why i'm out

They're drilling for oil. I think they'll find it.
However, the last Moyes report states that previous wells had low permeabilty/porosity.
Is there really much money to be made on this well? I don't get the impression from Moyes that there is... and if so, what was the 9 month wait for?
I therefore believe that it will be 12-18 months
before any Chernetska gas is tapped, if it exists in the first trap they try.
I also think that Sorochynska 2 will take another 9 months. I may buy a dip and sell during the month before completion.


Gas wells - and lots of them, is where the big money is. I haven't heard a credible plan how these Chernetska gas wells will come about. It may sound obvious (you just hire a rig and drill a target, then build a pipeline), but boy have management fluffed around over the last 6 months. Execution is really not their strong point.
Moreover, I have no idea if they'll test for a gas trap this time around ... so it's still a hopeful stock for another 1.5 years?

Deadlines. In the couple of years I've been following/owning HOG, everything has taken roughly 1.5-2 times longer than it should have. Again, read the original timeline in the Moyes report. Moyes are the independent experts here - if they say that a certain schedule is feasible, then I believe their word over management's. We have arrived at this point 2 years late.

Got out last week.