RE: RE: Blockbuster news....I recently bought into this company, and I see great potential. Smither, as you rightly point out, there seems to be little downside at the moment, and great news should be just around the corner.
These reservoirs are very productive, multi-Darcy sands with porosities well into the 30ies, just look at Mart recent tests, it’s in the same Miocene type of sands. The oil should be fairly light, I’m guessing around 30 API. Operationally, this should be a piece of cake, especially since Mira stated that the old well was in “excellent condition”
If you look at the last slide in Mira’s presentation, you will see a management estimate of 25 mmbbl in 2P net reserves after re-entry. Given the fact that they state that the logging results “exceed expectations” I think it’s likely that 25 mmbbl is conservative.
Also, have a look at slide 18, it’s clear that the area where NSAI assigned their 2C resource number to is much smaller that the seimic anomaly. Add in some prospectivity and the possibility of monetizing the gas and associated condensate, and the sky is pretty blue IMO.
Pick a number, apply a 10-15 USD/bbl metric and do the math…
Best,
Darcy