11-20-2014, 12:24 AM
MH responses to questions on material items from the CC:
"Well, first of all, Evan, if we have something material to disclose, we will disclose it."
"What we want to do is as we go through, we work through, when we have something material or we have some real understanding of size of what we’ve got, we will disclose it to the market at the appropriate time."
"Chris, we generally got practice to start and talking about test, when you are testing. So what we prefer to do is, let this testing program run its natural course and then, I
would say, as we got material information, we will disclose it appropriately."
So from these statements there must NOT be anything material they are holding back. So since they have released Q3 earnings and there is nothing material that's not been disclosed, the buying window is open.
Another thing to keep track of is what may happen at Wahoo. In the conference call Laurie says:
"Now let’s turn to Wahoo-1 on slide 18. As you will recall, we suspended Wahoo-1 in July, following significant safety concerns over high pressures in the well as well as
gas influx. We continue a detailed review so we may return certainly and as quickly as possible to reach reservoir target. All options are on the table, including
appropriate well engineering to handle these high pressures. We are reviewing the complete well design, including mud weights and mud types."
In the MD&A it states:
"• PPL 474 - Wahoo drilling program
- Wahoo-1 exploration well is about 170 kilometers southeast of our Elk and Antelope gas fields.
- On July 14, 2014, we announced that we had suspended drilling the Wahoo-1 well in PPL 474 after
intersecting gas and higher-than expected pressures that could compromise rig safety. Significant
concentrations of methane, ethane, propane and butane were recorded, believed to be entering the
well bore from permeable zones above the predicted reservoir zone, which was yet to be
penetrated. Further drilling is required to confirm the presence of a reservoir below the current total
depth of the well before Wahoo can be considered a discovery. The State Department of Petroleum
and Energy approved this suspension to enable us to re-evaluate the drilling plan.
- We intend to resume operations following a detailed review of well engineering, equipment, options,
and following regulatory approval of our revised plans. Our current expectation is for the re-drill of
the Wahoo prospect to commence in 2015."
We need to be prepared for the possibility that the rig at Wahoo will be moved to a new location to start from scratch.
"Well, first of all, Evan, if we have something material to disclose, we will disclose it."
"What we want to do is as we go through, we work through, when we have something material or we have some real understanding of size of what we’ve got, we will disclose it to the market at the appropriate time."
"Chris, we generally got practice to start and talking about test, when you are testing. So what we prefer to do is, let this testing program run its natural course and then, I
would say, as we got material information, we will disclose it appropriately."
So from these statements there must NOT be anything material they are holding back. So since they have released Q3 earnings and there is nothing material that's not been disclosed, the buying window is open.
Another thing to keep track of is what may happen at Wahoo. In the conference call Laurie says:
"Now let’s turn to Wahoo-1 on slide 18. As you will recall, we suspended Wahoo-1 in July, following significant safety concerns over high pressures in the well as well as
gas influx. We continue a detailed review so we may return certainly and as quickly as possible to reach reservoir target. All options are on the table, including
appropriate well engineering to handle these high pressures. We are reviewing the complete well design, including mud weights and mud types."
In the MD&A it states:
"• PPL 474 - Wahoo drilling program
- Wahoo-1 exploration well is about 170 kilometers southeast of our Elk and Antelope gas fields.
- On July 14, 2014, we announced that we had suspended drilling the Wahoo-1 well in PPL 474 after
intersecting gas and higher-than expected pressures that could compromise rig safety. Significant
concentrations of methane, ethane, propane and butane were recorded, believed to be entering the
well bore from permeable zones above the predicted reservoir zone, which was yet to be
penetrated. Further drilling is required to confirm the presence of a reservoir below the current total
depth of the well before Wahoo can be considered a discovery. The State Department of Petroleum
and Energy approved this suspension to enable us to re-evaluate the drilling plan.
- We intend to resume operations following a detailed review of well engineering, equipment, options,
and following regulatory approval of our revised plans. Our current expectation is for the re-drill of
the Wahoo prospect to commence in 2015."
We need to be prepared for the possibility that the rig at Wahoo will be moved to a new location to start from scratch.