I think there is no doubt that the drilling is yet to start, and we can only speculate as to possible reasons. I think we are due some information from the company, however. Tight hole status allows a company to be tight lipped about issues which might give an advantage to competitors - it does not, as far as I understand it, give them the right to remain silent about material changes that can affect shareholders.

My guess - SPE is strapped for cash again and the three companies are wheeling and dealing - either trying to complete the transaction with Union Gold, or to alter the JOA in a way that will enable SPE to get the job done. Just a guess, probably wrong.

Frankly, I would rather the above were the case than downhole problems. It seems also that CIVC are pretty excited about the shales.

On another note - did anyone see fit to visit the PDI stall at the Pertroleum Show - it would be good to get their views on what is happening.

Regards

Dunnock