Thanks for that, I actually spoke to her on the phone just now, here are the highlightes.
She jokingly laughed that they're still going over the entire report, but will issue a statement when they are finished.
I had a great convo with her. She said they are still allowed to frac their wells, with the SEA committee their. This is good because this is something they wanted anyway. They said they have solid drilling practices and that this will prove to them that there is no harm in fracing. So drilling with them regulating will increase social acceptability when results come back clean on drilling.
I also mentioned how they really can't study without QEC fracing. We had a chuckle over that because it's the truth. She said they can only study if fracing takes place, as the study is mainly for water contamination which is their big issue.
Overall nothing much has changed and they plan to complete the wells this year, and will talk with Talisman. Also, new wells can be explored and fraced, but will have to sti down with the committee and municipalities etc...I think the committee would be open to such things working with companies, as they need these fracing operations to conduct studies.
She also said that the Bakken shale has been very successful for the them and that they are looking to go back in their as well. With oil prices this high, it could be solid to see some results of 2000bbls/day like some other companies are getting.
She also mentioned they are looking at other projects here and internationally. So I don't know what the international part means, could mean overseas or US...but this was a genenral comment.
She knows that markets over-react and that the value is very low, so they may look to start taking a look at a buying opportunity here, but management will discuss that first.
I think it's solid to eliminate 11M shares, if they could get all around these levels. They sold them at the PP of $4.70, and can buy them back at $1+.
We'll just wait and see what's in store, but as far as their wells they are allowed to go in and do it...and news wells as well, but will require more to get permits. This is something that QEC does not mind anyway as it fits in line for what they have been doing anyway. ie. Wells, pipeline
