WEL Float, page-5

Well according to the prospectus they are attempting to find a suitable farm-in joint venture participants for a drilling program on the Van Hoogen Oil Project Leases. So maybe the next announcement will be to that effect followed by when the drilling campaign will commence. Maybe things are taking a little longer as oil the oil price/demand taking a tumble recently making business deal conditions challenging for spec oil plays. On the positive side they just raised a truck load of money so WEL is in a strong position to push ahead for a few years without having to do any placements or capital raisings

Obviously the debut on the ASX was disappointing compared with many of the other recent floats that saw share prices soar in the first few days but once they announce a drilling program and some acquisitions of further oil/gas leases we should see buyers return. Although I would like to see some sort of update to the market by the end of the year on how things are going as the slight sell off makes me think investors are lacking patience now.