It only came on this morning fungigiro. Most of the 4.6 mill that has be traded have been internal broker cross trades(!!?) and we have been left with that 3.5 million. Another 1.6 mill @ .003 has also gone through Chi-X.
KM, with such a depressing outcome that you predict, why would he bother??
Have we all been so intoxicated by all of those conspiracy theories that we have (again) missed what could very well be the simple answer to this?
We know that testing of A#5 ceased before that considered acid wash. We were "told" that LAR had pulled out until CTR could raise enough funds to complete the programme and everyone screamed out "blackmail", "what's LAR (those dirty crooks with a long reputation of dirty tricks) up to? Holding us over a barrell!!! The mates want a bigger slice of the cherry!!
Why could that cessation not be for basic and logical economic reasons?
LAR, like most contractors, obviously have spent much more than was budgeted for by persisting so long in C18.
CTR (the number crunchers stepped in and said "this is not sustainable, move up to C17 because we are running out of dough and won't be able to complete our agreement and might lose the lot"
They then stopped and it was agreed to evaluate the technical and, no doubt, the economic alternatives available as LAR considered the conventionally obtained flow rate was not "commercial". but did not want to give up on C18, yet.
What if LAR said, we should not give in on C18, with what the logs tell us, we should be getting at least 500 Bod and seeing that we are already there and have spent so much already, we should continue to use whatever means are available to find out absolutely. Let's evaluate doing an acid wash before we leave C18.
But, then the number crunchers (CTR's management's specialty) came in and said, we are miles over budget and we've nearly run out of dough and won't be able to complete the programme if we keep spending on C18. Move up to C17 NOW!!!
LAR says, look we reckon that we can get that 500 Bod from C18, so, let's not simply move up to C17, which WILL produce, and we will then lose the opportunity and all of that cash to prove up C18. Let's just hold our horses, go and get more dough, whichever way you can, and then we can do the whole deal, but, we will not spend much more time in C18, we'll do that acid wash and see what that does and that's all.
Then we move up to C17 and put A#5 into production, with whatever comes out, even if it's just the same as A#4. We have to raise our revenue ASAP. We can then re-open the two Tortugas wells.
Could have over 1,000 Bod after Tortugas and we are on our way. Then a nice shallow one in Atzam, maybe, in C13, and we have a serious producer which currently has a market cap of around $4 million!!!??.
No conspiracy, no tension between CTR (the boss) and LAR, the only one's sweating are the shareholders and management who have to find the dough.
CTR Price at posting:
0.3¢ Sentiment: Hold Disclosure: Held
(20min delay)