I did and would prefer your interpretation however they * the 4 wells in production and not the they are averaging 1150 bpd so this has slightly dropped from the July up date.
The perso also suggests that the current field production is 5000 bpd (meaning current wells are at 200 each).
HOWEVER - 5k bod at $70 usd/b is some good revenue.
5000 x 30days x $70 = $10.5M
10.5 x 75% = $7.875M USD/month
Very roughly, assuming with new wells coming on stream we can maintain that over 50% of the year that equates to $40 odd million a year at current prices.
This leads to EPS if ~4cps. If we apply a P/E ratio of 10 that gives us 40c share price. You can all do the numbers for other PE values as you see fit
I don’t like the way the money was raised in fact I was furious. However the response today if 3.7m shares traded shows that there was some good support around 20c. This is encouraging for a move upward over time with some positive news which over the next month is:
• 30 day results
• WF lending facility off the back of increased reserve calculations
•continual drilling rig starting
•60 day confirmation
Let’s see what the short term brings.
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