WGP westralian gas and power limited

1st quarter activities report

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    Something doesn't look right in today's recently released 1st quarter activities report.

    Several recent reports by the company suggested they were producing at minimum 50 barrels per day of oil.

    See below the release on June 7:

    Riddle #7 and #5 Wells: Are completed as producers and were initially producing 30 barrels per day. These wells have been cut back to 5 barrels per day while down hole work is underway.
    Riddle #11 Well: Initially produced in excess of 150 barrels per day and has been cut back to 50 barrels per day to conserve formation pressure and so as not to damage the well bore it self.

    This adds up to at least 60 barrels per day.

    60 barrels per day at $80 US per barrel adds up to nearly $2m for the year or $450 ish for the quarter.

    And we get $9,000 income reported this quarter!!!!!!!!!!!

    While some amount may be outstanding at the end of September I highly doubt that WGP hasn't been paid for 3 months.

    What do others think?
 
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