I don't see any guessing needed. It is financing. They could finance the next step quickly if they were willing to give away the ranch (figure of speech), but they are trying hard under very difficult financing conditions world wide to get the best deal they can for current stock holders. That should all be obvious!
There are already rumors of banks in Europe freezing daily interbank loans again, and now rumors that Asia banks are pulling credit lines to European banks, like happened in 2008 after Lehman collapsed.
I don't think they started trying to get current financing until May 2011, when they got the last of the well test results and the existing pipeline infrastructure report from the contractors, to show to loan sources. They may have delayed the financing further during the flooding hoping for better offers, as the Japan disaster hit world markets just before they reached a point where they had all the data to show potential investors or loan officers, then add in the added war turmoil in Libya, and now the recent mess in Washington (and concerns of possible changes in oil and gas taxation laws), and I have no doubt financiers are worried about letting go of cash everywhere on the planet, unless the deal is ultra sweet, and MNLU last said they were working on cheap financing (for stockholders, no dilution financing), senior secured debt.
Gerry told me about 6 months ago they had already ordered the pipe and related stuff for well completion, so money for the rig has got be the current deal. I have no doubt, once the money is secured, deal is signed in concrete, that we will get an 8-K and PR almost immediately.
What is the waiting time for a rig, if they have not already set a date, reservation?
Ambition with out knowledge is like ship in dry dock. Going nowhere fast!
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