Interesting announcement ... has something subtly changed and...

Interesting announcement ... has something subtly changed and forgotten to advise??

annc 30/07/15: describes the Pierre C181#4 well as AKK having a 50% WI (and not responsible for drilling costs) as discovering gas and that it "appears to be wet" and "Pierre formation is not typically recognized  as gas-bearing formation". That was the teaser along with "other wells in the Florence field that have taken several weeks before the wells started to produce oil".

So drilling costs were picked up by the farmin partner - Pierre Energy Partners - see annc 23/03/15.  That JV was meant to drill 2 wells back to back in April/May, while a 10 well program was being negotiated. That annc referred to C181#3 and C181#4 as the first 2 wells.

Now what has happened to:

1. the C181#3 well if C18#2 in this annc is the 2nd well (also referred to C18#4, C18#3)

2. the JV if AKK is raising cash to drill the well. Clearly there was no need to raise cash back in Apr/May as the farminee was paying drilling costs.

3. Pierre Oil. Does 92% C1+C2+C3 constitute a "wet gas" well? IMO this would be slightly damp" gas. Compared to other (prolific) wet gas areas, dry gas (methane + ethane)  constitutes  around 50%, NGLs around 30% (so propane, butane, and heavier) and then condensates 20%. I guess the good news is AKK has a wet gas processing JV partner (do they???)

Really am intrigued about the JVs. Occupies no mindshare in the investor preso.

These guys shoot about as straight as their deviated well bores.

GLTA