I just want to present some facts about the timelines set from ASN, since they yesterday announced that results will arrive within 10 days.
After all the hype in January with this tweeter posts of ASN and everybody thinking (incl. me) what a transparent company, the end of January came.
1. Timeline End of January: The announcement said ASN could not deliever results. The problem was that the explanation they gave for the delay didn't justify such a long delay. Nobody believed the re-open of the well would cause such a long delay. Also, hidding information about the well (depth and thickness of the clastic zones, the temperatures and presure of the well) was received badly by the markets, especially because for many months they repeatedly stated this kind of data about the historical results.
SP: sank up to 25% within two days.
2. Timeline and delay: So a second timeline was set, 10 to 14 days "following completion of the sampling program". In my opinion this would be on the 15th of February or on the 20th, but some mathematicians interpreted the word "days" as working days and therefore they were of the opinion the timeline must be the 26th of February. But nothing was announced.
SP: sank and bad sentiment settle down
On the very last day of February there was another ANN. The only (ridiculous) explanation given for the delay was this: "Assay results from the first stage of the exploration program at Gold Bar Unit 2 are still pending".
Those who claim a company must release immediately the results of the lab about the samples, did ASN released immediately the results of the lab in Nevada, especially regarding the problem with the oil? By now ASN had for sure already some report from the lab.
3. Timeline and delay "early March".
In the very same ANN (28.02.2018) we read this about the Cane Creek well: "Sampling of brine to commence in early March 2018".
Remember early March would beginn in the very next day!
On the 12.03.2018 we read: "the work-over rig will arrive on site on Wednesday, March 14 and sampling program is expected to be completed by the end of March 2018".
This is already the middle of March, meaning another delay. After 2 long delays why does ASN sets again a timeline? Why not say: "soon" or "this month"? It seems to me that this was intentional and of course the SP sank almost 20%.
Here is another incredible disonest thing ASN wrote 3 days ago (in the ANN from 12.03.218):
"Samples will be collected and sent to be assayed at laboratories in Nevada".
Again to Nevada? From an oil well?!!
further: The assay program is expected to be completed by mid-April 2018"
So fast?!! 40 days where not enough till now.
My point ist , why are they setting timelines which they know they will not going to meet? Why seting more timelines at all? If someone fails to meet a timeline everybody would be automatically more careful before setting another timeline. But ASN is not careful at all. No one can say they drank too much Cognac, it seems to me that they are doing it intentionally. ASN even don't seem at all disturbed that the SP is sinking, worse it seems to me, that ASN is pushing the SP down. Call me a French drunk, but that is what it seems (I'm not affirming anything, just it seems).
Everybody nows that the FED will release this month their decision about raising interests in the USA and that Easter beginns at the end of this month. Everybody nows that these two events are a great opportunity to buy shares, since they go down because of the events mentioned. ASN has delayed till now results, is it a coincidence?
Now it beginns to be clear to me, that they will release excelent news soon, If it is really in 10 days I have my doubts. It just seems to mee that the MGM has not being honest. I don't know the background. Maybe they were set under presure by brokers, big banks, big shareholders to artificially sink the SP so that they can buy cheaper more shares. They are the ones who give ASN the money (special the chinese) and I understand they don't want to buy shares which are to high by the next capital raise.
I' m deeply desappointed. I will sell out when the news arrive.
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