RE: SMART THING TO DOCouldn't agree with you more.In the short term, the market isn't going to like it.However, Mr. Laracy has got to look at the overall picture in both long term and short term, and spend the company's money in a prudent and calculated manner.
Better to have the technical and geophysical experts complete a thorough analysis of the info gleaned from this well before spending any further money.There is a large oil formation here,(over 100 meters) and, most likely there is better reservoir rock awaiting penetration with future wells.
In addition, the other wells in the planning stages i.e. Storm(10 square km.prospect) and Hurricane(100 square km.prospect) ,represent different seismic targets and will see the drill bit next time around.
When exploring a brand new basin, it is to be expected that there will be hits and misses....that's the nature of wildcatting.
There will be better times ahead for shareholders who believe in the hydrocarbon potential of Western Newfoundland.
Len