The results of CPN's Ja3a production testing are out, and judging by the falling share price the market is not impressed.
But is the response an over-reaction? While the recoverable reserves of 1.1 billion cubic feet are well below estimates, the absolute open flow rate still suggests a hefty swag of revenue will come from it.
At European gas prices (which are what? - just under US$4.00 mcf), this 14 million cubic feet a day would represent a daily revenue of some US$55,000, or over US$1.5 million per month. It sounds even better in Aussie dollars - A$78K and A$2.1 million.
With CPN having a 60% interest in the well their share of this would appear to be a pretty juicy result - shorter well life notwithstanding.
Is this likely? Any gas gurus out there that could give a hand on this one?
gas flow flags solid revenue
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Last
7.7¢ |
Change
-0.003(3.75%) |
Mkt cap ! $7.258M | |||
| Open | High | Low | Value | Volume |
| 7.7¢ | 7.7¢ | 7.7¢ | $1.925K | 25K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 5000 | 7.8¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 8.0¢ | 31384 | 1 |
View Market Depth
| Last trade - 12.07pm 02/05/2024 (20 minute delay) ? |
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Last
7.7¢ |
Change
-0.003 ( 2.53 %) |
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| Open | High | Low | Volume | ||
| 7.7¢ | 7.7¢ | 7.7¢ | 6760 | ||
| Last updated 12.43pm 02/05/2024 ? | |||||
| CPN (ASX) Chart |