Harsh reality of these drills... commercial well & BOOYA; plug /...

Harsh reality of these drills... commercial well & BOOYA; plug / abandon & in to the poor house.

Unfortunately there isn't much in-between!

I didn't have the intestinal fortitude to hold in to the result, fact is I was spooked very hard when the initial plunge in to the 3's happened on that Monday morning a cpl of weeks back & then when I was able to sell near 6c the next day, I did...

The reality for RMP is they've got 4m cash left (0.8 cents per share) and the winter drilling season in Alaska is over.

The current well cost US$15m (RMP share was 31.5% - or around 7m AUD) and the earliest they'll be able to re-drill is next US winter (9-10 mths away)

Between now & then; IMO there will certainly be a highly dilutive CR to fund the second well (if thats the way they go).

In the interim, sure, there'll be opportunities to pip-trade like today; but the trend will drift towards cash backing.

Those 'praying' for a Takeover etc; are simply just doing that IMO. Why would anyone want to buy the blocks which (AT THIS POINT) have had 1 noncommercial well drilled on it ?

There may in fact be commercial oil somewhere on their block, but it'll cost $$ to discover that & at this point in time, RMP don't have enough to find out.