Must admit I've been a bit lazy and didn't know about the two latest BR Interviews. There was some interesting stuff in them which I think is market sensitive information and hence they should of released this to the asx.
Just to clarify the text which talks about the depletion rate dropping to 100-50 bopd, after listening to the radio commentary this relates to barbar Hill and not Cedar Point.
Also if it takes 8 weeks to drill and complete the Cedar Point wells then Well 3 should be completed within the next week if you assume when they announced on 15th July they had just started well 3. I had previously assumed well 3 was a duster but it may not yet be complete which changes things for me.
Barbar Hill depletion rates are horrible but we already knew that. If I'm correct and Cedar Point Well 3 is NOT yet complete then things may not be as bad as I thought.
On that basis I have just bought a small holding and as I type a few more. The short term upside is the Oil price in AUD is currently very high. Possible downside is the full year results which is why I'm not prepared to make a big punt yet.
LNC Price at posting:
$1.55 Sentiment: None Disclosure: Held
