For balanceWhile I'm also happy to see AOS's attempt to reassure shareholders, andperhaps to counter whatever rumours may be behind the plungingshareprice over the past few months, you guys are putting anexcessively positive spin on the update. If that's your game, fine, butin the interests of balance:
Re a water source: AOS says they've identified "A potential water source zone was identified in the basal McMurrayformation. Formation water samples indicated suitable use as sourcewater for the Phase I Project. Although geological mapping indicatessignificant volumes in place, further testing is required"
Re ordering equipment: "When completed in the second quarter of 2011, the FEED study isexpected to facilitate the ordering of equipmentandultimately theconstruction of the project." AOS's February update said the samething: they'll begin ordering equipment on conclusion of the FEEDstudy, which is apparentlystill underway. I expect when they start to order equipment, they'llsay so, as ATH did in their note on Hangingstone in their quarterlyreport released today: "Athabasca now plans to continue engineering andbegin the procurement process for long-lead time equipment." Untilthen, if anyone has any actual evidence that AOS is ordering equipmentor doing anything else that might give reason for optimism, pleaseshare it.
What was interesting in this update was the ERCB's Apr 13 request formore information, which is reported to represent due process and anindication that AOS's application is working its way through approvalsas per normal. And it was disappointing that there was no mention ofprogress in securing financing.
Anyway, here's hoping the updates helps calm the market. But if yesterday was any indication, nothing's changed.