ProductionThe reason everyone is nervous is because only a company that is hiding something goes from monthly production updates to one update in 6 months. This was apparent with Q3 results being so low. I mean how do you start off the year at 12.2 mboed, add a 2400 bopd well half way through the quarter and end up averaging 10.9 mboed.
Gamba said they were producing 13,000 boed in late Feb. they have tested over 4000 bopd and bought almost 800 bopd since and are now at 13,800 boed. Finally, they are at 13,800 boed now and are drilling 10 LLA23 wells (9 net), 6 VMM2 wells (2.4 net), all of which should add well over 10 bopd, and we are going to exit at 18 mboed.
So the question is, are there regulatory delays? Are ther facility constraints? Are there reservoir issues? CNE has to let shareholders know why the production is so disappointing.
Everyone keeps on saying they are sandbagging, but when you sandbag, you do better than what you said.