All very interesting PB was in good form. Here are some of the high points.
1. Texas oil progressing well. Increase in production was not obvious as some wells were taken offline during the period for various reasons including reworks. The ramp up started to happen at the end of the period and will definitely show in next lot of figures.
2. Margins are good and 6000 bbl target still in sight. Very little gas so what is reported is oil which they sell at a premium to WTI. On track for Texas to cover all corporate costs.
3. Wyoming in approvals. Will use gas for EOR in the first instance with no commitment right now to go to GTL.
3. EOR in Wyoming is progressing. There is an uncertain lead time between injection and production which means procution may not come in until early next year.
4. Teresa may go back on the market with better definition although did mention the possibility of a coal spinoff.
5. South Australian drilling for oil continuing. Plan is to sell this asset.
6. Umiat drilling to happen next winter. (That of course is the end of the year start of next year) OOIP in place 1 Bbbl. Looking to get some 1 P numbers from drilling to increase value.
7. Nothing on China
8. Said to have interest from Russia, Turkey, Hungary on UCG
9. Chinchilla left with nothing to prove now. Would like to build something there but not holding breath for approvals.
All I can remember
LNC Price at posting:
93.0¢ Sentiment: ST Buy Disclosure: Not Held
