What I noted was the language in the PR...
My own input, a while back, was that I wouldn't hold their feet to the fire on their stated desire, if not quite a plan, to have drill bits hitting dirt by the end of June... I expected some sort of delay relative to the preference in timing, just because stuff happens.
The language today focused more on the nature of the obstacles likely to cause delay than on the potential for immediate action.
It didn't say it won't happen... but it also didn't say "we're leaning forward in the straps to try get this happening as soon as possible." Makes the start date murkier, and seems to push it out a bit without being specific at all...
The rest, I'd guess, is that the news today was a bit of a retread... probably a lot of people thought the deal being announced was already done following a prior news release... but, todays news at least left no doubt they WILL be able to fund their 25% participation...
Haven't seen any evidence yet that COGC has come up with the $ to cover their portion. They've assigned their portion of revenues to DBRM, but that hardly meets the need to cover the cost... and with the outstanding debt to DBRM from that prior effort, it still seems likely that DBRM will end up with some sort of enhanced position in exchange... which I still find vastly more compelling as a short term extension of value than a date certain for drilling.
It does appear that neither that event or the potential expansion are being fully priced in the shares at this point.
I agree with others here that this is still a vastly under-appreciated opportunity... giving us a still vastly undervalued stock.
Anyone note who was on the bid today?
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