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DADS55

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05/06/19

21:11

Post #: 38928565
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Originally posted by njdesert7: ↑

A few very quick notes from last week's AGM (generated by questions from the audience):

CEO estimated they were pumping between 2800 and 3000 boepd at the time.
They are paying down the WF loan by $0.5M a month (down to $18.5M).
They are considering how best to pay for completion of the final three wells (i.e. debt or cashflow).
They are conducting a review on well performance and there are indications that the performance issue with the most recent wells wasn't just about spacing. These North facing wells hit a fault that impacted/redirected frac fluid and reduced well flows (despite the company having seismic data for the field). This cost the geologist his job (and shareholders money) and I expect a reoccurrence is highly unlikely.
All south facing wells (includes the three to be completed) have good geology and are/will be very economic (generating good cash flow). I take from this that good returns can continue to be delivered from the field and that issues with geology are much less likely in future.
They have identified another acquisition that they believe is a better cash producing prospect then the current acreage and are considering how they may acquire and develop this acreage.

These are my recollections from a week ago so take the above as my interpretation only.

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thanks nj. Good feedback at a time when the sp is getting the crap kicked out of it. Surely the management could filter some positive news through In order to arrest this slide.
FDM Price at posting: 3.6¢ Sentiment: Sell Disclosure: Held
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Amazing, page-9

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