RE: CR6 Sep 2018 17:49
WAa
Its only on the boards that you have heard that not from the company.
We have tangible activity both actual and planned, extra leases, 3D, HRZ activity ( whether 100% successful or not it has to be paid for), permitting and I guess a whole load of legal expenditure relating to the Western Block lease deals which have happened and been recorded, if the company had made no progress I would have concerns.
Too many judge via the HRZ result, that was always going to a risk even if a lot of the stars appeared to be in alignment.
As for the BOD there are actions that can be taken if you believe half the claims some make against them.
If posters (if invested) feel that they have attached themselves to the wrong pony then they have only themselves to blame, no one twisted their arms up their back and made them pay over their hard earned cash, I do not recall ever being told by DW that this was a guaranteed dead cert winner, yes he talked of potential but he also has talk often of risk and the potential for things going wrong as well.
"Questioner:
Thanks, Dave. I have one final question for you then. Last year, when you presented in September, you've mentioned the 50% success. You've changed the well design. You're obviously looking to get a good flow result. Is there any further upgrade on your expectation?
Dave Wall:
No. I know that people want us to say yes but, really, the 50% is based on our calculation of risk and also our estimation of uncertainty which is not actually very hard to estimate. Changing the design doesn't actually change any of that. What it does is increases the potential to maximize the flow rate, but it doesn't tell us whether it is going to flow and whether the fracture is going to remain open and how the rock is going to behave and all those things that we will never understand until we actually drill the well.
Until we get new information, we can't change our assessment of the risk or uncertainty. 50-50 on a few billion barrels, so pretty good in my book. Obviously, if it doesn't come in, we'll still be villains even though we do try to highlight the risk to everyone and make sure people understand. That's one of the reasons why we're to here, to say that if you flip a coin, and this is not a coin flip because this isn't a chance because there's a lot of work that has gone into this. When it boils down to it, it might not work. There's a 50% chance that it's going to be a lot of value destruction here.
Don't worry, the next answer will be more optimistic.
Paul Basinski:
It sounded like a morgue. It didn't sound like much quiet.
Dave Wall:
I could hear the crickets chirping. Yup?"
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