wcl - another pes in the making- & underpriced, page-3

thanks Sloeb,
i think they have had 2 CEOs since listing.
The current CEO seems impressive as i think he is a chemical engineer and seems to know the CSG industry.
You are right about the options - they expire 31 march 2009 at 50c, so the ordinaries will need to get a move-on for the options to be in the money.
The directors did say that the drilling was delayed because of the floods.
To counter that, they have purchased a new Schramm drill rig, which is evidently the state of the art, and can drill to 2.5klm. The rig is theirs and is on a long-term lease so no delays in drilling.
I believe the flow rates at Tilbrook were disappointing, which is why they looked further north in the Tilbrook permit, and found the Bald Hills and St Martins fairways.
The directors seem to be confident of a good reserve outcome early next year, so the SP should pick up with any luck.
If we get some free-flow results like Cameron well, i will be happy.
I also have PES by the way - happy on both counts
cheers