RE:RE:RE:Looking back... BNE has to drill more if they want to grow quickly. They only need to drill about 30 wells a year to stay flat. Excluding facilities that is like 75 million per year.
Production was exactly mid point of guidance for the year in 2022 at 13,400. Mid to hi was like 400 barrels. No surprises. They drill cheap, simple monobore wells at 2.4 to 2.8 million a pop and grew 5% in 2022. Decline rates are exactly 25% on a corporate basis or the same as Surge. No drama there Kav. Zero. You pretty much have to move into heavy oil to find lower decline rates.
debt reduction was huge last year. This year they will drill 10 extra wells and build another gas plant and some pipelines and they will exit over 14,500. ARO is now minimal. they fixed the debt structure. They owe about 17 million on the bank line which should go up a bit in Q1 before dropping. Then they will have 100 million to play with. Their issues holding back the stock price are not related to operations, management or credibility.
they have an 82 year old founder, no dividend yet, new CEO and they are too small. Basically the company is a bit boring to follow right now.