Hang in there, guys.Patience is the key now. Sure it has been...

Hang in there, guys.

Patience is the key now. Sure it has been frustrating but one needs to stay objective and clear-headed.

1. QPN have raised funds for the upcoming drill. A CR should not be needed at this point.
2. It has taken longer than any of us would like but the land acquisition was necessary. Imagine what could have happened if we didn't have the purchase and QPN hit oil? We could be tied up in legal ranglings over ownership of the oil for years. Just look at the issues facing OEL and BHP trying to drill with the palawan Provincial Board in the Philippines. This way, QPN management have tried to protect shareholders and ultimately the company by securing their future $$$ if the drill is succesful.
3. Drilling will occur. While no-one can categorically say it will be 2013, ASX releases state that this is the intention of management. It is in their own interest to do so, after all, their shares will also rise in price with drilling. Sure we have had a delay and it is a pain. This is common in the explorer game, though. I think back to the original drill at Wombat (LKO) and the BKP drill. Both had significant delays, and both made a motza for those who entered at a low price and didn't sell during the delay.
4. Prabu is targetting a significant oil discovery. Oil seems to be the more attractive of the sector in this fickle market.
5. QPN still has a very low SP (historically). It is on the cusp of drilling AND it offers potentially large leverege to any discovery (and possibly BESBS potential as well once a rig and spud date is announced). This is a big plus for the company in this market.

We all know that the market is wobbly at present, and many punters have backed away for a few weeks. If QPN can manage a spud-date announcement as the punters start to return again to the market, we might just hit happy-days in the middle of 2013. Anyway, I'm not selling and I'm not going anywhere until this drill is underway.

All the best to holders and purchasers at bargain-basement entry prices.