Ann: Advent Energy Ltd - PESA Presentation , page-3

Read the document. The debacle with Fuguro is explained which is why there's been a holdup with drill results. They can't tell you when the next drill is until they interpret the data. Clearly that's a problem when the wrong shot put interval was used (pg 27).

In short, they drilled in the wrong spot!

Problematic is the same site surveyor did all drill sites. This means another surveyor will need to be contracted for new drill site surveys, along with a final decision of whether they fork out for 2D / or 3D seismics (this MUST BE DONE prior to next drilling).

Based on this document, next drill will not occur before end of 2012 (at earliest).

Legal action will include damages arising from breach of contract (which may include a percentage of drilling costs).
All in all, a very informative report.

NB: Under legislative guidelines MMR was required to relase drill results no later than 6 months after drilling was completed. This document may provide the premise for not releasing those results on time (or at least until legal action is completed / mediated).


If anyone disagrees with the above please say so, and tell me why?