering" was the reply.

I am not convinced. I am not going to re-ring company but my conclusions are:
1) The company has badly underestimated the complexity of CSG drilling.
2)To some extent it is hiding behind the QLD floods to excuse the repeated delays. Target for reserves has been shoved back twice from mid-2011 to end-2011 to mid-2012. Spokesperson said they had mucked-up the dewatering on earlier wells and are now being ultra-cautious.
3) So yes there are problems with these pilot wells. How serious is it? Not that serious imo but we have lost a full year.
4) What is the effect? It means the SP is below what it would have been had less mistakes been made. However, because it is almost certain that huge amounts of gas will be proven that BOW's value will hold. Calculating how much prices will rise is no easy thing. If it hits $1.50 I'll probably exit. But $2.00 within 12 months is also feasable. dyor.