Bluegoose, it is entirely your right to do as you see fit. Yeager has to be given time to turn the ship around, no arguments. Having said that, on Day 1 Yeager is on the record of saying he would double production and the share price in 12 months. In other words, we should be looking at a sp of 65-70c and production of 2-2.5K bopd by October/Nov 2014. The next 6 months will therefore be significant. An aside, I recently made reference to my analyst contact, who suggested a 15% success rate re drilling of Vicksburg wells. I have read the subsequent posts on this topic. My only comment is that even with a lowly 15% strike rate, this does not mean the drilling program is uneconomic. A vicksburg well that typically produces at a stabilised rate of production of around 200bopd means annual revenue of about $8M. We'll know soon enough if Woodie 1 has been a successful drill.
FDM Price at posting:
26.0¢ Sentiment: None Disclosure: Held
