I am surprised that the SP didn't close at 1.50 or lower.... but
the issue still remains in how they stated the PR. we had oil mixed with the mud at a certain depth. that comment right there is the ONLY thing holding the SP where it is.
otherwise people would be in line to get out fast.
so the story lingers a little longer. more so called testing. more delays.
then as many are writing about, how much is left in the piggy bank.
this is worse than a soap opera on TV.
who in their right mind would give another nickel to zion to continue ?
yes, some will use the trimming down the army to 300 story, but how many times can one use the book as the outline for a company that hasn't done anything correct in the normal sense of how wildcatting is done?
the biggest mistake in it all is not using 3D data. and then people will say the cost doesn't justify itself...
yet how many million has been spent to find nothing?
you can bring all the maps up on what others say is there, and they surely have found a bunch of gas in the Med. but as for inland crude oil, NOBODY has ever opened pandoras box on that one.
and as far as the comment that zion will have to goto the Israel energy people to file their plan, the only thing that matters is that any company that has been given a lease has to prove they have the funds to continue on.
so the question falls back on getting the funds.
WHO WILL RISK LOSING MORE on the premise that since a little oil was in the mud that its enough proof they will get this well into production?
at least zion now knows how to milk a bad well... last time they showed the jar of oil and baseball cap, and the SP went to 14 bucks, then one announcement later, it hit a .84 low and closed at .97
this time they mention oil is in the mud, but it doesn't shoot up, and when they announce if they ave to say if the well is commercial, then the answer is no. and the stock doesn't tank.
if zion has to use funds to pay court costs for any reason, that shortens any time they say they have.
so many issues are up in the air.
just like ness, people still hold their position as long no matter what waiting for the big hit. but then does anyone expect that company to disappear along the way?
PW
