Operational Am I reading this right?
Well # 9 stabilized at 40-60 - previous rate was 90 for 12 days - increase expected after steam injection later this month. So probably claw it's way back to previous levels?
Wells #6 and 7 with no thermal casing - producing 22 bopd - steam injection later this month - probable increase to maybe 30-40 conservatively?
Drilling a 5,000 ft exploration well in the first half of 2013 - tracking 38 degree API oil found in South Lagia #1 - location selected based on existing seismic data and materials for well already purchased. Ergo potential upside unknown but conservatively should be positive on any showing.
So we have say 50 + 20 + 20 = 90 bopd with an upside with steam injection to possibly 80 + 30 + 30 = 140 with another 5,000 ft exploration well pending.
My take would be a near term pop (a few weeks) on positive steam injtecion results, drifting down again pending exploration well results, then the big reveal possibly late summer to early fall.