I agree DB ................... we have been pondering why...

I agree DB ................... we have been pondering why management went so early for a CR (and at a far lower price) rather than after either SNE-2 or 3, and now believe that they were well aware of the tight hole policy and that the JV will not be making any substantial ann's of results during the drilling so had to go earlier.

To back this up the number of shares shorted suddenly increased from ~33m to ~44m late November, that would not have happened if the shorters thought news of the first appraisal was eminent!!!! Lets face the fact, TD has been reached, coring will be well under way and most likely completed and so flow testing should begin within a few days (we will certainly know this as they will be flaring off the oil) and not a sound from the JV and the SP has not really moved!!!

Am now wondering just how much news the JV will actually release at the end of SNE-1, one would imagine that they would, at the very min, have to release flow rates however if the JV was in delicate negotiations with say African Petroleum (or any other entity) regarding additional licences then IMO the JV would have a very valid reason for not releasing results and therefore management would have been well aware they needed the cash upfront to complete the first three wells.

I know everyone is going to jump up and down with this and I could be wildly wrong but the more I look at what is happening the more I think that we aren't really going to hear very much, I will also say that the market is a very leaky ship and the SP would normally reflect what is going on but maybe the JV believe they have done sufficient to stop the leaks, the SP certainly is not, to date, reflecting any leaking news!!!

HKP

PS ............. maybe today will tell us what is up!!!!!!