Ann: Atzam Oil Project Update , page-17

More delay!!
Not un-expected from this mob, they tend to take 3 times as long to get anything done in Guatemala and in downtown Perth.

The ann as vague as ever! They must have sold more than 1500 bbls since the last ann
-"Total sales exceeding of 9,000 barrels completed during August and September"

and now over 13000 bbls sold which gives approx 400bbls which is the correct production rate for 140 BOPD in a month.

Just a guess but I worked out the Av $ to be $62.5 per bbl based on the first lot of sales @ $65

13000 x 62.5 = $812,000 net back profit.
Which would also give 3mil a year at current flow rate.

Brett did reply to an email i sent a few weeks ago stating they can sell as much oil to perenco as they produce until the long term contract is completed so i'm not to concerned there.

Not sure what "exceeds 13000 bbls"?? means and we should find out sales figures with the quarterly later this week.

I'm still not buying the Range takeover theory they could have had CTR for under 5mil back in July if they played hardball and it had a lot less shares on issue back then. It doesn't make sense to wait for the 20mil+ MC to take over and also have to deal with millions of oppies as well?


But yes you should get out and sell to me a 1.3c.

Not happy with the delays but hanging in there, this should start getting interesting soon......next week or the week after or the week after.......

GLTA
Bring on the Melbourne cup - the odds are better then the ASX