2187, the only reason you (and me, and the majority of UK shareholders) are in the money today is because of Texas. PL has still failed, and continues to fail driving our big projects forward. This particuarly applies to Puntland, but the Trinidad deal was announced in July and we've still heard nothing from it, Georgia was supposed to spud by the end of the year and that's clearly not going to happen, and even the Cotton Valley drilling is 3 months over the time schedule. Now that we're on the subject of Texas, we last drilled a well there back in June! Why have we not drilled another? What's the big hold up?
Does anyone remember back to the start of this year, where PL said we'd be getting $20-40m a year from this asset? We've ended up getting about 10% of that in terms of cash flow.
PL says we can be drilling a well every 3 months now. So I take that to mean 4 wells in a year, yes? I remember this time last year when he said the same thing, and we've drilled 2.
Like I say, whenever PL gives you a timeline, multiply it by 2. If he says 4 wells in a year, that means 4 wells in 2 years. When PL says Georgia spudding in February, that means there's not a chance of it spudding until April. When he says he's confident of rig mobilisation for Puntland...well, we all know how long those timelines can get stretched out, some of us are still waiting for drilling 3 years later!
RRS Price at posting:
9.6¢ Sentiment: Hold Disclosure: Held
