Not only do I recall being at a company presentation and hearing that after engaging specific experts to locate the best position for the PEP 11 rig site to give a 75% chance of success. Even with the data at the time possibly 2D or whatever we were not only told the certainty of drilling success but also the amount of recoverable gas: 15.9 Tcf. That certainly looks to me like specific geology information and a fair old target to miss!
Now I admit my memory is not as sharp as it was but at no time during the presentation did I hear that there was a one in ten chance of drilling success.
I believe the next time David Breeze attempts to squeeze some $50 Million dollars or so from the market to drill over PEP 11 he is unlikely to do so by telling the market that despite all the latest technology (3D etc.) at hand and expert advice there is about a one in ten chance of success of finding a recoverable commercial gas resource.
As long as potential investors are aware of the truth of any situation they can then go on and make informed decisions. If a basic dismissal of the waste of $30M of hard earned shareholder money from a company executive is inconsequential to you then clearly you are a little more forgiving than I am.
Of course there can still be good money to be made from companies such as this one I certainly did in the past; however, investors are entitled to obtain any and all knowledge about previous company history.
If some eighty times company failure with little regard for the burn rate of shareholder money ($30 M being one amongst others) with a penchant for being liberal with the truth(key significance) is your man then I say go for it and I wish you well with your outcome.
Please see the link below complete with signature I tried to find the usual get out of jail disclaimer without success!
For the record I did once feature in the top 20 shareholders of BUY and ended up by default a holder of BPH. I currently hold no shares in any of the companies connected with PEP 11 and doubt I will do so in the future.
To any investors considering these companies I suggest you read the full history available in the public domain, to remember the importance of entry and exit timing and if you do invest I sincerely hope you make a decent return.
Cheers and very best regards: Andy
“Of key significance is the conclusion that PEP11 has all the working components of a gas-charged hydrocarbon system and is a potential giant gas province. The mean estimate of the portfolio aggregate prospective resources has been calculated to be 15.9 Tcf recoverable.”
(20min delay)
