More drilling duds
Earnings wasnt nothing unexpected. Dividend falls IMO in the too little too soon category for me.
Glad I sold nearer 4 (US bucks)
Will keep watching but...
Subsequent to the quarter, the Company drilled the first of two planned exploration wells in the south western portion of South Ghazalat Concession (“SGZ”). SGZ 1X was drilled to a total depth of 3,068 feet with no hydrocarbon shows and abandoned for a total cost of ~$0.7 million. Based on the SGZ 1X results, the planned SGZ 2X well was cancelled in favour of an alternate exploration prospect (SGZ 6X) located on the eastern portion of the concession offsetting the Raml oil field in the Abu Gharadig basin. The SGZ 6X prospect is targeting stacked Cretaceous targets similar to the Raml and SW Raml fields. It is expected that SGZ 6X will be drilled in October following mine clearance and lease construction.