Well, well,well!Chris said it twice today, some of the older wells have a SOR of less than 3!. At the shareholder meeting he was asked how much less than 3 and he said 2! Some wells have a SOR of 2!!!! I think this should put the old "resevoir has a problem" story to bed!!!!
Even if they don't reduce debt, they should be able to scratch by. But selling off some land assets would be dilligent. Too bad they have that damn forex liability.....I can see that they were only trying to buy some insurance so I can't knock them too hard for that.
As for SAGD though......great news.......there's nothing left to prove. Just to remind every one that Nexen/opti bitument has an API of 6.4, it's the thickest SAGD up there! I give big Kudos to them to make a SOR of 2 without wedge wells!
Obviously the market isn't smart enough to realize what was just said today. Oh well, I guess we just sit and wait and watch it grow!
Giver