Drilling encountering problemsDrilling taking more time than first though they cope with some problems. They havent finished to drill baldwin2 yet. So drilling will take around 3 times more time than first though. So cost to drill are exploding.... and so reduce the chance to be economic.
They will put press release when they finish Baldwin2 and move to the second well.
Dont expect any testing result before end of november.
This all they told me when I called the company. I just wanted to share it with you.
To sum up.Not very good news and I am afraid the breakeven will not be 800bpd but more around 1'800bpd if they cant reduce those drilling problems. Very bad news I am afraid.
So the best strategy is to wait for testing result before buying the share. If we have IP more than 1'800bpd u can back up the truck. If it is lower than 1'800bpd it is not economic and the stock will go to 0 quickly so u should not buy the stock. In waiting for testing result before buying you avoid the possibility to loose all ur money
This is a very very high risk stock.
Best
Julien