J, having talked to the company after the results were known I will second the comments by Tophat. Maybe in your experience it would warrant a dry hole tag BUT for me the exciting (as exciting as a miss can be I guess..) things I heard were that it COULD be considered for production in some small return but that if that cost and step is taken you take the redrill/horizontal/coil tubing.whatever alternative off the table so they took the alternative of a plug that can be revisited in the future. Like the production potential might increase ten fold over the oil found so probably worth doing right. Time will tell.
It's thought to be a long and narrow potential field and they are sold enough on their findings and what occurred to be seriously considering a further exploration (maybe even committed to...) - the prime I'm sure makes that decision, raises the new money, sets the dates, etc. and I'm sure that EDEX is sold enough to take a piece of the action if possible. In a weird sort of way I think it gave all closely involved even further confirmation that PIP is working for them - although we all would prefer a different result NOW!! Now if next time we can drill a staighter hole or pick a wider spot in the field....woo-hoo! I'm sure others have thought and maybe commented already on this but realize with a little more luck that the 3% deviation in the drilling would have likely meant nothing had it been either up or down field and not a left or right side miss! Dammmm....
Finally as has been presented before, EDEX was likely the only public company who was in the JV group - now if I was one of the private working partners in that JV and not as restain as Tom has to be in delivering public info for a public company I might have been a buyer of our stock in expectation of a hit and ran for the hills when I knew what the decison was going to be...that's real life and there really wasn't that much volume but no support as we all waited on the news and so a bigger drop than we expected befoer the news. We're working our way back to pps respectability and the updside IMHO is super. one hit in just one of the major opportunites they are working and its homerun time! And our odds appear much better than that.
Good board so far with lots of good discovery work, experience in the industry, and great communication with the company mamangement. Lowman and others are doing a great job of getting the questions resolved rather quickly. Back to lurking.
zagdad
