Rampage, I was somewhat surprised to read your question:
"On July 7 the deep well was at depth. Now we have sat waiting for 3 months with no flow of oil. Is there a problem here?"
I thought WT was refreshingly clear about this:
"The Pelahatchie Deep Unit 18-4-well is currently being completed in a Lower Hosston sand at approximately 11,700 feet ( a new pay zone for the field). Because of mechanical problems incurred in the bottom of the hole at the Norphlet level, a sidetrack drilling operation was attempted, but proved too costly to complete at the present time."
newswire.ca
Problems... too costly to complete... Not that I didn't foresee this months ago.
Interesting coincidence that the highly respected advocate of WT, Bruce (bhg), quit supporting the stock on the internet just two days before the above press release:
"I have decided to spend my free time better and will no longer post on any web site."
Message 5748044
If he had advance warning of the disappointing press release, he certainly didn't share it here.
Did anyone have advance notice? Just check out this chart:
tscn.com
Notice the huge spike in trading on Sept. 15th, the day before the news release: over 0.5 million shares.
Insider trading is illegal and immoral, but then, it's not the first time that I've had to point out such obvious truths here. Should it be any surprise?
For any company, most of its value relies on its credibility. WT, I suspect, has yet to see its bottom.
Good luck,
Mike |
