Ashanti Gold Corp. GULSF

RE: Will we ever hit?

[snafur]

Hopefully money was saved by the early abandonment. No money was saved. See my previous post. Did we back out of the Scolty doscovery by Lundin, or were we ever in that one? The option to join that project was droped end of 2006, I think. The Galaxy II drilled that successful discovery a few weeks ago. It was one of the original Palace Exploration licenses that Lundin aquired from Palace early 2007 as I recall. Originally Oilexco and Gulf (and I think IFR) had an option deal on that one, but I guess that Oilexco didn't want to drill it and so it was sold to Lundin as part of a bigger deal. To the positive side: If you take a look at the financials that were just published, the company has paid all future projects (Maria and Quad 30) and still has enough cash to get into at least one more project. Im am out at the moment (happy to sell in Frankfurt before open in Toronto), but will be back in if Petro Canada is able to mobilize the Arctic III before it goes to maintenance in March. That means, I will continue ship spotting in Scotland. Because if the rig won't be mobilized soon, then Maria will be postponed to Q3/4. Long time for an (then) inactive and ineffective explorer like GUL, SP will probably suffer during that time if they don't come up with an interesting new short-term play. Especially as the planned Maria well targets only 10 million barrels gross. 1 million barrels to GUL, but (sorry to the shareholders) that could be a pop from $0,10 to $0,20 again in the next months.