For those not watching PANR the latest well was a dud but it appears as though as a result of this the focus is moving back to where previous drilling has taken place namely next cab off the rank will be a commercial test well within the previously described Talitha Unit - in short OEL will pay 0% but receive 0.5% of any income generated for this well - should the well be a success this likely wont be material cashflow for OEL ($300/day assuming 1000bopd initial production @ $60 oil) - however should this be a success and prove commerciality and PANR drill another couple of hundred wells in the field (would take decades) this could be serious income for OEL going forward.
OEL Price at posting:
0.5¢ Sentiment: Buy Disclosure: Held
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