KastelCo, thanks for the reminder of Canadian Superior (SNG.V). But I'm inclined to conclude, w/regard to Greg, that a leopard can't change its spots. My reading of the articles that you linked suggested to me that his chronic tendency to "sell the sizzle" continues to this day. For instance: "Pancanadian's recent 2 TCF Abenaki Reef ngas discovery", when PCP has claimed only 1/2 that amount. Likewise, claiming that their "Marquis Prospect is directly on trend to the PCP discovery and is of equal if not greater potential," when in fact PCP's own drilling is now heading in the opposite direction of the two Marquis Blocks EL2401 and EL2402 (even though PCP could, if it wished, drill all the way up to EL2401 and EL2402 on the adjacent EL2357 block that it leases).
I'll give him credit, though, for disclosing that the Ziff report "noted that the area has a relatively high drilling success rate of over 30%." This disclosure helps to put SNG.V's efforts into perspective; that it's a C$24mm crap shoot with just one roll of the dice allowed and less than 1 chance in 3 of finding anything. Which is one reason why offshore drilling is not much favored among "wildcaters" like SNG.V who lack "deep pockets."
Also, since the Marquis Blocks are at the far northeastern end of the shelf (see "Maps" in the link below), and in shallow water, whatever happens there will have little if any impact on the deeper water drilling far to the southwest to be started next year by PCP's Bingo 9000. cnsopb.ns.ca |
