Please confirm whether drilling will or will not be initiated prior to the new year. Please note that PSH has previously indicated fairly well in advance by news release as to when drilling is anticipated to commence dor other drill sites. The reason I assume this was known in the past is because the operator has to provide the drilling contractor with lead time so he can schedule his other jobs and time the moving of the rigg on site. Based on past news releases, it appears the operator has had no problem in the past informing PSH of an anticipated drilling start date.
Based on the above, it appears drilling may not be starting before the beginning of the new year, otherwise PSH would be, in my opinion based on past practices and knowing shareholders are eagerly anticipating the start of the multi-well program, informing shareholders of any imminent drilling date.
Also, once drilling starts, based on the previous news release, it means analysis of the 3D seismic is complete and the operator will know how many wells it takes to drain the resource. I anticipate the next release will tell us how many wells are part of the program and the anticipated timing of drilling. Surely, if there was an announcement of one well with no indication of how many wells are part of the program or when they will be drilled, such an announcement could not be considered part of a verification that a multi-well program has been initiated, in my opinion.
Therefore I look forward to the next news release. This is an exciting time for PSH, being on the verge of a multi-well program to be rapidly developed as indicated in the July, 2006 news release.
