posted on
May 30, 2008 05:32AM
I find it rather "odd" and somewhat suspicious that it took management this long to deliver a news release about... "weather related and mechanical"... delays with drilling on K#1... 7 WEEKS into drilling!!!!!!!! None of us on these forums are "DUMMY'S" and it doesn't take a rocket scientist to figure out that that weather/mechanical problems can cause delays...However, for the drilling program to be extended 2-3 weeks is a clear indication that these problems (weather and mechanical) have been exprienced by the drilling crew for some period now. And its not like management at ENG did not know about these problems (after all there is a lot of money involved in this exploration project and ENG isponsible for 10% of the cost)...and therefor to me is a reflection of poor judgement on the part of ENG management to keep its shareholders informed and up to date with issues. The stock has been falling now for approximately 7 weeks with no news as to why until 28 may. And it was approximately a week ago that it started to really break down below $2 level. Looks to me like somebody got word of these problems some time ago? I'm not a happy camper and if they hit oil, I'm out on the 'spike'