With spud date next week and 90 % chance of sucess you would have to think it is ready to run any day now ...
The first three wells are targeting a total of 9.2 BCF of gas and 1.6 MMBO of oil at shallow depths from 5,000 feet to 10,000 feet with over half the targeted potential classified as low risk proven undeveloped reserves (PUD?s)." = 90 % confidence
WHAT ARE PUDs ?
Proved reserves Proved reserves are those reserves claimed to have a reasonable certainty (normally at least 90% confidence) of being recoverable under existing economic and political conditions, with existing technology. Industry specialists refer to this as P90 (i.e. having a 90% certainty of being produced). Proved reserves are also known in the industry as 1P.
Proved reserves are further subdivided into Proved Developed (PD) and Proved Undeveloped (PUD). PD reserves are reserves that can be produced with existing wells and perforations, or from additional reservoirs where minimal additional investment (operating expense) is required.
PUD reserves require additional capital investment (e.g. drilling new wells) to bring the oil to the surface.
GGE Price at posting:
1.2¢ Sentiment: Hold Disclosure: Held
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