Don't continually make promises or suggest or infer "expectation time lines" and then fail to deliver.
Oilspotter makes a valid point when he suggests that positive news out of Romania regarding the Nadlac 3 well is way overdue. If you read the news releases dating back to November 18th 2005 regarding Nadlac 3, you can't help but have positive expectations:
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From the December 15th 2005 release: Preparations are being finalized to be connected into the gas transmission pipeline by January 1, 2006 to begin gas sales. First condensate sales are expected to begin before the end of December 2005.
From the February 10th 2006 release: The gas transportation permits on the No. 3 Nadlac well have been approved after delays because of the Christmas holidays. The pipeline company is scheduled to hook-up the well and begin taking gas by the end of February, 2006.
From the March 16th 2006 release: The No. 3 Well is presently shut-in with closed in tubing pressure (CITP) at 2260 pounds per square inch. The necessary government permits have been approved to begin producing and transporting the gas into the national pipeline network. Carpathian is waiting on the pipeline agency to effect the final hookup to begin production from the well.
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Continuing to build false hopes, and then failing to deliver speaks volumes about management.
Read the last line from the March 16th release and then look at todays date:
Carpathian is planning to move a workover rig onto the No. 4 Well in the Nadlac field to drill out its existing cement plugs and to run a Schlumberger RST Log to further evaluate the oil and gas zones behind pipe in the wellbore. According to the well records, there are no tubing or downhole items in the No. 4 wellbore. Presently, bids are being submitted to Carpathian for the workover procedures. The contract is expected to be awarded within the next thirty days.
How can you have any respect for a management team when they continue to drop the ball?
I have a very good sense of where the shareholder frustration levels will be if there is no positive Romanian news out before the end of the month... And believe me... It isn't going to be pretty.
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