RE:May presentation The May presentation is also missing the new land purchase location
They even put a note to that affect on their map
I don't know which sections they bought
As far as I can tell from all sold by the Government that day, OBEs new land is in the Dawson area
Amother thring missing from their May presentation is the location of the recent Peace River licences
If you look on petroninja's site you'll see 12 if I remember correctly (I was taking another look at them on Friday). They go up and down the east and west side of their existing wells - ie step outs to the left and right
4 are new drill permits and 8 are called reclassifications of older holes drilled to different formations.
I think that means they are preparing for 12 new drilling locations in H2
Can 1 rig drill all 12, or does that sound like a 2 rig plan?
That suggests another 5000 boe of low decline oil may be coming in H2 from peace river
At $2.5 - $3 million per hole that's $30-$36 million in capex
H2 capex is presently budgeted at $45 million with an indication it may be increased to $150 million
If low $30 million gets them 5000 more boe, what does the other $120 million get them???
One more thing to get excited about