RE:As BERational…As I expected, this update explains why they paid only $10 million for those still viable but mature and rapidly declining assets that require large cash injections everywhere you turn. But I’m also glad to see few sparks of hope in it like:
“The Company anticipates drilling the first four of a total of nine development wells in 2023. First oil from the Nong Yao C development is planned for Q1 2024 and ultimately is expected to contribute to a net increase in Nong Yao oil production up to a target rate of approximately11,000 bbls/d in 2024.”
Also Thrace – the only exploration prospect; is still on even though it is on a back burner. No major surprises here; just waiting to see if VLE got what it takes to managed all this. To me this is the biggest risk in this deal.
G37