In the RBS presentation dated 10/10/12 MAD noted their intention in their 12 month program 09/12 to 09/13 to drill ~10 deep wells to 12,000 to 16,000 feet to test deep flank prospects.
In their release of 12/11/12 MAD noted their acquisition of Gillock leases and the plans to drill at least two wells to around 9,000 feet using contract drillers.
In this release MAD noted that they were converting two internal rigs to drill to around 10,000 feet with this work incomplete at that time. As previously stated MAD intends to drill deep wells to 10,000 feet with their modified internal rigs and complete to TD with contractors.
No deep wells could be commenced till this drill modification was complete but since the forecast of deep well completions was made in mid October 12 MAD management would be confident in the ~10 well forecast.
Stock holders have been pained in the last several weeks but there is no reason to dump on management on the basis of incorrect reasons.
FDM Price at posting:
73.5¢ Sentiment: Hold Disclosure: Held
