Am back on deck this afternoon after a cancelled appointment!
Re: BCC - This is an excellent announcement and in terms of success they do not get much better imo. I have now bought back in!
For those of you that don't quite understand what this announcement has said, let me make the following points of note:-
The Company's 65% owned Pompano #1 Well has successfully been worked over flowing significant commercial gas;
The gas pressure will be increased as the flow log indicates 7 million cubic feet of gas per day which will be sold onto the US (winter market);
The Company is very happy about the longer term prospects of this particular well;
Both the Company and the flow log technicians recommend immediate sale of gas;
The Company is preparing its first drill of a highly prospective 44% owned prospect next month and stated that chances of success are very high;
The Company has repaid its Macquarie Bank credit facility. It has raised $5.32m and now has sufficient funds to develop its portfolio of assets which no dilution to the register;
With imminent sales the Company will be cash positive;
The Company's assets are low risk, low cost, high probability oil & gas properties.
What more can you ask for??? LOL!
As already mentioned above, there is also another drill next month so personally I'm not too worried about the short term sp - this is an outstanding announcement imo so I will be happy to hold short term for the upside.
