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Saturday, April 17, 2021 2:34:17 AM
Since the equipment failed, they resorted to sidewell cores, which are still a major tell that provides direct evidence of the presence, quantity, distribution, and deliverability of hydrocarbons. Ailen has already expressed this and you can view additional sources in my tweet: https://twitter.com/HarisRad88/status/1382911286263042048?s=20
I do agree it is the fault of amateur investors (myself included actually as this is the first North slope oil stock I ever invested in) that we didn't realize how short the drilling season is on the North Slope and how significant the late start due to administration nonsense was. Had they started in the beginning of February as planned, perhaps they would have had enough time to at-least dig the sidetrack well this season if the equipment failure occurred and scooped up the samples they were originally going after. Nevertheless, the sidewell cores along with corresponding mud logging (and other logging data) will still be able to provide the information needed to confirm, at the very least, an unappraised discovery, which I believe is the precurser to an actual/official discovery once a flow test is conducted and proved adequate/successful (correct me if I'm wrong).
I think my biggest gripe is the PR that seemed to highlight the negatives of the operation and bury the positives. IMO, had last weekend's PR been released instead of the Doomsday PR we got, we would have seen $0.12+ EASILY. But I digress. What happened, happened, and we can only try to look at the bright side here and that is that they confirmed oil is there, Merlin is the best prospect they ever drilled, and if the sidewell cores return amazing results, we should be able to see another decent short term pop (not taking into account any official buyout announcement that could be made, which I don't think is truly realistic at this point in time, even if there is a hint of this rumor being possible with certain facts present such as new oil leases are currently blocked by administration and Willow is supposedly dealing with legal issues, etc).
At the very least, this is a play we can put in our back pockets and make some serious cash on next year if we are able to load up in subpenny range over the summer. There's always ATLEAST that to look forward to after this hard lesson many of us had to experience lol.
My 2 cents of course. GLTA. Hope next update gives us something good.
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