Ray Leonard, CEO of HDYN on the Fatala well: "This is our shot. It’s a really good shot, but this is our shot."
Those who have followed the company know when he said it and why. It was part of a question and answer session about the potential for additional wells IF Fatala was successful. Sadly, as we all know, Fatala was a duster.
Here's a larger snippet of that Q&A:
Unidentified Man: On the subsequent wells you're assuming that somebody will come in and buy your--or put up for investing in the wells, right? So, all the money would have--would be perspective to the success, right? There's no money to go forward after that, right?
Mr. Ray Leonard: At this point in time if you make a success in Fatala and you want to continue to drill further, we will need to raise the money for those wells. Yeah, that's correct. And we’ll have to move very quickly.
Unidentified Man: So, if it's not a success there is no money to do a second well?
Mr. Ray Leonard: No. And raising it would be a lot more difficult. No, this is our shot. I mean, I’m not holding back on that. This is our shot. It’s a really good shot, but this is our shot.
For those still not connecting the dots:
A) Fatala was a dry well. No hydrocarbons. No oil shows, no gas shows. Nothing. NO HYDROCARBONS.
B) The Exploration lease expires in 8 days.
C) To drill another well, first SAPetro would have to agree. Then HDYN would have to raise $20M+ to cover their 50% of the costs. Then the well would have to be spudded, all this in the course of 8 days.
