GulfSlope Energy Inc (GSPE)

[spec machine]

NO results of drilling have been announced except for the few phrases related to hydrocarbons being present, pressures, and confirmation of geologic modeling to the extent of current drilling

Drilling at Tau has ended (for now) without reaching the total depth originally targeted (and probably without penetrating a substantial portion of the Miocine

The phrase "Producible hydrocarbon zones were not established to the current depth, but hydrocarbon shows were encountered" DOES NOT mean that the wellbore did not penetrate pay in commercially recoverable zones

It just means that they HAVE NOT analyzed and calculated ALL of the physical properties of those zones sufficiently to announce a discovery

In other words, they hit hydrocarbons in both Tau and Canoe but the significance of those zones HAS NOT BEEN ESTABLISHED

Tau was obviously a very expensive wellbore both in time and cash

Results for Canoe would be nice to see very soon and a rig contract would ease a lot of uncertainty

To date they have been working on "just in time" financing and I expect that will continue

As time goes on, the longer it takes and the longer we have no public info on final determination of results, the worse the cost or dilution factor will be with the next round of financing

JMHO

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