Listened to a Magnuum Hunter presentation today.They are saying...

Listened to a Magnuum Hunter presentation today.

They are saying an East Chalkey well will be drilled in November after which they intend to divest their interest and float a figure of USD 8 million for their 62%.

This suggests that TEX's share of East Chalkey is worth $3 million.

IF this preso is accurate and it was given on the 7th Oct, then TEX have given that update on Sept 8th saying the well would start in the last week of Sept and here we are in Oct and no news...meanwhile the operator is giving guidance that it won't be drilled this month.

Where is the update? if this is right then its pathetic really. I mean I wonder how many bought a few shares over the last few weeks expecting news on the spud?

I hope this is all wrong and the Magnuum Hunter CFO was misquided, but going on past performance this all seems ture to form!

In reality its been one long process of missed timelines since Highway 71 started in December.

Grrrrrr! Going wait to see what happens despite coming to my own conclusion that this mob don't seem to play with a straight bat.

This is what the announcement said on Sept 6-

US-focused oil and gas exploration and production company, Target Energy Limited (?Target?) (ASX:TEX) is pleased to advise that preparations are underway for the drilling of the Pine Pasture #3 development well at its East Chalkley Oil Field in Cameron Parish, Louisiana.
The Company has been advised by the Operator that the drilling is expected to commence at the Pine Pasture #3 well in the last week of this month. Drilling is expected to take approximately three weeks to reach the programmed Total Depth of 3,000m (9,842 feet). The well will be drilled from the existing production facilities and will be deviated some 538 metres to the south-south-west, with the bottom-hole to be approximately 272 metres south of the Pine Pasture #2 bottom-hole location.
All site preparations and permitting have been completed and at this time we are finalizing arrangements with the drilling contractor, Crown Drilling of Breaux Bridge, Louisiana for the use of the Crown Drilling Rig No 3. The well will be drilled under a turn-key contract.
The rig will mobilize directly to our well site following the completion of operations at its current location.