From talking to DA some time ago it would seem that trenching at BH in particular was delayed and did not happen in late 2009 as promised. HGO could argue that they put down their expectations in announcements but the question is when should they tell the market when they have not been met? I think we have to get over that disappointment and move on ... but I agree that it does raise questions about how much confidence we can have in management to keep us informed of delays (rather like with ESG and the pump rod failures .. companies don't like to announce bad news!).
The last quarterly released on 26 February for the period to 31 January said:
"The main focus for the Birds Head Project in coming months will be the commencement of detailed mapping and channel/trench sampling of the West Delta Prospect and to conduct a heliborne radiometrics/magnetics survey over the general Delta area with a view to define targets for early drilling."
So .... we would expect from that, that the trenching started in the months of March or April and so we should see some results this month or next. Drilling is slated for 3rd quarter.
The nearer-term catalysts are financing/FID and drilling results for Kanmantoo, and then Sumba drilling results by June perhaps?
H
HGO Price at posting:
34.0¢ Sentiment: LT Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)