RE: re Dave5 May 2019 11:31
Class, 4 years of building the underlying value in our company. Thank you Dave.
4 years of moving us from a single unconventional prospect, to multiple company making prospects
4 years of increasing our acreage from 85,909 acres to 371,000 acres
4 years of getting us into an enviable position on one of the most prolific, yet under explored, oil regions in the world whilst interest was further North and is now moving near us
4 years of taking us from zero conventional prospects to 2200MMBO of conventional prospects
4 years of taking us from 431MMBO unconventional prospects to 800 - 2,000MMBO (on 73% acreage)
4 years of getting us to a point where we are able to attract multiple "tier 1" companies to bid on farming in to our acreage
4 years of executing 3 drills on time and to budget with 1 being an "out and out" failure.
Dave can control decision making and execution. He cannot control geology, physics nor the level of understanding/psychology of the market place. On the first I believe he is exemplary. On the latter, the market will catch-up once the level of risk is reduced or there is a more obvious value catalyst.
The thing with Jam is: you need to plant the fruit, grow the fruit, pick the fruit, cook the fruit and then put it in a jar. So given where we have been for the past few years (planting, growing, picking and cooking) of course it's jam tomorrow. But unlike Alice, we will get our jam.
FYI Oil exploration success rates are approx. 36% according to Dr Andrew Latham, Vice President, Exploration Research, at global natural resources consultancy Wood Mackenzie. Worth remembering that for every successful exploration well 2 duds have been drilled. Exploration is high risk.
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