Post by
2percenthelium on Oct 04, 2022 11:02am
Well #3.
Unfortunately I cannot find the court case refernced in yesterdays new release...it was apparently seen as not being significant, a distraction from putting the plant together...I went back quite a ways, December 14, 2020 news release references well #3. Even back further, I think RR references that this was close to where he became aware of He while he was drilling for nat gas 20 some years ago...to date there has been no public disclosure of He quality or quantity but they set production casing and the news release said the pipe was triple walled to prevent any damage to the water table in the area. It would seem a lot of money has been spent on this well if it were a dud. If it was, cap it, move on. Why counter sue? More money spent on attorneys and likely bad press. So there must be something there that is significant. Rare Earth gasses? HE3?(we will never know)...
Something to chew on while we wait for the paint to dry. If someone wants to complain about something, how about the lame canadian mining exchange? Coremark? Short sellers, etc.
The fact remains, DME is 8/8 on He wells drilled, not speculated on. Industry average for wildcatters is about 70%, so give RR a little credit, he must have some kind of software program that is pretty stellar. I sort of figure the people selling at these levels are the ones that found He for their kids party balloons and could not find it for the previous 6 months.
Comment by
Buyhigheatchips on Oct 04, 2022 3:47pm
The countersuit is for damages incurred from the injunction that Flaggstaff brought on. Our lawyers must've advised that the strong win against the city made suing for damages an appropriate next move. I support it.
Comment by
dustylse on Oct 04, 2022 4:22pm
Do you know how they will quantify/assign a dollar amount for damages? Since DME had no revenue from sales at the time.
Comment by
Buyhigheatchips on Oct 04, 2022 5:00pm
Good question. I don't know. Based on the hit to the market cap? Legal costs? And/or maybe there's some precedent based on the party's ability to pay?
Comment by
Buyhigheatchips on Oct 04, 2022 5:12pm
Maybe the most likely outcome is the lawyers sit down and work out a settlement of both outstanding cases (this one and the breach of contract re: seismic data). More importantly let's get this plant going. I could've sat out the last two years and made the same amount of money