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Longford Energy Inc V.LFD



TSXV:LFD - Post by User

Post by taxdemiccoon Feb 09, 2011 10:16pm
237 Views
Post# 18106590

Jeribe (392 million barrels of oil) - Huge...

Jeribe (392 million barrels of oil) - Huge...Hello Everyone,

I love the way good40 and other handles try to misrepresent the news release.   There was a 260% in the overall oil reserves.   In the case of Jeribe there was a 290% increase as follows:


                        Contigent best estimate                     60,000,000
                        Prospective best estimate               332,000,000 (identifed as number 6 on news release)
                        Total:                                                    392,000,000 million barrels of oil

                        Previous estimate:                            132,000,000 million barrels of oil

                        % Change from original                           290%



What LFD did is develop two categories of oil, those contingent (are sure 100%) and those prospective that they estimate they will find once drilling is started.   

Previously we had 132 million prospective, meaning no sure thing.   We  now moved 1/2 of previosu prospective to contingent meaning oil is there plus we increased the prospective substantially, meaning a bigger deposit of oil.

They are targeting Jeribe cause it is huge 392 million barrels of oil is possible.   At $ 90 per barrel of oil, this deposit in and of itself is worth $ 35,280,000,000 (yes, it is $ 35 billion).

So here we have a $ 50 million market cap for a company that is drilling into a $ 35 billion deposit.

Pretty awesome and naive of those whom sell at these prices.

JMHO
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