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Ann: Trading Halt, page-167

  1. 136 Posts.
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    I just went through the history of the drilling of the Dempsey 1-15 well (from spud date 1/08/17 to total depth of 9750ft being reached on 13/09/17). Total 44 days give or take. They had estimated 30-40 days to reach total depth.

    During these 44 days of drilling to depth there were around 11 price sensitive drilling update announcements. Not ONE was announced under a trading halt (the only trading halt during the drill was on 5/09 for a CR when they were at 8500ft). The price sensitive anns were usually announced pre-market and went along the lines of:
    "drilling update"
    "four gas zones confirmed"
    "Multiple zones of significant gas shows"
    "significant gas shows in unexpected reservoir"
    "Significant Gas Shows Continue"
    "significant gas shows"
    "Most Significant Gas Shows to date"
    "Further significant Gas Shows"

    Not a single trading halt.

    We are only 12 days into a potential 35 day drill, and we are in a TH ("The trading halt is requested pending an announcement to the market regarding an update on the drillingof the Borba 1-7 well by the Company)... Yes, it's likely we are at the first stacked gas zone of 3200ft, but why the TH?? This is the first time I am following a drill for gas from spud and I don't have much experience with other drills except the Dempsey 1-15 I read through today. So does anyone with experience know the reason why a company would go into TH for an "update on the drilling', which couldn't be announced as a simple price sensitive ann just like all the ones in Dempsey 1-15?

    What can we really expect here? Would we have done any wireline log analysis in the 1st zone already? Or just something unexpected in the mud logs??

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