the speculators pick, page-2

from the article:

"The White Eagle project in Kansas is one of their responsibilities, with opportunities for a lot of shallow work-overs including 20 polymer treatments of old wells. The cost is $US70,000 per well. Typically, of six wells so far treated, one had been flowing 16 barrels of oil and 2270 barrels of water a day. After treatment, it is flowing 195 b/d oil and 600 b/d water.

This is a pointer to the larger picture, with Amadeus’ share of production now running close to 2000 b/d of oil equivalent. Despite borrowings against future production of $100m that is intended to pay for development, the conservative book value of its net assets at $79m compares with a bank valuation of $269m.

Amadeus has 185 million shares on issue. After trading as high as $1.40 recently, they tumbled to as low as 95¢ in the shakeout a week or so ago. They are favoured to retest their previous highs."

David Haselhurst, the author has just returned from texas.. this would seem to reveal info not released by the co. The polymer workovers appear to be very significant. as does the 2000bpdoe certainly at the top of any estimates I've seen as far as I can recall.

time for an announcement of a upgrade?. No wonder the buyback's slated for 10 days start.

my opinion only.