ggp has turned the corner - onwards and upward, page-22

Morning everyone, WA time.

Entertaining thread to read with the optimistics vs pessimistics.

One must ask themselves in what side of the fence they sit with this one and why.?? My view is the optimistics believe in the current developments that are happening with the fundamentals of the PB leases and the pessimistics are very anti management because of their losses in preceeding events. My view only.

Whatever the reason doesn't change what GGP have in their leases and the big question is and it doesn't matter what side of the fence you sit on, is the amount of revenue GGP can produce to retain the rest of the leases on a CDP and move forward from its current position.

Last production report is somewhat of a mystery as cmonaussie pointed out and I feel he is right and does not tell the true story. Wells 1 and 4 are showing the exact same production for the fortnight and as also wells 2 and 3 do show the same for the period. 1&4 both 22.1/day and 2&3 are showing 19.7/day equivalent. Impossible, has to be a mistake but no clarification yet from the company.

With these figures as they are with the 4 Pb wells, Bowtie and Duglas Le Blanc well farmin, a total of 119 nearly bs/day.

119bs x 30 days = 3570/mth x $90 = $321,300/mth revenue.
Royalties 25% brings this back to $240,975 but maintenance, operating fees office etc among a few still needs to come off. Say if 200,000 was left its not bad but not real good considering of net revenue and a lot more is needed to keep the CDP in place to keep the rest of the PB leases.

Maybe SRH#5 might come to the rescue and add heaps to these figures but is too far off yet to tell. The proposed #6 supposed to be spudding this weekend but a vert only in same area as wells 1-4 are so can it be better than them.???

SRH#5 is still cleaning up its frac fluid and will for a while yet before full production comes to hand. So far 474bs for the period and 911bls for MAY monthly of oil produced, say an average of 30bs/day recovered but a long way to go to the 400-600 we somewhat expect for a hori. Will it be achieved.???? More shut ins, more changes as they tweak this well before total initial production after the well cleans up properly.??? Another 1-2 mths before we will have a real idea of what it can give in the way of revenue.

Still a lot of unanswered questions, as well as the one of being on the bones their a###s, where did the money come from approx. $1.5m to drill #6 as we are told its paid upfront.?????

Hensarling #1 too is a discrepancy for whats its worth in GGPs 3.99% WI. Production report says 3-4 mths and the main ann says 3-6 mths for production facility to be assembled and tied into the well for completion time. interval Cris 111 flowed 317 bls about 12 bls to GGP share of the well from testing IP.

AS much as I like the PB assets and its potential, I still need to sit on the fence with this one as more data needs to be collected in which direction its heading and certain questions need to be explained better.