TAT did the same thing. The CEO pumped their drilling program in three well laid out presentations in the first half. The result as of Q2 CC is three wells (actually four if you count Selmo last December) at 11.3 mil capex, with production currently at 150 bopd on one well (Bahar 11). The CEO stated in the Q1 CC that he expected production from the lower zone of several hundred bopd. He also touted an independent update on reserves that has yet to be released and that he would be buying common shares, which has not happened. They are touting a potential new field based on initial results of Cavuslu-1, although they did not indicate what to expect in terms of production. All in all, a major miss. A major fund sold out in 2nd half (2.7 mil shares).
crab