GREY:BNTNF - Post by User
Post by
ajootianon Jun 03, 2005 7:29am
71 Views
Post# 9112795
Hobbes' Query About Warrants
Hobbes' Query About WarrantsHobbes, if you are so goddam lazy that you can't look up the answer to your question in the company filings, then I will not waste the time to answer it.
Hint: there are warrants expiring very soon, and they are nowhere near dilutive to the current stock price.
Interoil has updated its estimate of potential reserves at Black Bass. Now they are saying that if the structure contains any hydrocarbons at all, there is a 50% chance that it would hold 149 mmbo if oil or 367 BCF if gas. Say we get lucky and find oil, 149 M x 78% NRI x 0.75% W.I. = 872K bbls. of oil net to Bontan. The value of oil in the ground is around $12/bbl. these days, that works out to about $10 M or $.87/share. Plus Bontan will have a piece of 15 more wells after this one, all of which have already been paid for.
If Black Bass is dry we will probably be getting news of such in the next week or so. If no news then its a good bet that the well is showing something positive.