GREY:ENGFF - Post by User
Comment by
steadfaston Jul 21, 2010 10:29am
327 Views
Post# 17284548
RE: Quick Question(s)
RE: Quick Question(s)Saturn:
I just want to set the record straight as your post indicates some confusion and I suspect other
investors may be confused.
ENG has always owned 10% of 1711 - that has never changed. On Aug 6, 2008 Jeff advised via a NR
that ENG elected not to participate in the testing of the well at one particular level, however if the well
tested commercial ENG could re-instate paying their share + an additional identical amount. While, it hurt we
investors that particular day and has since - I do believe there will come a day when we realize Jeff made the
correct decision. It still could become commercial, when that day happens and it is announced, the
sp will fly and Jeff will easily find $3.2M to pay the reinstated costs. If in fact Kunene #1 does not become
commercial and they have to drill an adjacent well to reach the Oil, then Jeff still made the right decision.
Hope this clarifies it for you.