It would have been nice to have PV on tap by now. The timing (initial engagement) gives us an insight into the strategic approach. With the steaming success at NSA we could have been producing up or around the 1000bopd mark consistently from the two fields alone. With 2P reserves at 9mmbbl from over 30 wells against a previously producing field it was a surety.
This alone would have underpinned the current share price. Additionally any failure against Vietname could have been mitigated by such production figures and improvements upon it. It clear that NEN was trying to get its ducks lined up ahead of the blue sky stuff.
NEN Price at posting:
31.5¢ Sentiment: Buy Disclosure: Held
