RE:RE:RE:RE:Discussion
RoyMax123 wrote: The fact that the Sept 30th Spud date was part of the initial agreement to own 70% interest by itself would justify an NR and now that they don't have a licence to drill anymore would also justify an NR as to why nothing is happening right now.
Tactical316 wrote: Where in the September 13 NR does it say they are going to have a press release on the 30th?
Come on let's use some common sense here. And to all you naysayers , have any of you worked on a drilling rig? Do think you just drill to the desired deapth and things magically happen. Presto there is the oil flowing to a processing plant?
I do think they should update the market as to the plans or current situation based on the fact we are now into October.
It is correct that the licence was cancelled on September 18 but also of note, the two wells that were licenced both indicated that they were going to be verticals. They would have had to re apply for a licence for the horizontal as they guided in the press release as Well #2 was to be horizontal. It should also be noted that new surveys would likely be needed to submit for horizontal drilling for a number of reasons. I am just speculating that maybe they pivoted to both wells going horizontal while they needed to resurvey?
Also of note is Teine Energy which is licencing wells in the area are also licencing quite a few wells for horizontal.
Maybe this pivot to horizontal is from the successes in the area? All speculation for now, hoping the company can provide clarity soon.
GLTA.