I keep going back and forth on this and inevitably come back to the center. While some feel this R/S would be a preparatory step going forward and others question why they would even consider it, given past history on such activities, I can't help feeling this is related to current financing difficulties.
In spite of constant assurances from the company that there is a lot of interest and things are promising, there still seems to be a shortfall funding the HDYN share of drilling. If some deep pocket entity has expressed interest in funding the company but placed a caveat that the co should be listed on a major exchange, then they are back to jumping through hoops as they did trying to secure a farm out agreement. Once again there is no assurance that the funding would come through even if they meet the requirements laid out. With the timeline what it is, they may not meet listing requirements prior to completing the well, making the exercise a moot point. If they can get listed quickly , drilling SHOULD already be in progress by the time funding comes through. A player at this level will want to hedge their investment, which will put a damper on share price along with the dilution.
To me this seems like a damned if we do damned if we don't scenario. I'm not happy with it, but if it leads to keeping 50% I suppose it's worth pursuing. If it doesn't play through, and there is a discovery, we are going to be cursing mgmt.
All JMHO.....
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