Yeah will be interesting to see how the share price copes with that length of wait (which I suspect is a pretty reasonable guess). Again who knows what they will do in relation to pumping this stuff out in the interim. Lead times are likely at least a couple of months for pumps so I think this could stay unloved for at least 2 more months.
That said, (once the fractures are factored into the total pay) it seems like they have discovered another Varadero (11.3B oil in place with ~5% recovery), just in this upper sheet. Given a roughly 6 fold uplift in the net pay interval (we are currently at 1.9B OiP before any uplifts for recent pay increases). Sherritt have been producing from that for quite some time with multiple wells and that field doesn't become uneconomical until ~2060. So ~70 years of total field life.
So we potentially have an onshore field equivalent in size to their existing biggest offshore one, with improvements in tech since 1990 and that is a bad thing...?
FMD!
MAY Price at posting:
7.0¢ Sentiment: Hold Disclosure: Held
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