RE:No NewsFirebird4 wrote: Well, it seems we're not getting any Xmas news! Also, has every one deserted this board? Let us hope the January brings us some good tidings! A Merry Xmas to you! GLA, Firebird4
No still here waiting... :-)
Bought some more last week around 15% higher but hey such is life. Looking at the info I could find I do not bother because:
- As it seems E1 produces around 500bbd. So let's say netbacks of $50 => 80-90 days until EW get's the payback and then 150bbdx200x$50=1,5mio... So 3,5mio or something from that one well in year 1, year 2 then is around 2,3mio?
- The other "four further wells on E
-site currently testing in anticipation of bringing on stream in Jan/Feb 2014". So this looks like the have hit pay too. If those 4 wells can add 300bbd of production to EW this would be 4,5-5mio to EW and 3mio in year 2. So as I understand 5 out of 5 wells were hits.
- If they can continue with that production would be ours by 50% on the Cheal South and on Southern Cross...
- They got new land in NZ and as it seems further wells on Cheal North are planned Q4/2014
- Romania should finally get going (wells planned to be drilled H2/2014 as it seems) and this 15% share alone could make us all smile :-) - still 10mio in the bank after having all the drilling done (17,5mio after E1-E5)
- maybe they are able to find a partner for US an Morocco assets
And this for a full diluted market cap of around $45mio.
There might be better deals out there but there are lot worse for sure in my personal opinion. DYODD
carinthian