RE: Puntland tales of woe8 Mar 2019 10:57
Fair point, but depends when he bought in I suppose. What I put in RMP for Puntland is now back in profit, not massively but after years of it being a write off, positive territory is good. RMP were literally worthless for me as I live in Oz and they were delisted for some time here due to lack of business activity.
Personally I feel very positive about the outcome, although, until they confirm an outcome there remains a possibility of bad news. They seem to be being cautious in a let's not over egg it until we know for certain, rather than let's put a positive spin on what we think is probably a fail.
There's been much said about the RNS that tanked the price. I think they may well have drilled through that interval and seen the cuttings and LWD and thought that this might be the primary target and that was all there was. Hence, they released the news they did, as the seismic could have been out by a 'few' feet. Then they drilled deeper and realised the seismic was, kind of out a tad, in so much as it had not predicted the additional interval of low quality above the primary target.
The next few days should be very telling as if the wireline logging shows its just water then they will know this imminently. Thus, if no bad news by Monday, I would say it safe to conclude that it's oil and the interpretation will determine just how much.