poor announcement from ggp, page-47

"The permanent production site and road have been completed. Production facilities have been installed and the gas pipeline from the production site to the nearby tie-in point is expected to commence construction next week. Gas production and sales are planned to commence in early June."

Seriously, what a rediculous statement. This has got to be a joke. Let me explain:

From the annoucement ddated 8/4/10:

"GGP has ALREADY started construction (so construction was already occuring) for a permanent construction for the access road and site. Therefore it has taken them mroe than a month to build a road and construct a site. AND THEY STILL HAVENT CONNECTED PIPING - which they will "start" next week..

Seriously... what a joke.

Nevertheless POSITIVES..

- they have highlighted that they are going to drill a second well. WHICH IS EXTREMELY POSITIVE. However, in 4-6 months.. what a joke. If BCC can do 10 wells in 6 months.. how can GGP do 2 wells in a year and a bit? But still positive.

- Also, from the annoucement i detailed above on the 4th of april they stated that they would potentially re-perforate the well to increase flow rates.

So what i deailed before with my 40+ thumbs up post, I still believe that the well is connected and that they are buying time to test the well. Therefore will report results within a week on flowrates.

Anyway, not happy about the reporting and the time it will take to drill another well; especially when they believe that it has so much potential.

Option holders still stand a chance depending on next annoucement. However, do i think they will be excerised? 99% no.