Well, I am no expert but DST = Drill Stem Tests, so I can only assume that they take specific bits of "dirt" from varying depths and test them (onsite) .... P&A = plug and abandon, basically, seal up the hole and move on based on the fact that there is nothing of any significance in the hole. Overall, I wouldnt be holding your breath ... however, keep the following in mind;
1) ADX who is a 49% partner in this project has had no recent announcements except for what we have received at EBR .... look at their SP .... didnt cop a battering on NYE and rose significcantly after todays announcement ... same goes for the other (minor) JV partner AOC
2) The fact that they are doing some testing and wireline logs is reassuring ... then again, you may as well try!
3) None of the Drilling Updates that EBR have released have been deemed price sensitive yet, the SP has been hammered... so who knows what that means?
All in all, I'm not confident with this particular target ... would be very very very strange if they come out and announce a massive find considering the recent sell down ... the old saying of "buy the rumour sell the fact" always seems to come up and trumps and in this instance the rumour is clearly "no oil." Dont get me wrong, I want EBR to fly, but I just dont think this is hole to do it for us.
Cheers
EBR Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
