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