Dave,
Thanks for your kind words. I have waited a long time, but in my opinion, the potential rewards are "well" worth it! <g>
As far as the JV Partner, it has been my opinion all along, that larger companies have waited until Tracer hit oil before signing on. Now that they have had 4 wells, and by the way I think we all know only 1, Patas #1, has been a duster. The other 3, Ngurit #1 hit gas, and the 2 at Muya have shown that large quantities of oil have migrated through the block. The structure at Muya #2 held over 100 million barrells at one time. Then the potential partners figured that Tracer would go broke, and have waited to take the block when Pertamina got it back. This is the importance of the producing/development properties. Not only does it give Tracer income for exploration, it shows the industry that Tracer is here for the long haul. You either get on board, or watch someone else beat you to it. The oil business is dog eat dog. The larger companies are ruthless, and will watch you wither on the vine, and then gobble up the remains. The key is in the e-mail from Tracer, that they have secured financing for properties. When they get these, I believe a partner will not be far behind. The association with PT Mozadi is a large positive in this direction.
As far as Tracer giving out news on what is going on, this company does not hype the stock. They give out news as it is made, and I think this is the way Mr. Jacobs does business, and I like that. He is a no-nonsense Ceo. He has a wealth of oil industry experience, and I think we are lucky to have him. I, like the rest, wish we would get news today. Having said that, I would still rather wait a little longer for the best deal. Think of this. Tracer signs and gets 15% of the block. Then they hit a field that holds 1 billion barrells. We would all sit here and question why they didn't wait for a deal of 40%
or 50%. Instead of 500 million barrells, they would have 150 million barrells. This is hypothetical, or is it? What does Mr Jacobs know that we don't???????????
Keep the Faith,
Pete |
