OTCPK:WSRLF - Post by User
Post by
uLYSESSon Mar 24, 2009 10:50pm
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Post# 15867980
well #1
well #1I would agree with the poster who stated that they have to keep on the timeline of 3 wells drilled by 12/31/10, or they lose their rights to the block;
Remember, this is a long term project, and oil that has been in place for millions of years is not going anywhere in the next few years ...
still-this was a f-up anyway you slice it-especially when you sit back and realize they spend 10 months and 46 million dollars and accomplished nothing material but oil shows and a learning experience to date!
(vulture-i am not sure this well is non-commercial per se, just unstable and perhaps not capable of current testing or near term production-if ever? .... it has been announced as suspended based on the oil shows-abandoned would have signaled a definative dry hole)
(we may get a suprise here-someday in the future-but I gather that even the analysts have nothing to add at the moment about the future of well #1-
shack had nothing to say about WZR to Pescod today either!)
nothing stops them from redrilling #`1 in the future, or from drilling their targets to the west of #1 or having talisman bring in a rig and crew ...etc.
who knows?
All I know is MGMT has a lot of their own coin in this ($10 million at the IPO at $2.25 and $2.50)-and recent insiders are still buying-so let's hope for better luck and results in the future!
anyone going to the AGM?
Perhaps they will have a tidbit for us then ...