Interesting....I don't get much opportunity anymore to follow this board, but when I can I am always amazed at the CRAP and SPECULATION and BASHING and PUMPING that I see. Where to start?? Let's see, a local NFLD company has a belief in finding a major oil field in western NFLD. They obtain rights to Port au Port (Garden Hill South) based on an old Hunt Oil well and subsequest test that indicated oil production is possible. Futher testing led to PAP #2, and testing confirmed oil is present. How much, who conclusively knows. Financial difficulties hit,andthe company seeks protection. Company carries forward and gets partners (at a cost) to futher investigate potential. PAP #2 is re-entered and tested, and experiences unkonwn or poorly described downhole problems. Test ends butoil was produced. Company shifts focus to Shoal Point, while original partner maintains focus on Grden Hill, paying company ?? million dollars to get a bigger share of Garden Hill. Company strikes dealwith another company to drill Shoal Point, an area that originally had a D&A well that was drilled with minimal up front info. New data (seismic) collected after drilling original SP well indicates missed target on original well. Financing for new well obtained, rig secured and moved across country and spuds new well. Drilling commences, and before they hit secondary (shallower) target encounters gas shows in shale (possible source rock?) stockhouse Board lights up with "hit Oil", or "Major gas Find". 2 NR's released that don't give a lot of info, pumpers and bashers alike have a hayday. Drilling continue, pumpers and bashers continue with NO information. Suddenly, the lease goes quiet - "DRILL BIT IS STUCK" hits the board, and all the posters once again go at each other.
Lets put this in perspective. is there oil off western Newfoundland? In my opinion - maybe. It has been demonstrated at PAP # 1 and #2. Is it commercial? In my opinion, that has not been proven. However, it is interesting that other companies have paid $$$ to obtain a bigger share of PAP - maybe they know something we don't. Does the primary target at Shoal Point have oil? Its too early to tell because THE MAIN TARGET HAS NOT BEEN ENTERED YET. Are the gas shows in the Green Point shales significant at this point in time? NO, BECAUSE THEY HAVE NOT BEEN TESTED. Shales can be a source rock for hydrocarbons that can migrate over millions of years to a trap mechanism. Is the target zone that CQV et al are going after the trap? WHO KNOWS AT THIS TIME - THIS IS EXPLORATION. You use the best science and EDUCATED GUESSES and then put up the $$$ to drill to find out if you where right. If you missed, re-look the info and your assumptions and either pack up your bags or try again.
I get a kick out of seeing posts stating this whole play is a pump and dump or a sure thing. If it is either, it must be the longest running P&D or sure thing in history. Science and the drill bit will prove this out one way or another. Those who believe in the play or believe in others who believe in the play will buy a few shares in the hopes of making a buck or two. Heck, they may even buy into "pumping" a bit because of enthusiasm. Those who don't beleive in it may "bash" in the hopes they can make a buck or two through shorting,etc. i could be totally wrong, the pumpers may not believe and want to get the share price higher so they can sell at a profit, while the bashers may have been long ago over-enthusiastic believers who lost out on previous opportunities and hold a grudge. Jeez, the posts on this board make it difficult ot figure out what is actually going on.
I also get a kick out of how some posters think if they buy a share or two of CQV, the money goes straight to management or the BOD. If you buy a share on the open market,the money goes directly to the previous owner. The only way the management wins is if the SHARE PRICE GOES UP AND THEY SELL SOME OF THEIR SHARES. this is called insider trading and they have to report their trades.
My point in this overly long post is leave the crap, speculation, pumping, bashing and otherwise diarreha off the board. This board has the potential to be used as an educational tool for the uninformed, not so informed and overly informed posters. I for one liked to respond to questions relating to the oil and gas industry from posters who did not know what drill pipe, or a DST, or GOR, or WOR, or MD, or TD, or ROP, or casing, or logging, or mud gas, oranyother of the thousands of terms we use in the industry mean. I also like to see meaningfull responses to my queries regarding rate of returns, EBITDA, share value, net worth, or any of a thousand terms relating to finances and investment. Its too bad this will never take place here again.
Okay, the wine glass is empty and needs a refill. Go back to the useless bantering and be sure to either put me on ignore ( and tell everyone about it) , bash this post by calling me a pumper, or pump this post by calling me a basher.
Good Night, and have a great weekend.