With the Seismic of PPL 266 being performed soon, and it only re-covering the north east corner of 266 (of which seismic lines and evaluation already exist), there seems to be little to be excited about. NGE management has said this is in effort of "pursuing its aim of identifying leads and elevating leads to drillable prospect status." Does anyone really expect to find anything of significant value in the North East corner when all the plays are in the south west? even hydrocarbon migration pathways, it seems, would be more likely to come from the north West or West. To get back on schedule this year NGE need to conduct 5 seismic surveys 1 in each of 265, 266,267, 268 and 277 as well as drill 267, 268 and 269. This company does not have the funds for delays and has obviously lost share holder support (making a cap raising difficult). Is it Managements focus now to just get the company to "elevate leads to drillable prospect status" or do they intend to drill targets themselves? Do they even know? The first Quarter is sliding by and no real progress to date, not much in the future either considering the seismic is only of the North West corner of 266.
NGE Price at posting:
12.5¢ Sentiment: Hold Disclosure: Held
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