Permex Petroleum Corp C.OIL

Drilling started

[Bigshortie]

This is huge.

[SuperTrader1970]

150 barrels a day is not huge. This company cant get their feet wet.

[goldboyz2]

production of 150bpd and MC is 15 million  Check out PEI....MC 13 million and is producing 800bpd with an increase to 1500bpd+ by year end GB

[Bigshortie]

at quick glance I see $40 million in liabilities on the books. revenues were $3.5, but expenses $3.1. all said and done earnings about $0.3. thanks though, will keep an eye on PEI. as production increases margins should improve. need to dig through weeds re: working interest, revenue interest, etc. what I like about permex though is they have a long runway, and no debt. they just need funding

[goldboyz2]

Yeah they gotta drill more forsure to clear the 40 million liabilities.  OIL seems like a sleeper if they can get more funding which i find hard they are having trouble doing so. The sector is bumping on all cyclinders. Are they drilling any wells currently or waiting to raise more cash? GB

[goldboyz2]

Nvm missed the NR saying they started spudding mid september. 60 days to complete vertical and 90 for horizontel section. GB

[goldboyz2]

May 31 2022 Completed a brokered private placement for gross proceeds of approximately CAD$9.4 million Where is all the money...... almost 10 mill and production is minimal ?

[Bigshortie]

that's what they're using to drill the two wells. They will issue more shares at that point too, I believe there's warrants just for that reason around the $0.20 - $0.25 mark. Once the ball is rolling cashflow from operations will fund the rest. It will be a bumpy ride but in a few years time Permex will be 10-20k bopd. look at two directors, JP Bryan and Lendrum. Bryan was CEO of Gulf