My thoughts about why they have spent a bunch of money doing exploration instead of drilling.
I think they are preparing the land and facilities to welcome a bigger player to do a joint venture on the Worsley property. That would make sense to me. Otherwise why would they do that I wonder.
They have a water disposal well , a well ready for completion , they should have the data on the exploration by now with multiple oil and gas prospects which is the reason why I believe it's happening in order to attract a bigger player with existing oil and gas contracts or to sell the Worseley property altogether.
That would take away some of the risks associated with acquiring unexplored lands that are not producing anything. Risk management is a big deal when it comes to public companies.
Given the fact that they're not producing much oil , the revenues are smaller than last year and it would be difficult for HELI to drill it all by themselves , so they need a partner to accomplish that or put it up for sale.
I understand that the company haven't been releasing much news in the last year but I'm pretty sure Ed and the insiders would rather see their shares going up than stalling near all time low , same as us.
Anyway , time will tell , and as far as I know , they still have no debts , producing oil , generating revenues and a greater value of assets than the current market cap of the company.
Good luck to all.