RE: RE: Useless NR Depsite the aggravation of a rediculous NR, there is actually some good news tidbits.
They have identified the unconventional formation as the La Luna, a highly desired unconventional in nearby VMM blocks, where big farmouts and acquisitions have occured. and where all the majors are chasing large pools.
Also, Dorados is not a dry hole, they just could not test it because they pumped thousands of barrels of drilling mud into the formation and emulsified the oil and caused monster skin damage. I wondered how they figured they would be able to test anything when they mentioned this in the conference call a couple months ago. Unfortunately, it may be ages before we get a sidetrack or twin hole to properly test the formation, but on the positive side it should be a much cheaper hole at only 7,300 ft or so. I would keep eyes open for a farmout very similar to the one Sintana just did (although to a lesser extent) ... maybe they can get a free well testing the conventional reservoirs with whatever unconvetional farmout they do. Given the track record though, it will be a while.
I have no clue what to say about the CPO-5 results, they are almost devoid of information. 20 ft of net pay would be reasonable (depending), but 200 bopd with high water is not commercial. However, I am not familiar with Nitrogen lift ... I don't think it yields indicative flow rates, it only helps to clean out completion fluid and see if there is flowing oil. An ESP or Jet Pump is needed to actually test the potential flow rates. The other issue is that 14 Api oil isn't as easy to sell, can't be used as diluent.
I wish we would get some information on where these CPO-5 targets are, what formation they are targeting, pool sizes, etc. No one ounce of info is provided.
Besides all this they are now trading at cash value. Howeverm it is becoming increasingly difficult to evalute PDQ as an investment, there is not nearly enough information.