RE: RE: Quarterly Out,, on Web Site!The quarterly results are out, they earned 2.69 million for the quarter. 10000+ bopd current output and projected 15000 bopd by year end 2010. Results seem good to me and they are growing output at a good clip as a 50% increase by year end should be good for the bottom line and they have minimal debt.
Don't really see any bad in this report.
Should be good to buy at this level.
Check this out from the Sedar report:
With current production of 10,300 bopd and expected production from the remaining horizontal drilling
and re-activation programs, Bankers projected 2010 year-end production target is 15,000 bopd.
Construction of an additional 80,000 barrels of storage capacity at the Vlore export terminal is continuing
on schedule and is expected to be completed by year-end. In addition, progress is being made on the 14
kilometre, phase one of the oil pipeline connecting the oilfield by rail to both the export terminal and the
two local refineries through use of a hub terminal at the city of Fier. This pipeline is expected to be
completed in early 2011 and will add an additional 9,500 bopd of off-take capacity, giving the Company
export sales capacity up to 24,500 bopd by early 2011. Phase two, a 30 kilometre, 70,000 bopd capacity
pipeline connecting the oilfield to the export terminal, is scheduled to be completed by early 2012.