Ideally they should get a smaller drill rig dedicated for the next 2 years drilling the sh#t out of Amistad, being relatively shallow it can be drilled quickly and cheaply, they could possibly have about 20 production wells in that time. Once we start getting a cashflow with the first few wells it will become self funding for further development.
The oil flows should be good from Amistad as they had good pressure when it was being drilled, with oil coming to the surface.
For the first 10 Amistad development wells, MAY's share should not be more than $15 million.
Then dedicate the current drill for drilling the Alameda and Mari oil zones and any future exploration wells.
IMO we will have more than enough funds to carry out the works.
I am sure we will be getting a good detailed forward production plan soon, after the Zapato outcome.
With the current state of the markets it would have not been a good time to have put a production plan forward over the last few months.
Don't know anything about EMI, was is listed on the ASX?
Ann: Zapato-1ST Drilling Update, page-211
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