The latest info is disappointing. Bad news The
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Posted On: 12/10/2022 1:10:28 AM
The latest info is disappointing.
Bad news
They did not find anything commercially viable. Furthermore, it sounds as if they are not sure of their next step. Maybe drill a bit further in MJ-1 based on their analysis which is in-progress. Most likely this news will continue to erode stock price for several weeks to months. It is unlikely we will hear anything substantial for quite some time. I don't know how long the analysis will take. If they do choose to re-drill MJ-1 they will have to move the platform, the plug and then drill down to a deeper depth based on analysis. That sounds like 2-4. months minimum, but I am certainly no expert. Add to that another analysis of their re-drill data. I think their ability to raise funds will be very difficult considering the poor and declining stock price.
Good news
They still have sufficient funds (see the recent Microcap's posts) to make a try at re-drilling MJ-1 or try another site.
Comments on Scripture
I have always been impressed that John Brown feels that the promise of oil in the "heel of Asher" is petroleum. There is no doubt that he is completely committed to to this interpretation and has devoted his life to the calling, he believes is from the Lord, that petroleum will be found there. Nevertheless, when the first people heard this Devine promise I am quite sure they assumed it meant olive oil.
Bad news
They did not find anything commercially viable. Furthermore, it sounds as if they are not sure of their next step. Maybe drill a bit further in MJ-1 based on their analysis which is in-progress. Most likely this news will continue to erode stock price for several weeks to months. It is unlikely we will hear anything substantial for quite some time. I don't know how long the analysis will take. If they do choose to re-drill MJ-1 they will have to move the platform, the plug and then drill down to a deeper depth based on analysis. That sounds like 2-4. months minimum, but I am certainly no expert. Add to that another analysis of their re-drill data. I think their ability to raise funds will be very difficult considering the poor and declining stock price.
Good news
They still have sufficient funds (see the recent Microcap's posts) to make a try at re-drilling MJ-1 or try another site.
Comments on Scripture
I have always been impressed that John Brown feels that the promise of oil in the "heel of Asher" is petroleum. There is no doubt that he is completely committed to to this interpretation and has devoted his life to the calling, he believes is from the Lord, that petroleum will be found there. Nevertheless, when the first people heard this Devine promise I am quite sure they assumed it meant olive oil.
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