RE: I’ve given up28 Apr 2019 10:24
Some of you are giving up on any hope of a fair and clean LE. I gave up many moons ago. I spent an hour or so of my precious time, listening to the Balls Brothers event yesterday afternoon. I was impressed the first time around, but on listening to it again, it made me cringe even more. You have an exploration guy (BM), who basically has no idea on which way this is going, coupled with the fact that they are using coiling which initially was unavailable anywhere in the world. JP claimed that unstimulated results would be realised by mid April (using his timeline from the event) and then we had the subsequent delay of the coiling and now radio silence. So either they know the unstimulated results already or there have been issues with the coiling - which imo has never been trialed. Think about it - if BM said that this supposed coiling was unavailable in the world, does that imply that the coiling that was used or about to be used is bespoke and therefore, nobody or no team has had any prior experience using it...? I personally will be amazed if they are issue free as a result of this. Maybe they are reverting to other methods or waiting on other bespoke parts...who knows? What I do know, is that their wages are still being paid and higher wages than ever at that. When one investor asked JJ if they were going to drill TE-11 the response was that it costs 4 million to drill and that it will cost 'you' 4 million if we drill it. You meaning you the investors, not us as a company - almost putting the onus on you guys, which I thought a little disrespectful imo. JP as tight lipped about anything when probed and clearly will not be rushed, regardless of your frustrations. To me, it all appears a bit of a finger in the air, 50/50 scenario at the moment. On one hand they claim they have discovered something, but need to ascertain it's commerciality and on the other hand, it doesn't make a huge amount of difference to them, because either way, TE-5 is worth something and they are still receiving their higher wages. JP claims he will get there in the end and a part of me trusts him and believes in what he says, but his promise is based on the outcome of TE-10 and the gsa agreement. Without either of these, it is goodnight LA imo. Of course, there is always the get out phrase one can use - it is exploration and a risky business...........
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