OTCPK:ATGYF - Post by User
Comment by
Bigbadoilon Feb 18, 2009 4:56pm
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Post# 15787569
RE: RE: RE: A "STICKY WICKET" M/S
RE: RE: RE: A "STICKY WICKET" M/SThey are planning not to use financing at Causeway by bringing on the high flow rate well at Causeway East first and then using incremental cash flow to bring on the rest of the field later. This well can produce at 15,000 BOPD (AEN 65.5%). Its a 12km tie-in to the facilities. The well is already drilled with a wellhead in-place.
AEN is contemplating partial sales of assets to fund its share of Fyne and Dandy (which includes a FPSO). It will need financing to do both if it wants to get close to that 25000 BOPD target by late 2010.
Costs will be coming down significantly and will work to AEN's advantage as mentioned.
Bigbadun'