I have yet to read anything in your posts other than emotional, non-objective and uninformed anti-IFNY propaganda. But thanks for sharing your obviously biased opinion anyway.
Personally, I think Noble is - as is to be expected - not revealing everything about the results of their first well, especially what conclusions they may already be drawing about the location of that "high quality" resource in the tertiary they mentioned.
With seismic and drilling yet to be done, you have no basis whatsoever for asserting that "it has a less than 5% chance of being successful". The fact is that no one really knows yet, including you.
Why post things that so clearly indicate that you simply don't want IFNY to succeed, or at least that you want to encourage people to sell?
The purpose is not to "pad & protect". It is to avoid unnecessary - unnecessary - damage that might be caused by frustrated holders venting on a public cc. The information will be what it will be; emotions certainly get in the way of objectivity.
BTW, it is extraordinarily arrogant, condescending and deceptive for a poster with a history of non-objective negative posts to suggest to any other poster that they should reconsider their investment. From now on, please keep your self-serving advice to yourself.
And another thing: You have no basis whatsoever for projecting that IFNY has only a 5% chance of yielding an economically viable prospect. With seismic and drilling yet to be done, the jury is still out on what the potential is.
I certainly would not come to that conclusion. They published the results of the drilling on their concession. If they found evidence of commercial resources on IFNY's concession they certainly would not say a word about it. They would keep that to themselves.
I wrote my posts before I read yours. I now see we share the same view about Noble not leaking info to Stan. So blaming Stan for not knowing is just plain wrong-headed.
BTW, I am certain that Noble held its results and its decision very close to the vest. IFNY is a competitor in the region, and competitors don't share that kind of info with each other. How can anyone reasonably believe that IFNY should have been aware of what Noble's results were and what decision they were going to make? Noble did seismic on their own concession and a bit on ours, and they chose to drill right on the border with IFNY's concession. Maybe what they were really up to was checking out our concession as well as their own.
I would suggest, if you are interested in not damaging your own investment, not to ask questions in an accusatory manner. I would drop the question about management's credibility. Ask in a more neutral and open ended manner.
"How does the current share price affect our ability to pay for the seismic and to eventually list on Nasdaq?"
"Is Noble really giving up on the area, or do you think they are simply using the results to better identify the place where they will drill next?" "Did Noble stop short of their original target depth, and - if they did - why do you think that is?"
Some may be angry at management for believing that they should have known in advance about Noble's decision to plug that well, but I am certain they did not. Who is to say that Noble has not decided - from what they did find - that IFNY has the more valuable concession and they want a piece of that;? In such a scenario, they would not want their results to drive up our share price and put us in a stronger negotiating position.
Be smart. Don't let your emotions and venting damage your own investment.
Analysts at Citi Research said the well "will provide Noble with valuable geological information before moving on to drill deeper wells in the same general area."
Very good news; so Noble has not "abandoned" the area, but instead says its results indicate that there is a high quality field.
The US tax code and regs have special rules governing the deductibility of IDC for wells drilled outside the US. See Rev. Rul 87–134, 1987–2 C.B. 69. Noble is a US company and is subject to those rules when drilling outside the US. And those rules require that the IDC be capitalized, not expensed. So the fact that the well was drilled outside the US does not mean that US tax laws don't apply. I am still researching how the capitalization requirement will affect the time over which Noble will be able to deduct the IDC for an abandoned well drilled outside the US.
As for Noble's competence, I have no basis for an opinion one way or the other.
That was a great point about how it is common practice to pretend a well is dry. Noble is a Delaware corp. US companies are taxed on their world-wide income. Nicaragua does not currently have any double taxation treaties with other counties. Therefore, the US tax law issue you raised is wholly applicable, and it may have been the reason why Noble "abandoned" the well. I think some of the more savvy analysts, like Citi's analyst, may have understood that when they predicted that Noble would use the results of that well when deciding where to drill next in the same geographic area.
OVERLAND PARK, KS--(Marketwired - Nov 14, 2013) - Infinity Energy Resources, Inc. (OTCQB: IFNY) ("Infinity" or the "Company"), an independent oil and gas exploration and development company, will host a geologic update conference call for members of the investment community at 11:45 a.m. Eastern Time (EST) on Monday, November 18, 2013.
Presenting on the call will be the Company's CEO, Stanton Ross, and its primary geological consultant, Jeff Roberts.
The purpose of the conference call will be to update investors following the November 13th announcement by Noble Energy that it has elected to plug and abandon the initial exploratory well on its Tyra Bank concession offshore Nicaragua. This conference call will include a discussion by Mr. Roberts of the geological similarities and differences between Infinity's 1.4 million-acre concessions offshore Nicaragua, and Noble Energy's 1.8 million-acre concessions, which are east of, and adjacent to, Infinity's concessions.
During most of his career, Mr. Roberts was involved in the evaluation of numerous hydrocarbon basins for Amoco Production Co. and Oryx Energy Co. He was Manager of Operational Planning for Oryx, where he was responsible for the preparation of corporate planning and budget functions for a $400 million worldwide exploration and production budget. He served as Exploration Manager for the Gulf of Mexico and Manager of Exploration and Production Technology for Oryx Energy. His domestic exploration experience has targeted basins in the Gulf of Mexico, the Rocky Mountains, Mississippi, Louisiana, Texas and Canada. He was the first geologist to evaluate the unconventional potential of coalbed methane in the Black Warrior Basin for Amoco and is an expert in the evaluation of fractured reservoirs, horizontal exploration prospects, basin tectonic analysis, and economic exploration analysis. Mr. Roberts is a founding Member of The Unconventionals, an exploration group focused on unconventional hydrocarbon opportunities.
Details for accessing the conference call are provided below.
Conference Call Information
Shareholders and interested parties may participate in the conference call by dialing 877-374-8416 (international/local participants dial 412-317-6716) a few minutes before 11:45 a.m. EST on Monday, November 18, 2013 and asking to be connected to the "Infinity Energy Resources Conference Call".