Presentation was well done
Many of the team presented. Recent legacy wells still being worked on - goal is to get to about 100 bopd from the WD-4 well and the 2 WD-8 wells. 2 Coora wells ready to go, did not mention any deep test in plan.
Have 18 million in cash, focused on COHO pipeline completion and building Cascadura facility once cleared. That will take about 10 million. More details about Cascadura facility. They will NOT do equity raise. They want cash coming in and they have paused drilling until that is secure (COHO gas flowing and EIA for Cascadura approved) .
Royston extended flow about 75 bopd. They will sidetrack Royston to test full intermediate zone and produce that. Royston deep will be intermediate and subthrust test.
Coho development well (target 450 meters to north) can be done from same pad. Will increase production but already in reserves. There are other opportunities near Coho that Xavier talked about that can be produced from Coho facility.
Cascadura plan includes four wells each at new Cascadura B and Cascadura C well pads. They will all tie back to Cascadura facility at original pad. The condensate line to the south will handle all of that, as will the planned 20'' gas pipeline to be constructed by NGC.
Kracken exciting as we know. Nice discussion. Kraken likely only cretaceous prospect on Ortoire but Paul said there are other Cretaceous prospects nearby that are on land they do not control so they won't talk about it. Hopefully that has something to do with coming bid round.
More details on Steelhead (a karamat prospect, thinner than Hererra but laterally extensive and produces elsewhere) and Guabine and Bass. They will be fit in when convenient as the sharp focus will be on development at Coho, Cascadura, Royston. More details about Royston development but EIA and field development plan still have to be done. They will likely know more after Royston 1-ST, Royston Deep. Talked about water not an issue and extent of oil in place - 200 mm bo without sub-thrust. Most prolific wells in Penal-Barackpore are intermediate and sub-thrust wells.
Some stuff about royalties/taxes. Gas NOT subject to SPT. Maybe some improvements.
Timing of mid-May approval of EIA is legislatively determined. Anyway the parallel work on facility won't be speeded up so they would not gain at this point from faster approval. As long as they get it mid-May, really good chance at September gas from Cascadura.
They will do continuous drilling at Ortoire with Star Valley Rig once they start up. They can fund that with from Cash flow once Coho and first phase of Cascadura are on line. Eventually they will have more cash flow than they can spend on the island and at that point dividend would be reasonable - management and board discuss this. But focus is developemnt and a few exploratory wells when they fit in.
Always good to listen to Xavier, talked a bit about new seismic. A lot of talk by everyone about high grading drills (especially development wells) based on information from exploratory wells and new seismic. All in all worth an hour. Good story. They may put out supplement getting to all the questions.