David Pescod Today
INTL. FRONTIER RES. (V-IFR) $1.28 -0.07
OILEXCO INC. (T-OIL) $8.46 -0.09
CRUDE OIL (May Contract) $64.38 -0.26
Well we may have suggested this Laurel Valley play
would be our nominee for one of the high risk/high reward
“Plays of the Year” because the target is so big. It is certainly
not playing out the way we had expected with the
stocks of all the affiliated players actually weakening before
results, it’s obviously the world we are in…
When we caught up with Clive Stockdale today for his
comments on the play so far, he suggests the bottom line
is that sometime as early as next week, he is going to “have
to be awfully humble, or awfully arrogant.” The bottom line
he suggests is that “they are running a very high powered
rig in the North Sea and there is some subtle differences
between the way they do things with the rig in the North
Sea and what we are used to in Alberta or on most onshore
plays.”
This rig is driving ahead full bore, way ahead of schedule
and it’s not going to stop when they hit the different
zones. It will simply drill ahead, full bore, considering
these high priced day rates and then when they hit the
depth, they will take a look at the logs and decide what to
do next.
As far as all the rumors out about the place so far,
Stockdale suggests, “there couldn’t be any knowledge of
significance about this play until early next week,” but obviously
the market has all sorts of rumors about the play at
this point.