I still don't understand the Treaty decision on stopping exploration activity to buy and fit out a wireline truck after reaching TD on an exploration well.
Hardly any operating companies involved in exploration own their own logging unit.
Not renting one when the well reached TD has meant that San Juan #2 has been shut-in for 105 days now and, as it has proved impossible to log subsequently, it is not clear whether oil was found or not.
If they had rented a unit, logged the well successfully after reaching TD, confirmed the presence of oil and put the well onto production immediately, the well would only have had to produce 6 barrels per day over the intervening period to completely cover the cost of the rented wireline unit (at $60,000 US).
So - in my view - the men with impressive CVs seem to be taking some very strange operational and business decisions which could be slowing value growth for the company and shareholders.
