RE: Can someone summarize the AGM?I listened to the webcast and here's what I wrote down:
- Processing will be completed within a month (July)
- Interpretation will take 3 months (Oct/Nov)
- $19Mil in the till after paying for most of processing.
- Proceeding with application for environmental permit to drill
- They want to drill 1 well with at least two targets which can increase the chances of success up to 38%.
- Timeframe to drill first well is dependant on other operators drilling as they want to share a rig to reduce costs. They want to drill ASAP.
- Meeting with Jeffries 2nd week of July to discuss the re-opening of the data room possibly by end of July.
- Drilling is expected to begin in the basin by July 2010 for a total of 6 wells in 2010. (incl other operators)
- 3D has increased the preponderance of evidence that they have traps, seals and lots of oil.
- Jackup Rig costs about $150k a day now. Cost to drill a shallow well (13K ft) 25mil. Cost to drill a deep well, 60-65mil. Will have better estimate on deep well in two weeks.
No mention of anything significantly different that would attract "world wide attention" or a deeper drill target as mentioned in one of his interviews. I'm surprised nobody asked the question. I hope someone who attended in person may be able to shed more light.
Overall, I'm very pleased and confident in the extensive amount of work and interpretation being done to miniminze risk and increase shareholder value. I will continue to add on dips.
GLTA