With June13 quarter oil prodn at 4605bopd, and with the first 2 wells producing 800bopd (allegedly, now we're told there are mechanical problems), how else will LNC achieve a reasonable exit rate for CY13, if not by drilling near 10 wells at CP?
Lincs own key performance indicator is 8,000 to 9,000 bopd.
As you point out Barbers Hill is still very important, but there is only 1 rig there now, as 1 was sent to CP.
I expect that the CY13 exit rate oil prodn will be buried deep in next years Annual report, if it's ever mentioned again at all.
Remember this little gem, "Post Quarter the average has increased significantly as a result of the company's Cedar Point drilling program"
This is VERY misleading, imo. Shareholders have not been told otherwise, until yesterday. Once again Peter has embellished the truth and has kept price sensitive information from the market, IMO.
LNC Price at posting:
$1.61 Sentiment: None Disclosure: Not Held
