RE:Re WcpHi Taal,
Yes, when it comes to drilling, there is little management can do to speed up either drilling, casing, cemetning, or even collection of samples. I am therefore more sympathetic to any challenges the drilling team might be encountering and I think people do need to have realistic expectations. Drilling wells in established basins are hard enough (many companies in fact have elaborate tracking programs to detail ways to become more efficient/avoid drilling suprises). In a wildcat location (albeit with wells many miles away), wells always take longer. Hell, I guarantee they probably drilled slower (2-5 meters/hour) just so they could collect chip cutting samples for biostratigraphic confirmation of horizons over the past month. No way in hell that ever happens in a established basin.
With that, the fact management put out a statement saying 'mid December' for completion (and hence likely news release) is just plain stupid. Its painfully clear no one in management has any clue regarding drilling timelines, costs, or risk management. Mr. Jagdeo must just shake his head in disbelief at the actions of this management team, especially when cosidering he has a world class operator in Exxon and numerous other IOC/NOC companies knocking on his door to do business. Heck, many long time government officials who do hold CGX shares (according to many) must be wondering what the hell at this point also.
End of day, if they are truly still drilling, any financial cushion CGX might have had from the recent loan is being flushed away very quickly. Who knows, maybe that is why we sit at .91 cents... Frontera might have to loan CGX another $10MM USD to finish the drilling of Kawa-1 and they sure as hell do not want to fork over this cash at the "premium" they paid a couple months ago.