Is the glass 1/2 empty?Well... If I have learned anything it's that Pessimists shouldn't invest in start up O&G exploration companies...LOL
It should be apparent to the recent naysayers that rather than the executive simply squandering their bankroll management used a considerable amount of cash to collect a large amount of Seismic data... and it also appears that they are steps ahead of anyone's prognostications in expanding their resource potential by announcing ongoing discussions to expand beyond the "asphalt" they are currently licensed to produce.
It is NOT unusual that a rig was not available... a drill crew is one thing... a rig and pipe to do the work is another... committing to a 3 well program... while NOT a major challenge... is more about the logistics than the actual equipement... there's no telling what kind of insurance coverage a company might have needed in place to drag a rig through the desert in a (formerly?) war torn country... as for constructing roads and wellsites in advance??? perhaps ONE should remember that IRAQ is a sandy windswept country... what good would it do to establish earthwork when the potential for it to be simply blown away and coverd in sand is all but certain?
In any case I am encouraged that I will meet my short term sell target in the not too distant future... and that SNV will meet MY expectation of meaningful production within the next 3 years... and IF I am specualting... I would see how much money Bankers has on hand... I wonder what a JV with SNV would do for BNK's bottom line?
GLTA
as always it's MY opinion git yer own