RE:RE:Pirate Ship !!!Well waitingstill, I'm 90% sure that I'll buy back in. I'm betting that Maas is commercial. I've asked around to see if they can re-enter Kawa, run production casing down to just below the Maas and finally do a well test on it. But the people who I have asked need specifics on the existing casing strings covering the Maas. How do you perforate multiple layers of steel?
Or would it be cheaper to drill a new well? If memory serves the Maas is at around 10,000 feet. The top of the Upper Cretaceous. They blew through the top hole like it was butter then the tertiary I think in about one month to get to the Maas. So the well cost would be what? Maybe 40 million? Then to test should be straight forward. Maybe another 20 million. If they come up with some sort of unitization deal with Exxon where Exxon sub contracts out one of their rigs for a couple of months then they'd really save on mobilization and demob costs.
So now my quandry is where will oyl get the money for their 27% of costs or about 18 million? Sell of some more working interest? Debt finance it? Equity finance it? Maybe if Bluefin comes in big they'll have investors chomping at the bit offering them money wanting to get into the play.
I said that I'm 90% sure. The uncertainty stems from my fear of more share dilution. So I'll also be waitingstill to see how the sp behaves over the next few weeks. If yesterday was over reaction and the sp pops back up then that will really go a long way to assure me that this play has got a solid foundation.