Understand your sentiment (or should I say frustration).
On the note that management being arrogant, I wouldn't go this far (just yet). Guy oudy I realise has been overseas for like 80% of the time so I do see this as a sign that he is amongst the ground work. If the executive directors are always in Perth while a contracting team is doing all the ground work (like many small caps that have overseas operations) then my confidence will be shattered.
One thing that I find with many small caps (which AKK is in reality) is that they do not announce why certain things are delayed.
I believe the last time they said something about Taylor Sands is "Taylor Sand to be tested in April". From what I do know AKK has been late reporting in the past.
My bet here is along the following: that there is a problem with casing, there were high levels of contaminants so they have to wait until this is filtered so they can get an accurate hydrocarbon flow rate, there is a "geological left ball curve" which complicated the well completion. The worse case scenario is that the well has collapsed and we are totally stuffed however this is more a risk on the horizontal end if the type of fracking is not done properly.
Expect AKK to miss more deadlines on their so called "aggressive drilling" timetable. I am sure they want to get things done on time.
I admit that the failure to explain delays is a no confidence vote from shareholders. In the end its the share price that talks.
At 2.7c for the heads and 0.004 for the AKKOA, its back at exactly the placement price. I know this would piss off the share purchase plan subscribers though.
While I have not been as kind on AKK in the past as other posters have been, but today I am not prepared to crucify them yet. However I would want to crucify them if nothing is updated soon.
AKK Price at posting:
2.7¢ Sentiment: None Disclosure: Held
