Compare with WZR resourcesHere is a summary of latest WZR resource estimate
https://www.stockhouse.com/tools/?page=%2FFinancialTools%2Fsn%5Fnewsreleases%2Easp%3Fsymbol%3DV%2EWZR%26newsid%3D8018718
In comparison, I think latest news release reflects the high oil potential in the block. Investors are looking for oil and LFD seems to have more oil than gas in the field. So this is good. The upgrade of the resources to contingent category is also great as it would be moved to reserve once we start producing. Hopefully, June is firmed date for drilling and I agree with Tax that the warrants will be exercised before then so that we have the cash to execute our drilling plans. We now have a better resource base that would support share price!
If the Production sharing Contract by approved by Iraqi contract, the earning potential of this block to equivalent to a block with more than 10 billion barrels in Basra or South Iraq where service contract is in place because they receive $1.80 fixed fee per barrel of oil produced.