RE: This is risky12 Jul 2021 11:01
BP, I think HE1 has done the job, duly and timely, of informing their shareholders regarding the drill bit. If you check with other exploration companies where the drill bit had broken you will see that they do that a while after it happens. I have never seen that happening on the day or immediately after. The time that elapses after the bit breaks allows the exploration companies to assess the situation and see if they can retrieve the obstruction and save drilling time. To access all this information and then write something to the market takes time. As Dai said, just think what it would have done to the share price if they just say:
..the drill bit has broken and the well is obstructed. We need to assess the situation and eventually take the obstruction from the well; it may take some time. For the time being the drilling has stopped. We look forward to update the market..
Now, that would have been catastrophic for us. However, we now know that the well has been sidetracked and we are cracking with the drill and are over 500m by now and have a gas show!! What else do we want? :0)
ST