The two latest wells (Meyers Trust & Harden) are flowing at a combined circa 6 MMCF/d. Do the sums......SEA have cashflow of circa US$1M per quarter from those two wells alone given their equity stakes of avg 28%. The cashflow is building steadily quarter on quarter and the drilling program is ramping up with increasingly bigger equity positions, yet the market is overlooking the stock.
The payback on each well is less than 12 months, with revenue likely to run for a further 10 years albeit at a declining rate. SEA is cleary under-recognised and undervalued.
The two latest wells (Meyers Trust & Harden) are flowing at a...
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