05-20-2014, 06:07 AM
(This post was last modified: 05-20-2014, 06:08 AM by johnwgrant.)
Another quote from the latest Conference Call (per SA transcript): "Progress is good at Wahoo and Raptor."
For Hession to say this, I would infer that they are PAST the Orubadi shale for the Wahoo well. Why? Because, if they were still working on getting through the shale, then progress would NOT BE GOOD at Wahoo. Since this was a "60 day well", how could he say that progress was good at Wahoo if they were still trying to drill past the Orubadi shale?
So, my conclusion is: they were at Total Depth (or close to it) at the time of the conference call BUT did not have sufficient test results to give us any update. If this turns out to be the case, then my hat is off to Hession since I know it would have been very tempting to give partial or incomplete results - which would invite great volatility in the share price and potential lawsuits if the preliminary results were not borne out by further testing. That's my story and I'm sticking to it !!! -- at least until I come up with a better story
For Hession to say this, I would infer that they are PAST the Orubadi shale for the Wahoo well. Why? Because, if they were still working on getting through the shale, then progress would NOT BE GOOD at Wahoo. Since this was a "60 day well", how could he say that progress was good at Wahoo if they were still trying to drill past the Orubadi shale?
So, my conclusion is: they were at Total Depth (or close to it) at the time of the conference call BUT did not have sufficient test results to give us any update. If this turns out to be the case, then my hat is off to Hession since I know it would have been very tempting to give partial or incomplete results - which would invite great volatility in the share price and potential lawsuits if the preliminary results were not borne out by further testing. That's my story and I'm sticking to it !!! -- at least until I come up with a better story