wet gas encountered at depth in lower section!

There you go !

Guys, they have wet-gas in Gibb Maitland-1!
Don't you understand what that means?

I know a lot of people might not dare about it anymore because stock price has got so much damage because of the incompetent and sneaky actions.

Look at this now; the NSE management is now confessing that they have encountered wet gas (signature and indications!) when the drill pipe got stuck at/before 2900m.

These are on today's Euroz Conference Presentation;

"Elevated background gas encountered at depth (including wet gas signature) when drill bit stuck during trip change" (Page 10)

"Well temporarily suspended with indications of wet gas in lower section"

I was nearly sure from the information (mainly my research) about the increasing minor background gas starting level at around 2500-2600m and the stock price movements on Feb.10 and 11 that they have intersected the wet-gas but they were not releasing this to market IMO. I made graphics and charts about that idea and posted here and management. That's why I put so much pressure on the management by my emails.

Now the management released this information as if it is something not important. They seem to me that they are downplaying the wet-gas signature/indication IMO.

This was what I was asking on my email which I sent on Feb.18., to NSE's MD Sam Willis which he didn't dare to answer

It was my question no. 4
"4 - NSE informed us that there were minor background gas readings before 2700m on their anns. on Jan. 16th. Then you drilled down to 2900m and released two anns. (Jan.23 and Jan.29) after drill pipe incident happened, But you didn't mention about the background gas between 2700m and 2900m! Did we have any background gas in that part (200m)? If we had, what was the amount and composition of latest gas measurements for C1 to C5!"

We all know that even they haven't reached to Goldwyer Formation at 2900m level according to the data they gave us. The Goldwyer was expected to be intersected at around 3100m. Bongabinni and Nita formations (each about 100-150m) should have been intersected before Goldwyer. I was asking if we were drilling on top of an anticline! My Question no. 3 was asking that;

"3 - Is there an anticline or any other type of structure which is expected to be conventional reservoir target just above the primary target Goldwyer shale formation!"

Wet Gas signature/indication means a lot for this project

It is extremely important to encounter wet-gas (which is levels C1 up to C5). Everyone knows that. This information now gives a very big chance to the Goldwyer Project.

Now I can understand why PetroChina has got its share in this project.

Why didn't management release this information so far?

That was the big question for me before.

Phillip_k said "A bit sneaky. I won't say anymore!"

No more comment from me either!

Encountering wet-gas signature or indications is very important. It should be released to the market as soon as possible, but not on a presentation like this one, after nearly one month later they stopped drilling and flick the rig, and after the stock price got so much damage.

A lot of people got sold out their shares after the drill pipe stuck! They might not sold their shares if they know the wet-gas signature/indication were intersected.

If they are not doing this intentionally then they are incompetent of managing this company IMO.

I said this before on my another post;

I am also sure that they are well aware of Guidance Note 8 "Continuous Disclosure" Listing Rules 3.1 of ASX which says;

"Timely disclosure must be made of information which may affect security values or influence investment decisions, and information in which security holders, investors and ASX have a legitimate interest"
...
3.1 "Once an entity is or becomes aware of any information concerning it that a reasonable person would expect to have material effect on the price or value the entity's securities, the entity must immediately tell ASX that information"

Now I will make necessary complains to ASX about this issue. This is a breach of ASX's "Continuous Disclosure" Listing Rules.

I have invested my retirement and my family savings on this stock and I will do my best to protect it.