RE: Vulcan Drilling Flat Bay #2Kindly welcome Buckeye....good to hear from you.You've been awfully quiet lately.
You raise a good point.While FB#2 well is a key well, it is just that:One well in a multi-well program that should continue well into 2005 and test several of the most prospective seismic structires on this huge acreage.Also,Vulcan now has the cash to drill through Flat Bay like Swiss Cheese.
It is my view that recent selling can be attributed to the assumption that the current well hasn't proved up because many investors were expecting news in the past several days.We now know that drilling is moving forward,albeit at a slower pace than expected, but that the well hasn't reached target depth just yet.
It is my expectation that we should know something of substance on this well in the next 3-7 days.The fact that Rose Drilling is using a single drilling crew and drilling only during daylight hours clearly explains why we are not yet at target depth.
Keep your fingers crossed:Nothing has changed, except that we are closer than we ever were to the finish line.
Keep the faith!!!
Len