Staples, looking at the bits we know, at the GOC they were running at P90 for time and depth, a few days later we were at P50. I suspect they are having some normal drilling issues. The difficulty of a exploration well is that you can apply all the forecast logic in the world but if you don't have other nearby wells to compare with then its best estimates into new territory.
In this case I am guessing there has been a delay getting to the casing point. This of course means there are still another 2 or 3 zones to go on top of anything they may have found.
We also know as Timber pointed out that if initial shows from the first two zones were not there at the time of the ASX price/volume query that would have to have been reported or ASX sanctions would apply retrospectively.
The time, while frustrating, I believe is actually a positive for us. I suspect they have something but perhaps still at an ambiguous stage for reporting to the market in a way the market can interpret results clearly.
Just my thoughts.
NEN Price at posting:
27.0¢ Sentiment: LT Buy Disclosure: Held
