A more precise wording of what I meant would be that the investors who plowed in expecting the announcement of commericality within 9-10 days of the initial announcement were disappointed in their speculation.
The continuation of the pump/dump/hump/slump pattern has to give pause to the longs the Hardman and the geology are correct. Money flow and accumulation/distribution are strongly negative right now.
Fascinating game. Ove side or the other is going to get burned short term.
To the misinformed, there was no miss on the R well. FX longs are much better off with the R well indicative of a large discovery field, than a small commercial find. That is not to say that the R well is not commercial. Time will tell that, but the patient investor will be rewarded longer term for the larger find. Shorts can attempt to misconstrue the news, but longs know that there are many more opportunities for positive announcements here with the S well, Nevada, Fences 3, and further R well development, on the horizon. Since this seems to be an event driven stock, there is a tendency for downward drift in the quiet periods. This will be more than compensated for, however, with increasing positive announcements, and ultimately the recognition that FX will well deserve.
Houstonenp.....Continue to await your posts. You must be working too hard. Kick back and drop us a line now and then. Maybe give up geology and become a stock analyst.
Does anybody have any knowledge regarding the drilling rig and the Nevada site? Has the rig been stable (at one site) all this time or is it moving around? The longer it sits in place, I would think the more likely they have found something. Maybe the rig detectives can help sort this out.
Sumph I spoke to the company about Nevada.FX is 50% partner drilling in areas close to previous oil discoveries.These wells cost about $100,000 to drill and only take 2 or three days.This is NOT the big Kahuna.They are hoping to find a couple of wells with a few million barrels producing 500 to 1000 barrels per day each. While that cash flow would be nice,this area is nothing compared to Poland.They consider these as wildcat and not really significant,so I dought if they will even announce each and every $ 50,000 duster. They too are unhappy with the slow progress,which is being driven by slow decision making process of POGC,and are pushing forward as quickly as they can.When they start in Fences 3,POGC will be out of the decision making process & drilling time frames will be getting back to "normal".We're only a week or so away from their next IPAA[webcast]presentation,so let's all be patient and wait for their update.Good luck longs.