Can't be absolutely sure on this point but I would hazard a guess that there are certain steps that have to be followed that certainly will take time if they are approaching things methodically.
Yes, ok, the SJJV/(NEO) has options on a lot of acreage - about 260,000 acres. Some of which (124,000 acres)SJJV/(NEO) has moved into the category of direct leaseholds.
On that land the SJJV has identified or firmed up about 20 prospects. Further work on those prospects has got them to the stage of identifying the 3 most promising prospects.
Now having firmed those up then application would be made to obtain drill permits. Obviously they would not get drill permits for all 20 originally considered because of the work needed to seek a permit and the expense. So they had to work through the exercise of narrowing down their prospects to the 3 best options at this stage and then apply for the drilling permits on those leases.
Then the permitting process is slow and can take 6 to 12 months. So , frustrating as it may be, shareholders just have to wait for the process to be worked through. Hopefully all the careful analysis of the information has allowed them to define 3 really worthwhile prospects so that the waiting will be rewarded with positive results.
So those who claim that NEO should be charging in and drilling as quickly as possible are simply showing that they do not really understand the nature of the oil regime requirements.
NEO Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
