GREY:ENGFF - Post by User
Post by
Tinmannon Jan 04, 2008 12:27pm
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Post# 14152620
BUK is the next ENG -- 100% int. in 400mmbbls
BUK is the next ENG -- 100% int. in 400mmbblsThe math is pretty simple on BUK. Drilling a 400-500 mmbbl recoverable target in May of this year... BUK has a 100% interest and the well is only going to cost about $15 million to drill (and is updip of the 1 billion barrel Piper field). Have a look for yourself... the North Piper prospect is in their corporate presentation ( www.bridgeresourcescorp.com ).
Oh, and BUK has a nice backstop on the value in their Durango gas field that they'll drill a development well into next month. The well is expected to produce 30 mmcf/d and 1,000 barrels of condensate per day by October... and BUK has 100% of that too.
Downside on BUK is virtually zero IMO and upside is easily $40 per share if North Piper hits and is 400 mmbbls.
Happy hunting.