RE: Does this really double reserves or was thaton the question, "RE: Does this really double reserves"
From the Wellington West report of March 9, 2010, page 14:
"Development based on current 2P bookings suggest initial
production of 9,500 boe/d; however, the Stella structure could be
capable of much more."
.
"Stella appraisal carries the potential to double reserves as the gas-water contact
has yet to be established. Stella’s three wells were drilled into the crest of the
structure and failed to define the hydrocarbon-water contact. It is possible that the
Stella structure is filled to spill point at 10,000 ft., which would likely double the
booked 2P reserves if that is the case."
~~~~~~~~~~
And from Verbonac's report at Union Securities
Stella (50.3% interest)
Proven 4.7 mmboe
Probable 4.3 mmboe
Possible 11.0 mmboe
<if filled to spill>
"the reserve additions in the 2010 reserve report may exceed earlier estimates. Our
preliminary calculation of the value added by this well
<today's result on 30/6a-8>
is over $1.00 per share, and is not included in the asset values calculated later
in this report." (Target: $ 4.00 April 30, 2010)
https://www.union-securities.com/CMResearchFiles/1_95_Ithaca_Initiating_April_20101_FINAL1.pdf
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This stock is header much higher and sooner than later.
IMHO
Zorgon