re: Ann: Milestone Purchase of Rig for the We... Hi...

re: Ann: Milestone Purchase of Rig for the We... Hi Sandybeaches.....I've been trying to get my head around this company. It looks very undervalued in some respects but i'm confused by the fact they are going all out for production without having any proved resources (all their reserves are contingent arent they?). i know the company believes that they will become proven once the development economics are bedded down but are they right to be so certain that the oil is there just on 3D mapping? i can't see any record of them having drilled yet - is that right? presumably the market is attributing some risk to the production drilling ending up as disappointing. i am very sceptical about the likelihood we will ever see 12000bopd - can't find the basis upon which they make this (highly conditional) claim.

I recently bought in so i am hoping for good things but am a bit wary about the confidence with which we can trust there is a big bucket of oil down there....