The recent press release said:
"The Sroda-4 well is currently re-drilling in the anhydrite section at a depth of 3,350 meters. The Company expects to set casing at approximately 3,550 meters and then drill into the Rotliegendes reservoir."
Just like every other long, I would like to see news sooner rather than later. I don't know how demanding drilling is in the Sroda well. But I do know that they must drill another 200 meters, which translates into about 650 feet of drilling. I suspect POGC will be very careful with this cementing job to avoid a repeat performance.
So... I intend to remain a patient long. I'm sure the slow speed of operations on the part of POGC is frustrating to FX's management. What is, is. So, I'm not going to sit around and fret about the daily and weekly fluctuations. I'm just leaning back in my chair waiting for events to unfold. I've been long since June 2002. It will be several years before I sell a single share. The prospects for FXEN are simply too good to ignore.
Best to the longs!
"speculative plans"? After the change of heart by aboriginal leaders plans have now been submitted.
Imperial Oil Resources, on behalf of the Mackenzie Gas Project proponents, announced October 7, 2004 that applications for the main regulatory approvals required for the Mackenzie Gas Project are being submitted to the boards, panels and agencies responsible for assessing and regulating energy developments in the Northwest Territories.
hummingbird, I wish I'd gotten more interested in CNR back in the 40 cents range ~ 1 1/2 years ago when swusc first recommended it. As we all know, hindsight is always 20 20. But this past week, I finally bought some after it pulled back a bit from it's run. I need to spend a lot more time on it before I'll jump in deeper but it seems to be a reasonable speculation now for my first purchase. They are employing some interesting drilling/development techniques, and having some success. Somewhat similar to FX in that past financials are probably (hopefully!) not indicative of the future.
I've been a happy PTR shareholder since soon after we learned that WEB bought; wish I'd bought more back then. I'm going to hold it for a long time. There's lots to like in PTR -- energy exposure in fast-growing China, stock is still a good value on earnings basis, nice dividend, and a currency lottery ticket on when/if China unpegs from the dollar.
I intend to hold FX for the long term, too. As time passes, we are acquiring more and better quality seismic data that will allow Hardman's team to 'see' more before drilling. And they're already 2 for 2 using just already-existing data. I find FX's potential in Poland very attractive. Patience is required because exploration moves in slow motion there, though.
>> The pipeline to the Beaufort Sea is coming, possibly two pipelines eventually. The first is along the Mackenzie Valley in Canada's Northwest Territory. The 2nd is along the Alaska Highway. <<
"is"? "is"? Depends on what your definition . . .
Yes, eventually, to be sure there will be a pipeline. But what you refer to, I believe, are speculative plans, far from realization in anything that can carry gas.
As I remember it, the pipeline project that Buffett/MEC was actively seeking foundered a year or so ago when the politicians added some provisions that drove the cost way up, and MEC backed away, saying that the project wasn't commericially viable with the extra several billions tacked on.
I don't know if the pipeline is three years or ten years away, but it isn't even currently up to the starting gate.
The pipeline to the Beaufort Sea is coming, possibly two pipelines eventually. The first is along the Mackenzie Valley in Canada's Northwest Territory. The 2nd is along the Alaska Highway. There are plenty of regulatory hurdles and hearings to be held before the green light.
Sorry for the error... converting to meters makes it an additional 450 ft of drilling... which should add about three weeks for this rig. LOL
(I am now using a Polish conversion factor of X8). The Polish time conversion factor is constantlly changing as the Sroda progresses.
I have found that using the PTCF (Polish Time Conversion Factor) saves much disappointment as my expectations are lowered. I hope all investors on this board will feel free to adopt its use and reduce stress levels.
The gas will still be there when the bit arrives. Its been there for millions of years.
FWIW -I picked up another thou shares with this pullback. I think some people are missing the boat on this one, and it isn't the longs.
Hunting for more dry powder.
Thanks again for your posts, Arktic.
200 meters = 656.17 feet.
I'm on my way to Scotland (Dulles at present) and don't have much time to reply. There are HUGE gas reserves in AK but as stated, they're stranded. If/when a pipeline is built from the North Slope to the Canadian infrastructure in Alberta linking up with the Lower 48, then the gas will become commercial. There are several virgin basins in Alaska that are isolated and devoid of any infrastructure. The Cook Inlet near Anchorage has been producing gas for about 40+ years. A gas pipeline encircles the northern half of the Inlet. More pipeline is currently being built toward the southern end of the Kenai Peninsula.
The Cook Inlet gas is used for LNG export to Japan, urea/ammonia production, followed by heat and electrical generation. There are no specific publicly traded companies that are primarily driven by an Alaskan oil and gas opportunity. Privately, there are some opportunities in Alaska. But the cost of development makes most Lower-48 oilmen shy away from the opportunity. When you're drilling on the west side of the Cook Inlet, there are costs that simply don't exist when drilling on the road system in Texas. Anyway, there are private opportunities for deep pocket seasoned oil and gas working interest investors. But the opportunity for investment in a publicly traded company that hinges primarily on an AK gas play does not exist to my knowledge. Marathon and Unocal are the primary players at present in the Cook Inlet gas marketplace. But they're failure or success with Cook Inlet gas will not move their stock dramatically.
Best to the longs in FXEN. I continue to believe this is the best E&P opportunity that I can find among publicly traded companies.