RE: Nervous Cant help but question management, since what they have stated publicly and to shareholders does not match what is actually happening. So far they have failed to deliver, I dont think anyone could argue that.
Since there are 50 million warrants at 40 cents, I would imagine they are really gunning to get those warrants excercised. In fact, it could be vital to the company's survival. They failed to cross the 40 mark so far and viola, we get an unexpected delay in updating the reserves...
I read their old news releases, they expected to have the resource update inclusive of TSB redrill by January no problem. The delay is one thing but the fact that they discluded TSB from the annual filing is very disturbing to me given what they had already stated and the fact that it was completed early December 2011.
I guess time will tell but I am cutting my position in half in the meantime as I have seen these games one too many times. Its show me time and the burden is with management to prove themselves, so far we have nothing but more uncertainty in a very ugly market.
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Indeed a dissapointment, and given that the work was done in December, one can't help but wonder if Cavanah thinks we are all a bunch of uneducated Investor that will swallow hook and sinker his sorry excuse as to why it was not included.
Because Mira's recent re-entry and production testing of the Tom Shot Bank #1 Well ("TSB #1 Well") offshore Eastern Nigeria were concluded in December, 2011, the results of the Tom Shot Bank exploration program are not included in Mira's 51-101F1 filed for the year ended December 31, 2011.
Hellooooooooooo...given that it was performed in 2011 it should be included, don't give us this bull cra p and come out straight and tell us that you sadly picked the wrong outfit to do the analysis in a proper time frame and that RPS is still struggling to deliver the numbers.....
Granted it is, hopefully, just a delay , but by the same token I don't like being lied to, or presented with an hogwash excuse - it raises alarm bells.