The chances of success from a first well were of course not that great and I wouldn't have been that surprised except for the report of No hydrocarbons.
Was that zilch, nada, not even a trace?? This I find hard to believe given the previous core samples. Even if the fracking technique used maybe not right for the play. Surely there should have been something? Not event the smell of hyrdrocarbons.
I need clarification on that. Do they mean 'none to speak of' or do they mean... not a trace?
Questions need to be asked on that score to exactly what they mean. How would it be possible to have those cores and zero trace of hydrocarbons.
OK so a successful well first up would have always been a lucky dip.
The other disturbing thing was that OWen was made to seem better than Mcintyre... which if it is the case will they bother with it any further? If they have fracked and seen some fluids returning surely they would have a hint of there being any hydrocarbons amongst it at some stage? Though I have no idea of the process, so I could be way off here.
And the Ryder Scott report wasn't made by a bunch of inexperienced fools, on the contrary these guys have some pretty good and in depth data to go off and make comparisons. The reports suggest that there is most likely a commercial play(s) somewhere there.
I am glad I took some profits some time ago, and bought in some more at a lower price as it makes the current dip less painful.
For me it is the same deal as before, as it has always been. Ride this horse to the podium or the knackery. Though it doesn't hurt to take profits along the way and then buy the dips.
The worst thing about this share, and why I think its upside has been capped and gets hit pretty hard on the downside, is that it is a slow motion play, with large gaps of time for the next installment.
Has always been a high risk spec share, and the funds I have put in have been of that nature, and just a small part of my entire investments. Though of course we all hate to see the money go south.
I will be probably buy in some more if this thing, because of the long wait to the next installment, dips below .5.
At the very least the company has lots of tax losses to make it worth something, lol. And at best and luckiest it has other playing around the area.
BKP Price at posting:
0.7¢ Sentiment: Hold Disclosure: Held
