Re: Time Frame. You have to understand what Mr David Breeze is talking about in regard to time frames. I was a former holder of BPH and BUY and if you have been around for a while you may recall the MDS medical breakthrough was on the brink of becoming a commercial success back on 11/01/2010. As we have now spent some six years on this Brink I would not hold your breath for drilling to commence on the PEP11 alleged prospect.
If there was any real prospect of a commercial oil or gas field off the coast of NSW one would think the first thing to do is conduct a high quality 3D survey of the area before spending more shareholder money in repeating the previous duster program.
If you followed the hype last time you would wonder how it was even possible to miss this fabled Bonanza field.
Please don’t get me wrong I hope there is gas or oil to be found off the coast of NSW as we could certainly use a few more well paid jobs. However; the only well paid job I recall is that of Mr David Breeze still drawing six figure directors fees and yet to deliver on a single promise now that is some achievement! Sorry I don’t consider the tax losses as a fulfilled promise!
“Targets in the range 0.2 to 2.5 Tcf gas at the P50 confidence level (50% chance that they are either bigger or smaller than the figure) are present and being less than 50 km from Newcastle, a successful well would have tremendous impact.”
I commend you guys for your tenacity in holding onto these stocks; however, I do strongly suggest you read all the information in the public domain in regard to PEP11 and do your own full and due diligence before committing your hard earned over taxed fiscal powder.
For the record I was once a major holder of BUY, BPH and I still hold some 5M worthless shares of MDS awaiting the brink to arrive.
Good luck anyway boys I just can’t help feeling that if there was any truth to the PEP11 story there would at least be some action before 2018. Still I suppose if MR D.B. can stretch out his director’s fees for a couple of more years before his retirement the whole thing will at least be a personal triumph!
Please take my thoughts for what they are (just thoughts) and do your own research.
Cheers and very best regards: Andy
MMR Price at posting:
4.2¢ Sentiment: None Disclosure: Not Held
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