Production figures for Jan now out.
Third well is now locked in as a producer.
As has already been noted, production has slowed on 1st 2 wells but revenue is coming in very nicely just the same.
And the wells should flow gas for some years to come.
Based on current production, a full month ( of 30 days) will give BUR ~$580K profit which equates to around $7 Mill per annum in AUD from the first 3 wells
It looks highly likely that Marlin 1, the well currently being drilled will be a producer.
This should hopefully more than offset any slow down of gas flows in the others.
And from here, there are a number of wells to be drilled, all in very prospective territory.
So despite the fact that flow rates have slowed in the first 2 wells, based on their drilling success rate todate we can expect the overall net monthly revenues to increase as more wells are drilled.
Cheers
Bendigo
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