Longford Energy Inc V.LFD

$ 35 Billion for LFD....(Jeribe)

[taxdemicco]

I re-verified my numbers below and they are correct.   Better load up as most people did not understand the significance of the news today.  Holders of VST did and their stock rallied.   LFD will play catchup in the morning.

Here is my original post:

Hello Everyone,

I love the way good40 and other handles try to misrepresent the news release.   There was a 260% in the overall oil reserves.   In the case of Jeribe there was a 290% increase as follows:


                        Contigent best estimate                     60,000,000
                        Prospective best estimate               332,000,000 (identifed as number 6 on news release)
                        Total:                                                    392,000,000 million barrels of oil

                        Previous estimate:                            132,000,000 million barrels of oil

                        % Change from original                           290%



What LFD did is develop two categories of oil, those contingent (are sure 100%) and those prospective that they estimate they will find once drilling is started.   

Previously we had 132 million prospective, meaning no sure thing.   We  now moved 1/2 of previosu prospective to contingent meaning oil is there plus we increased the prospective substantially, meaning a bigger deposit of oil.

They are targeting Jeribe cause it is huge 392 million barrels of oil is possible.   At $ 90 per barrel of oil, this deposit in and of itself is worth $ 35,280,000,000 (yes, it is $ 35 billion).

So here we have a $ 50 million market cap for a company that is drilling into a $ 35 billion deposit.

Pretty awesome and naive of those whom sell at these prices.

[good40]

You are confusing oil reserves with Prospective resource and Contingent resource.  Prospective resourceis undiscovered potential only.  Undiscovered.  Contingent resource is non-commercial.If they've guessed too high,  the contingent number may be as low as 1 million bbls.  Obviously,  it iscontingent that oil reserves would be greater than 1 million bbls. 

[HHdoc]

Taxdemico;Dude you need to look at this again and get your numbers right.Table 2 for Prospective Resources has lists for 4 numbers; low, best, high and mean. The best case (which DeGolyer defines as the most likely outcome is 217.8 million, not 334.3 million (which is the high case).LFD adds 217.8 with 120.8 (from table 1) to get 338.6 million which is a 256% increase from 132 million estimate of