Email reply from Tom Kelly24 May 2018 17:02
In response to my email regarding Dempsey and updates on other projects;
Hi Xxxx,
Global wildcat well success rates traditionally run at around 1 in 10 to 1 in 12. This reality means that most wildcat exploration wells have at least a 90% chance of being dry - ie 90% chance of failure. Dempsey is not dry and is going into production to produce valuable cash flow.
So, to answer your question bluntly - firstly, the BOD do not consider the results from Dempsey to be underwhelming. Secondly, we would not release an update on a project as a reaction to another project's results in any case.
However, we are not sitting by and watching the grass grow. We are mindful that shareholders fortunes and confidence waxes and wanes by the minute with volatility in share prices. Updates on projects will be forthcoming in due course appropriately as significant progress and news unfolds.
Kind regards
Tom