OTCPK:WSRLF - Post by User
Comment by
kaosblueson Mar 20, 2010 7:25am
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Post# 16905921
RE: good & bad- my take
RE: good & bad- my takeI think your take is a little bit presumptuous godfrogger. It it similar in tone to all those who jumped all over one of the original news releases regarding progress on this well by the company in a negative fashion when they indicated they had unexpectedly hit gas and condensates at 2300M. Stop and think about that one again will you. Since when is it "bad news" to hit gas and condensates (essentially light oil) when drilling especially in a zone that you didn't expect to hit anything? And also especially in a region that is extremely light on gas production. Dana Gas is talking about the absolute necessity of finding and recovering mega gas in order to service the needs of the Middle East in general over the next few decades. Me thinks this clearly demonstrates there were (and continue to be) a number of people on this board who clearly didn't and don't want to see initial success with this play. There is very little other reasonably cogent explanation for it.
In the same vein I would point out that with the limited information we have it is irresponsible for anyone to come out and say this latest release of information is "clearly bad" news. With all due respect don't you think you need more information before you can definitely arrive at your conclusion? If you were my doctor I would certainly be seeking a second opinion. A contrary analysis using the same limited facts might be that what we have here is the Company has decided to sidetrack the well because the pressure they encountered at the 4077M level has effected the ability to test past a certain point in the well. Where this pressure comes from one might reasonably conclude is from a giant reservoir way down deep which will take a much bigger rig to properly explore and test.
OK so maybe this anaysis is unrealistically optimistic but I think it has the same validity as your diatribe. The point being is that we simply are going to have to wait for more information. My only hope is that the market is patient enough this time around to fully digest this. Having said all this my gut feeling is that they have found something big and I mean really big, but only time will tell...