No Bomcom, it's a comparatively shallow, hole full of black, sticky, smelly OIL. Not as much as I would like but nevertheless, OIL it is.
I share your anxiety, having bought this stock at a seemingly unrecoverable price, though I live in hope of recovering maybe 50% of my outlay within the next decade!
Petroneff is delivering a succession of positive RNS's. May they continue to come, though the trade restrictions on Russia, the fall in oil prices and the onset of winter in Tungolskoye don't make for compelling reasons for me to keep holding this stock but hold I do.
Different for investors holding at lower prices than todays. You guys have probably picked a winner.
From the 14 Oct RNS -
T-5 has confirmed the structural interpretation of the field encountering 8.2 metres of net oil with an open hole test producing a pro-rated inflow, without stimulation, of 100bopd.
Petronef are now drilling down again at a different angle, another 2,490 metres which, as I read it and taking the first hole drill time as an example, (around 27 August to around 14 October) will take around 5-6 weeks to complete.
We might get an RNS on completion, which would be good PR.
We might not, which would be a missed PR opportunity.
Then comes the drilling of a horizontal section which will take 3 to 4 weeks (possible a further RNS) followed by testing and certainly an RNS on results. Probably the back end of December, if their teams get really motivated and finish the work before Christmas,
2000 metres drilled, balance to go for completion end of October. RNS for sure.
So, if management are sharp they will ensure a steady news flow to Christmas which should encourage the sp to more closely reflect the positive, seismic shift in the changing fortunes of this company, which it would appear the market has not yet come to terms with.
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