Renaissance Oil Corp. RNSFF

RE:RE:Very good result

[Onedaylate]

They are getting about 1,690 boe currently from the Chiapas blocks. 
If all ten of the new wells turned out the same in the Amatitlan block that will gross them 1,800boe. Of which they are only entitled to 25%. So add another 450 to 1690 and you get 2,140boe. So far the news from Amatitlan has not moved the needle. For some context I bought into this stock at $0.33 years ago before they had any boe, before they even had any land. I bought into this company when all they were was a concept.This company was supposed to have a management team that dreams were made of.
This management team was supposed to have extensive Mexican experience and contacts.
They were supposed to deliver extensive formation analytics, drilling completion methods that should increase boe over and above the obsolete and outdated methods Pemex was using. If you listened to their conference call last year, they stated they didn't need any money going forward. 
But none of this has come to pass. This vaunted team has under performed and under delivered. Big time.
They got their first three blocks at auction with a cripplingly high royalty rate. So high that they could never make any money on them. It was more of just a way to endear themselves with the Mexican government.
It has taken years to get any permits to do any drilling. So much for the inside contacts.
They have extremely diluted the company to raise money. Starting just a week after they clearly stated they did not need it. They are well north of 400 million now. So look for a roll back.
They have spent a lot of money on well work overs. For which they got a 5% increase in boe. 5%? They over sold their abilities by a lot.
They have only gotten 180 boe from the new well. The Mexicans were getting that on their own, with out this super team.
They still have not gotten permits for horizontal wells into the upper Jurassic.
So after three years, my original purchase is still high lighted in red.
So going from concept to current day they are a greatly diluted company at a negative SP.
I am very hopeful for the Upper Jurassic play. I will wait until they drill that. If that doesn't move the needle I will get out.
I am long ROE.