Possible explanation: Earlier this year the rig goes to the 2nd hole (MacIntyre-2H) from last year, and finishes it off. Then, they move the rig to the new hole (#3, Owen-3) and start drilling on July 9th. They are going to drill it down to find the Lower Arthur Creek "Hot Shale" and then pull back and then drill horizontally through "the layer." So, two weeks to go down, then three weeks to shoot the horizontal. Two weeks would put you at? Last monday, so lets say it took a couple of days longer?.....puts you at today.
Do we have a press release? No press release, not yet, need to share the info with friends first!
So reality is they should know how thick the Lower Arthur Creek "Hot Shale" Formation is at Owen-3 at this point, give or take a couple of days. Today, the stock gapped up 17% at the open.
I say within the next couple of days we are going to hear that they have started the horizontal shot and that the Lower Arthur Creek is wider than the previous two drills, or that there is some "good shows" of positive hydrocarbons, and maybe even results of a drill stem test over the layer.