"Guys I keep pretty close to the company I can only applaud the way they have gone about things. Regarding Vietnam the protocols on releasing progress data was established at the time of the jv signing. Criticism of news regarding Vietnam ought to be targeted at the jv entity not Neon alone as they are bound by the jv documentation. From what Ii understand Kris is the most annal of the three companies regarding public releases of information. Neon is not hiding behind this document but following protocol in order to avoid voiding the jv agreement. Confidentiality breaches are grounds for breaking contracts if breaches are considered serious.(It all depends what the doc covers under sensitivities)
Its true that Cua-Lo has copped more than its fair share of delays....I mean 4 typhoons, how bad is that. I've had shares in Gulf of Mexico companies and never had more than 3 hurricanes and thought that was bad. The blow out, while pointing to good news wrestled another month of repeat and down time. The production testing has been agonizingly slow but again thats good news. It appears the Cua-Lo well could be a producer in its own right so its not just about testing this well but completing it as a production well.
The main contributor to time has been engineering design to cope with the production completion and the fact the HP/HT zone that caused the blowout has required extra care when casing and perforating. A poster from another site claims to have spoken to KC today and it was indicated to them an announcemnt on Cua-Lo MAY be possible this week.
I'll stick to my timetable of early next week but be happy for the bonus if it does indeed occur earlier."
NEN Price at posting:
28.0¢ Sentiment: Buy Disclosure: Held
