End of first quarter, well I must say cash position not as bad as I thought it would be.
1. Silverwood - 65 bopd very mediocre
2. Bullseye - still kicking but only just
3. Napoleonville - don't talk about it
4. FP, Bowtie, Padre Island - look at them next year
5. Permian Basin - Wolfberry play - very interesting, now we need some interesting partners to develop this one.
Cash in Bank around $3 mill
AUJ cash in Bank just short of $6 mill
Will we see a second Silverwood drill this year, possible but I suspect it will be on hold till VIL/PASS has some cash. Perhaps the partners will carry V/P for a second hole but I would be surprised.
I suspect now that Permian Basin will take centre stage and bypass GGE and VIL/PASS. I expect that some dealing will now be undertaken to farm out this prospect in an express manner, perhaps even a well drilled around Christmas.
My sentiment is hovering between hold - buy depending on partners taken onboard for Texas.
GGP Price at posting:
1.6¢ Sentiment: Hold Disclosure: Held