Well, I must say I expected a big sell off this morning so I am glad to see level heads.
Recovering lost / stuck pipe is very different to “preparing to well test”. If I had bought on the strength of the investor presentation I would have to feel more than a little deceived. The forward plan / time line says well testing. The Quarterly says recovery operations followed by running completion????
Who is most confused, me or OEX?
The reference to deficiencies in the drill pipe tells me that the drill pipe broke rather than twisted off. The fact that it occurred inside casing and at a relatively shallow depth is a positive. The fact that they are still trying to recover it after 20 days is a concern. Sounds like they could be good and stuck.
I wonder why they made reference to the x-ray testing? This is done at surface and is not generally reported. Including this in the report puts the rigs equipment in a bad light. I wonder why they would do this? They are so tight lipped about the relevant information.
OEX Price at posting:
24.3¢ Sentiment: Hold Disclosure: Held