RE:RE:Hope Q2 Better Results I am not surprised about $23mm debt - building Elmworth infrastructure plus drilling and completing 3 wells (including 1 Waskahigan well) doesn't come for free. I think the current share price weakness is due to old memories brought back by looking at Q1/17 vs Q1/16 table. Such a miserable performance is hard to duplicate and forget.
Nothing new however as far as existing shareholders. We knew it all and talked about it enough. It's all priced in by the market and we now hope for better performance under new management.
Ii have a question about well 8-25, in case if I missed it somewhere. In it's latest report the company mentioned only 2 wells to be brought to production by early June or when the oil battery is ready:
"At Elmworth, two (2.0 net) successfully drilled and completed Middle Montney horizontal wells are 'behind pipe' awaiting the start-up of the Company's Elmworth oil battery facility, which is anticipated for early-June and is expected to significantly boost corporate production levels."
These are probably wells 3-22 (drilled a year ago) and the recent 4-18 drilled from the same pad where the battery is. So what about 8-25?
As I understand, a local mid-stream company is building pipes to take care of gathering RMPs Elmworth production and processing it at it's nearby gas plant. It looks like a pipe connecting 8-25 oil to the battery will not be ready by June???
In any event, I don't think we need to wait for Q2 report. The company said 'Early June' so I hope they will give us a nice update in June, not in August when Q2s are reported.