Re: Lower oil / gas prices are only temp.
I really don't know how much oil/gas prices worldwide will impact this unless we see another huge plunge from here. China needs the gas and pricing is still favorable for continued increases.
I once asked someone from Houston area in the same industry if he knew of this block. He had heard of it & said he heard it was a situation of them "bull-heading" the engineering/production. I believe he was referring to them trying to ramp up production out of the earliest drilled wells too aggressively without scaled increases & adequate dewatering. Remember the first hockey stick, haha? There went Dave Minor.
He was also of the same thought process you have expressed. If the gas is there, eventually, technological advances would find a way to get it out. Unfortunately for FEEC, the initial drilling techniques weren't so successful (hence the .06 share price).
I still believe the value of the asset will overcome Mike. I'm firmly in the camp that it will be a JV/farm out at this point. Mike can collect his big bonuses from a change of control but still have a piece of the pie.
In the past few weeks, this has been my best performer. Sad.