Ann: December 2016 Quarterly Report and Appendix 5B, page-5

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ssailor

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01/02/17

08:30

Post #: 22274159
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Originally posted by Rob79 ↑

Mikey, it is always good to see the 5B and get an update. I've been watching the prodn so whilst my NRI calc was higher the trend on the FB wells was close which was positive. Challenge in this report is the numbers (costs/receipts) include almost a month of the NS so overall not sure looking forward how to take much from the numbers. Prodn spend looked high but that could be cash timing and the 10Q will probably give a better idea. The hedging loss detracts from results so something to keep an eye on.

The note on planning for 2 drills in spring adds a possible future step change whilst the ongoing reworks imo should protect any decline or smaller increase in prodn.

Value wise for now I think we look about right and will need some more detail on the finances, overall I think the mgt have the experience to extract value and the oil price staying at these levels will probable keep under the radar whilst they keep sorting things out.

Another observation is there are so many wells but small producers now and it makes it a little hard to analyse with confidence and this could also pop surprises in the next qtr when the weather clears.

All above are some rough initial thoughts only
Cheers & GLTA

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From the uneducated ,when hedging at from memory low forties
runs out (when?) doesnt it give the numbers a big spike?

SSN Price at posting: 0.5¢ Sentiment: Buy Disclosure: Held
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0 Great analysis

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