RE: Time FrameShould take 3-4 weeks...
A hit would make BUK the oil story of the year... downside is a company with strong cash flow when Durango comes onstream at 6,000 boepd in October. Risk-reward at current levels is unreal.
Look at the spec runs on ENG, OYL, WZR, etc... none of those stories have ANY backstop. BUK will have somewhere from $0.75-$1.00 per share or cash flow come October.
BUK should be $1.50-$2.00 without any spec for North Piper at all right now IMO.
Loving the Jim Buckee involvement in North Piper.. I'd say that as the former CEO of Talisman he probably knows a thing or two about the area.
North Piper is the best "dream target" being drilled by a junior in the market this year... 200+ mmbbls net to BUK if it hits, which using $5-$10/bbl would be worth $1 billion to $2 billion.
As I said, the risk-reward is great. The timing is good. Just a matter of time until a broader audience shows up.