quarterly, page-16

Overall
a pretty average report. Just one more quarter where MAD promises highlights and delivers average results.

Still waiting on high impact so still a unknown

Gulf deal completed first 12. No mention of new round of financing. That makes sense. Gulf would surely want to see if decline rates are a issue before recomitting. Interesting that all Gulf wells are on west Scheck. Seems from data supplied by sharks that West Scheck is the only good producing area. Does this have implication's for reserves. How many wells can you drill on West Scheck.

Production up from 606 to 873 BOPD. with 18 new producers that's a expected result. The real issue comes in 3 or 4 months when these new wells decline rapdily. MAD was always going to get a significant jump in production(jan to June 13) once they re-started drilling lots of new wells. The question is still how rapidly will they decline and can they sustain production at a rate of more than 2000 BOPD.

My view is they will not be able to.

The other issue is recompletion. In 3q they had around 40 wells offline. Surely many are now back on line now. So this prompt's me to ask why has production not risen even more.

Given the flow number's shown up from TTRC reports 40,50,60 barrels etc again the question why only increase is 267 BOPD.