Just got back from the Wednesday heart therapy session- had to leave just after 9am- and there's a good test for my blood pressure just waiting for me at the computer. Wow! Water in the formation and no point risking fracing. Must have got the results after acidizing. If they had gone ahead, would have burnt money just like TSV did.
Now evaluating another shallower gas zone at 16000ft, but this may take a while- probably early in the New Year. Still, things can get move pretty quickly in the current environment in the US.
Floor seems to be at .005, which is not too bad- could have been worse. FUT still has plenty of funds in the bank,(app 5 mill) and has the prospect of the second Atochoa well, also in the New Year. JV still there, with FUT at 50% and PRA and PYM both at 25%. Brian 1 came in under budget as far as I know, so this has not hurt them too badly. They also have the European projects in France etc, but they are longer term.
Not good news at all for the short term, but medium to long term still has upside- and the downside? Well- there's not much in it.
Everybody is hurting a bit from this, & I believe Geezer and Tic were pretty heavily invested, so just need to step back and consider the next move (which for me is to take my beta blocker) cheers, JH
FUT Price at posting:
0.5¢ Sentiment: Hold Disclosure: Held
