"On 23 October 2012 Quest Petroleum NL (Quest or the Company) announced that, the Indonesian Energy Regulator, BPMIGAS, had approved the Authorisation for Expenditure (AFE) for the Kayumanis-1 Well in the highly prospective Komering Basin, together with Quest’s 2012 Work Plan and Budget. Negotiations are being finalized for the drilling contract which is expected to execute within the next three weeks. The spud date target is anticipated in December subject to rig mobilisation and land access agreements."
From the quarterly activities report 31/1/13:
"During the quarter the Company has been in negotiations with the land owner of the Kayumanis-1 well property and expects to be in position to execute the land access agreement shortly. The drilling contract can then be finalized, rigs mobilised and a revised spud date target set."
And then, on the activities report 30/4/13, no mention of the drilling contract at all - at that stage they'd come to a MOU and had to jump through more hoops just to get the land sorted out first.
So although it's taken an agonisingly long wait, yes I agree with above posts, you'd think they've already pre-negotiated most of the details regarding the contract, but until a start date is booked and locked in I don't think we'll hear anything until then. A recent reply to my email from last week was that management wanted "concrete news" (their words) before confirming the land purchase, and I think the same goes for the spud date.
Personally as a long term holder we've endured the slow arduous walk to the summit and expect things to move along at a fair rate of knots as we sail on down the other side.
I agree the lack of communication has been very ordinary, but with all that aside, things are finally happening. No one can argue with the depth of management, their plan, and what lies beneath.
QPN Price at posting:
0.4¢ Sentiment: Hold Disclosure: Held
