I recently held grko which has a stake in this backreef... I felt that after listening to OBL CEO Neil Doyle speak at the 20:20 series I decided to sell out...
The trading halt infers the company has found something worthy to call for a halt... so I see this as quite positive...
and there could be abit of hype around the find...so be careful...
Doyle suggests that flow rates will be low (around 50 BOPD) and that In production the oil will be stuck in the stem of the well and needs a pump to bring it to surface...the oil will be stuck in the pipeline, there is no drive in this formation... backreef is also about derisking other targets in the region...
This could do anything on the upside... with the small market caps, and the Canning basin... I will be watching very closely next week...
.^sc
trading halt in pre open, page-34
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