Using $3per Gj for gas and $80 POO 1mmcf = $3,000 = 37.5bbls (be careful with other BOE's / they're usually based on volume/which is irrelevant)
So on the 21/12 they perforated to clean the well out and got 2.4mmcf and 191 bbls TOTAL = 281bbls They announced they had 3 zones with 37m net pay They announced that they only perforated one of the zones with 6.2m of net pay (of the total 37m)
So today: They announce the middle zone has been tested getting 3.3mmcf and 290 bbls TOTAL = 414bbls But they didn't indicate if this is the same zone.
The eventual aim should be to get at least 1,000bbls. IMO - this is a pass mark for a good well 414bbls from one of three sections is on the way.
If I were holding I would find out the details of the three zones. This would help value these flow rates so far.
Good luck to holders
Disclosure: close observer of Peter Landua (hold CCC)
RRS Price at posting:
6.4¢ Sentiment: Hold Disclosure: Not Held