Why would this company wait another five years to drill such a hot prospect when they told the ASX they would be carrying out a 3D seismic survey between November 2014 and May 2015?
Read through this splendid presentation to potential investors in London take note of the language maybe I can’t read properly but I can’t see a one in ten chances mentioned even once. These presentations are very professionally done and are meant to suck in money from investors. Now with all that company potential please just answer me one question how much oil or gas had Mr Breeze sold into the market? You are right I cannot produce any written evidence of his claim of 75% chance of success I suppose even he is not that stupid; however, I know what I heard him say at one of the presentations and I also know there where more than few other investors at the same presentation.
I’ll tell you what if you can show me a reference in any of the presentations that the chances where down to one in ten we can call it a draw.
Of course we all understand that no person has ever put forward a poor story when raising money for a project and directors life style; however, with respect after making the case as outlined in the two presentations below and going on to drill a duster at least anyone worth an ounce of integrity should have resigned or at the very least apologise to shareholders.
If you look at the maps and the collected knowledge of the area known as PEP-11 a 3D seismic survey should give a decent indication of possible recoverable resources. Investors and potential investors could then make informed decisions. If the companies involved knew the previous drilling after all the relevant expert opinions was marginal in regard to success at the very least I would say they were very cavalier with $30 M of investor’s money.
Please don’t get me wrong I would like nothing more than to see a new gas industry off the coast of NSW and believe it could be done these days with minimal environmental impact. The country could do with replacing the many well paid jobs lost in the mining industry and Joe Hockey would surely welcome the revenue. I have spent a great deal of time in the Hunter Valley and believe it’s more than possible that the coal / gas seams run out beneath the sea at some point.
I note the current price of WTI: $53.70a barrel; however, I can’t see that lasting for too long as we know the fracking, deep water drilling and tar sands extraction are all under water with oil below the $100.00 price.
Maybe looking for a new dynamic management team with an awareness of the current geophysical technology would be a good start.
Irrespective of our differing views I wish you and all other interested in the group of companies involved with PEP-11 the very best of luck for 2105.
Cheers and very best regards: Andy
BPH Price at posting:
0.7¢ Sentiment: None Disclosure: Not Held
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