Dear Marty,
I overstated when I called it a "previously drilled site". I was remembering Michael Currie's post, which did not say it was a previously drilled site, but which considered that as a real possibility
exchange2000.com
As you can see, he said
"I have said this before and will repeat it now: do you know anything about the nearby previous drilling? The possibilities range from a rank wildcat to NAMX having placed these wells on a license previously relinquished because of poor economics. This happens more often than you might imagine, particularly in mature onshore areas. Until you have more facts such as these, you can't, in my opinion, judge the success of EMSounder. Hard questions, to be sure, for those who want to believe in the technology, but they have to be asked. Best of luck."
Thanks Michael for all of your knowledgeable comments. Having some objective benchmarks with regard to the drilling helps me to know what to look for. And thanks Marty for putting the spreadsheet together. That will be useful in the future.
Re NAMX and off balance sheet financing: My impression from Paul Ebeling has been that NAMX is already into off balance sheet financing, and that two funds have been created using this mechanism. According to Ebeling, this approach was being used so that they would not have to issue new shares. IMO it has to be those funds that are the source of the "petty cash" he lightly referred to. Where else would the petty cash come from? Wasn't NAMX supposed to be in pretty bad financial shape after the Boonen fiasco?
You said in your next post
exchange2000.com
"Right now, they are a junior exploration company with a perfect record."
With all due respect, right now they have no "record" at all. I hope they get a great record, with UPR, with other companies mentioned over the last two months, and with the IPAA at future conferences. So far none of these have been worked out, as far as we know, despite high hopes. The signed agreement with KNE is the exception, and I'm glad they have it. I have not sold any of my shares and I want to see this company succeed.
Best regards,
M.M. |
