I have to agree with you and disagree with certain points.
As a long termm share holder, i feel your anger and frustration with the way Pel hasd played out. I was gutted with the announcement saying "December half", BUT, once i calmed down and realised that this company is not just sitting back and waiting for the day to drill Pel 105, they are actually trying to move forward and have the company in a CASH +ive position sooner than we think. You have to give credit where credit is due. They could have sat on thier asses and did absolutely nothing and dwindle our money away........ They have thier first real producing well in Armstong, Sebree is pumping oil, Park City is on standny, and to be honest the gas play at the moment isnt such a worthy play. (a recent trip to the states ahowed me that shallow gas plays are cheap to drill, but with the current prices, they are not worth drilling, I spoke with someone and they said soon the Gas price will be at $7, then it will be good value) So i guess Park City is better off on Stand-by at the moment. I also want to note that the current conditions in the Basin are not ideal for drilling with the flooding that occured there recently. If we did have a rig thier, someone mentioned on Hotcopper it would have cost $100K per day, so you know what that means.......... Goodbye AKK. BUT fortunately we didnt have it in position. I am sure that once we are ready to drill, they will drill the hell out off that place full steam ahed....... remember this TW....... December is a long time away......the drill bit could hit the earth sooner than we think. No use in hammering the Company......... I am holding and accumulating more. Cant understand why people are dumping the stock, but i dont know thier financial positions..... But i do know one thing....... PEL will be drilled and they are ready to drill it....... Its just a matter of WHEN
AKK Price at posting:
4.6¢ Sentiment: Buy Disclosure: Held
