Gamba's GuidanceFor shareholders there is the compelling possibility that 2017 could be a turning point for CNE if Gamba's guidance holds true. Maybe finally they can leave the teens production behind for good. From the Aug 23 update it appears they are shooting for 2017 gas sales in equivalent oil terms of 33,000 barrels and if you ad the 4000 barrels of pure oil that they are already producing, that figure could swell to 37,000 barrels or more. Show that kind of production and the market would have no choice but to sit up and take notice.
The objectives of the expanded gas drilling program are to 1) target management's estimate of more than 100 billion cubic feet of potential recoverable resource in order to secure new gas sales contracts, and 2) increase the productive capacity of the Corporations gas assets to more than 190 MMscfpd in 2017 to supply the new contracts.
The Corporation also plans to spud the Mono Cappuccino oil exploration well on its operated VMM2 E&P contract in the last quarter of 2016.
Corporate Production
Gas and oil cash sales before royalties for the month of July 2016 averaged approximately 19,440 boepd, which consisted of 88.0 MMscfpd (15,431 boepd) of gas, and 4,009 barrels of oil per day of oil which included production from Ecuador.