summarising through to spud - not far away now

A bit of an update on the what and where to from here. If anyone has further info, keen to see you post, next ann shouldnt be far away now

Spud approximately 2 weeks

If the first drill is successful initial flow rates are expected to be over 200 barrels of oil per day and 1,000 MCF per day. Total drill cost US$800,000.

If the 2nd drill is successful flow rates are again expected to be over 200 barrels of oil per day but 500 MCG per day also. Total drill cost US$700,000


If the 3rd well is successful we can expect over 100 barrels a day additional plus 5,000 MCF per day. Total drill cost US$800,000

Drilling fully funded via $2.7 CR and $1.5 million from macquarie, leaving cash in hand to get to production

Survey expectations summary = 520 bcf of gas; and 4.5 mmbo with over 60 prospects identified. Yes thats 60 prospects.

Total return approx 36% rising to 47.9% through a farm in with Waterloo oil and gas


Craig Ian Burton who has successfully grown small caps such as mirabela nickel has recently come onboard with a 12.7% aquisition getting him onto the top holder list

Some really good site info available from Ya's post and GB0001 Post: 5270834

Good luck all