NEN 0.00% 22.0¢ neon capital ltd

update is due on paloma

  1. 2,554 Posts.
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    Hello long suffering shareholders.

    A little history so far.

    30 Nov 2011 Company announces the successful drilling of Paloma Deep Well No 1. The next phase was setting up the well with the well testing equipment, which was not onsite at this date.

    27 trading days later, on the 11 January 2012, Neon announces Hydrocarbons flow from first zones.

    Moving forward in time to present day.

    7 Sept 2012, Ken the Managering Director gives a speech on BRR, on the Paloma Deep Well No 2, and that testing equipment will be onsite end of week to test the Fruitvale zone.

    Exactly 27 trading days later, as of yesterday, we have had no market update on the testing of the fruitvale sandstone zone?

    In my opinion, Neon must have information on how this fruitvale zone has tested so far. Good or bad, the market should be informed. At this moment in time, we are being treated like mushrooms, kept in the dark and fed nothing but SILENCE! ha ha

    I will be at the next Annual General Meeting, to put my views forward and hopefully get the company to be more open to the market on their drilling activities. Many oilers have at least a fortnightly or monthly update. We at Neon....well your guess is as good as the next person. Its now been 6 weeks....of SILENCE!

    Now on another matter of urgency, the Paloma deep well No1 was finished testing of Lower Stevens by early March 2012. It is now the end of October 2012. The problem i have is that the 3 money zones of Western Flank, Middle Stevens and Paloma Sands, testing should be well underway by now. In fact, we should have had results on the Western Flank by now.

    In my opinion, these 3 zones are conventional oil pay and should flow oil/gas un-assisted. What i call the money zones.

    Lower Antelope = 7 months in testing this zone. Early March to Now. Can't wait to here comments on this beauty!

    Making excuses is a weak mans exit. So please, bring on the excuses, because it is quite clear, in fact, crystal clear that the testing of Paloma Deep well No1 is now into the eleventh month.
    In my opinion:-
    1.Western Flank results should have been out along time ago.
    2.Fruitvale results of Paloma Deep 2 should be out by now.

    I put this forward as questions for all to ask and think about, in regards to time taken to test and announce. I hear Oxy has only started drilling at Paloma , and news is that they are getting good results. Is this true? 3 to 4 weeks and they have news? 11 months and we are still in the dark?
    I will let you guys be the judge, because somethink just does not add up for me.

    Comment appreciated.
    Thanks DYOR




 
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