OTCPK:WSRLF - Post by User
Comment by
muley1on Jan 29, 2010 10:25am
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Post# 16732296
RE: RE: I NOT QUITE SURE????
RE: RE: I NOT QUITE SURE????You can read into events as they occur in whatever way you like. It all depends whether you are a cup half full type of guy or not. If they do not hit and let me remind you that is about a 10% chance. Then what do we have.
1) Well # 1 that needs a workover but could quickly be put into production and commercial.
2) A second well that has over 2000 barrels of oil/day and a tremendous gas supply worth between 100,000 to 200,000/day at current weak prices. With a strong European demand and a growing gas/oil field in Kurdistan this market will be opened.
3) 500,000 acres in one of the most oil rich counties in the world.
4) An Impressive siesmic showing that this psc has potential for billions of barrels.
5) Money in the bank to drill yet another well.
6) A very experienced management and staff.
7) A very desireable PSC that could be sold for alot more than they purchased it for if they wanted to. But why would they want to. this is only the second hole on 500,000 acres.
Just remember that 6 out of 7 holes in neighbouring psc'shave hit commercial quantities of oil at the depth they are currently drilling. My glass is definitely looking 90% full on this play. The downside is perhaps 20% at this point. The upside is is likely 500 -600% short term. Which camp are you in?