gas flow flags solid revenue

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?