I agree about the wording of the announcements. Unfortunately Phil is trying to make it sound better than it is and not tell us they have stuffed up a little bit. They have lost about 200 barrels of fluid and acid (would think that 100 barrels of oil have been recovered), where has it gone i don't know. Is the 430 field challenging, most probably yes, but thats why they earn the big bucks to make sure they get it right for us and themselves
I have forgotten about the 430 well, and am looking forward to the 59 and 138 prospects, these ones are the company making wells in the short term. Unfortunately we are going to have to wait a while as the 430 well is going to pose problems for Phil and the team, and a long production test will be required .
Extremely disappointed with 430, but excited that they are in the most prospective oil area in the world, Brazil.
what would please me the most is if the company can farm in some offshore wells, they have 14m cash. Thats the best way to get the shares rerated again
ERH Price at posting:
19.1¢ Sentiment: LT Buy Disclosure: Held
