Missing the POR top by 500 ft probably isn't that big a deal, given that there isn't much geological control in the immediate area. I would agree, though, that if they don't encounter it by 16,000 ft or so, the prospects begin to dim.
The selling early last week appears to have been before the company reached the 15,500 ft expected top - however, it's possible that the geology they were drilling through led them to conclude that the top was deeper than 15,500 ft and could have precipitated some selling - just speculation on my part.
Price action the next few days could be an indicator of whether the 16,000 top for POR is coming in on target or not.
Alan
PS - I received the same email this evening in response to my question -
"All newsreleases are on our newsrelease and stock quote section on the company's website. We have reached a depth of 15,797 feet on Cree Fee 1A well and will continue to drill to the licensed depth of 18,000 feet. The points of rocks formation is expected to be reached around 16,000 feet. For the second major well, lease is ready, waiting for the rig, and is expected to start drilling within 30 days. Thanks for showing interest in Kismet Energy!" |
