RE: 2nd well steamingIf you read the National Post article of Dec 5 PBG states that combustion will begin in two more well pairs in January.The reporter also said of the 1000 barrels a day being produced most was bitumen.In addition to that he noted that the cost per flowing barrel was $10,000 vs the $100,000 for the next closest project, and that temperatures have reached as high as 800 degrees celcius;the point at which insitu upgrading occurs.
It is clear from the low volumes being traded and the comments of analysts noted here that the street as yet does not understand the significance of what PBG is doing.As many posters have noted the current valuation of the company is less than their oil sands leases alone.So right now the 80% stake in PMG, conventional Can. production and THAI are free.