Maybe....24 Jul 2018 09:22
The delay can be for many reasons and unfortunately the RNS is not specific as to why, so lots of theories. Ultimately, the drill is still scheduled and scheduled for this year. So some theories....
They've looked at the 3D seismic report, like what they are seeing and need more time to plan exactly where is the optimum place to drill again?
Maybe the best, as Judgemental states, Equinor want to drill 'prospective' wells first to protect their own SP as Verbier is a great find and could help them with any dusters they discover for other oily's?
Maybe an II wanted the drop today and a massive order filled?
Maybe the 3D seismic report has thrown up a confusion and and they need more time to study?
There are so many possible maybe situations that it isn't worth worrying about. If you believe the drill will happen, which is clearly on the books for this year, according to the RNS just delivered, and you believe that all the current analysis is correct, 25m barrels at the well head, hopefully more in the immediate vicinity, and lastly, you believe that a SP of between £5 and £10 is achievable on the results of the appraisal well and the 3D seismic results, then sit tight.
As for the SP drop.....the market 'appears' to throw it's dummy out in order to get your shares.....we all know it will be oversold into the drop and we all know that at some point it will climb again. That's share dealing folks.
By the way, I like a combination of my first three theories.....