ResultOMG.
Next wednesday we will enter in the 10th week they spud Baldwin2 and they have not reach yet TD. This is becoming even worse than the worst nightmare. Soon it will take 4 times more time to drill Baldwin2 than the 3 weeks they forecasted before. They are facing massive mechanical problem. Cost are completely exploding. So we have 2 consequences :
1) We will not have first testing result before christmas.
2) It decrease massively the chance of success of the shale. Before analyst expected 5% chance we can make flow it economicaly. But now with drilling cost exploding that way the chance of success decrease considerably.
No wonder why the share price is collapsing since 2 months. From $4.2 to $2.3 (decrease 45%).
I bet on $1.5 in 3 to 4 weeks.
This look now very ugly here. Not too late too sale because the chance of success are becoming ridiculous.