ANA 0.00% 2.5¢ ansila energy nl

When the Irish energy company San Leon sold these concessions to...

  1. 345 Posts.
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    When the Irish energy company San Leon sold these concessions to Gemini Resource they did so for just 1 Euro and a 5% net royalty interest. Not sure if San Leon was having a garage sale or not but the terms were not that encouraging to start with given San Leon claimed the Siciny #2 well had at least 5 prospective targets. We asume Gemini and subsequently Ansila did there due diligence and decided the risks were were manageable. The problems I have are:

    1. they were supposed to be testing a tight unconventional sand for gas with mini fracs. I am no expert but I didn't think the carboniferous reservoir targeted would hold water so where has it come from? Before the fracs they perforated an interval so did they hit an aquifer with the perfs? Why didn't we have/report a water incursion when the well was perforated?
    2. if this was a conventional well and the reservoir proved to be water wet the well would be plugged and abandoned. They haven't suggested this as yet.
    3 a phone call to the company has not been returned tho the receptionist took my details. That 's not a good sign.
    4. Gemini is not a listed company so it doesn't have to report to the market.

    Obviously lot more info needed from the company. Sold my shares at a painful loss yesterday.
 
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