Reserves Report DissapointingProved plus probable oil reserves (2P) decreased 3 per cent to 4,625,000 barrels at Dec. 31.
Whats worse is that we actually lost 745,000 barrels which was converted from possible , reducing Possible by that amount.
The other aspect is that there are only sufficient Reserves for another 4 years or so left in the reserves.
This will definitely be reflected in a reduced price to the buyer.
Our current valuation of our investment on the books is $24.6 million cad.
We will be very lucky to get that amount, given that the oil field is nearing the end of its productive life.
My call is that we get about $20 million or $0.40 per share for our Thailand assets.
This would value the stub ....after. $0.40 divy is paid...at about $0.60 per share.