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Paramax Resources Ltd V.PXM



TSXV:PXM - Post by User

Comment by Kel2on Oct 23, 2010 2:10pm
295 Views
Post# 17603110

RE: READ VERY CAREFULLY

RE: READ VERY CAREFULLYI can't quite figure out what it is you think you know or what it is you think the market doesn't know but reading the news releases would probably help out your understanding.

They have reported on a total of 5 successful wells on the Hamilton block: the 2 original wells which were drilled last spring and the current 3.  They are saying that they can produce in excess of 5 million cu.ft.per day from those 5 wells.  Although they did not give individual rates for the last three wells we were told that the original two wells, the State and Espino,  tested at 500M and 1.5 million. So one could surmise that all the wells on the Hamilton will be in the 1 million cu.ft range on average.

The Willow prospect, where they drilled the M.L. Investments well last spring tested at 4.5 million per day and on the day of the Mackie trip was reported to be doing 5.8 million per day with increased condensate.

So...no cover up.  It is quite clear that they have drilled a total of 6 successful wells with 5 of them being on the Hamilton block and 1 on the Willow.  Cumulatively they could represent as much as 10 million per day.  Not a secret and the most recent report from Byron still has the target at .80.

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