OTCPK:MAUXF - Post by User
Comment by
CalifDreamingon May 12, 2009 2:34pm
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Post# 15987145
RE: news
RE: newsWell, some interesting info, although it doesn't include results from Umu 5 (an updated report that will included Umu 5 is due out by month's end according to Mart)
2P NPV10 after tax reserve valuations for Umusadege alone are ~US$225MM/C$270MM without the benefit of results from Umu 5 being included.
And they still give significant reserve valuations for Qua Ibo (US$193MM), but after the miss this year, the reserve valuation will decrease somewhat. Based on comments in the AIF, they still think Qua Ibo is viable - looks like the decision to drill without 3D is biting them in the arse one more time...
Umu 3 we now learn was shut in due to high water cuts on Oct 3.
Netbacks at US$57 bbl were approximately $20 bbl. Earlier in the year, Mart was likely losing money due to very high opex of $35 bbl. Not sure why it costs so damn much to produce the field, but then again, there's very little about Mart that ever makes sense.
What is painfully clear is that there is a massive valuation gap btw what the reserve auditor thinks and what the market thinks.