DLS 0.00% 69.0¢ drillsearch energy limited

its very strange, page-2

  1. 1,317 Posts.
    HI whiteyg, the trouble with DLS is it is strapped for cash, has some management problems with its Canadian subsidiary after sacking the CEO (for cost reasons?), and is yet to see good revenue flow from its north American operations. I too think its S Bonaparte leases are the key to its future but it only spent a lousy $60,000 on 2D seismic over the area when perhaps 3D would have been warranted. It wants a total free carry through any drilling there and I guess that reflects the poor state of its finances. I would not be surprised if they did not go for a capital raising at some point in the near future. I am told that Blacktip drilled by Woodside, in an adjacent lease, was actually targetting oil but got gas instead. DLS believes the oil could have migrated into reservoirs in its leases. They are talking big, big numbers but that it is all it is at the moment ...talk. I used to hold DLS but sold a couple of months ago. I'll get back in when things look a bit more promising or if the price drops on the announcement of a rights issue, SPP or some such capital raising. DLS has been a market dog for a long time which is a pity because there is some potential there, maybe a question of management, I don't know. I might add that AYO has some leases in the area but mostly onshore I think. JBC
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