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Ann: Apus-1 Drilling Update, page-59

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sideliner

591 Posts.

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20/04/22

13:34

Post #: 60936483
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Originally posted by entropylord: ↑

Agree, and AC can’t control the sp, but he sure as hell has protected it with the much maligned CR, and buy getting Buffalo free carried.

One success (out of three) delivering 40 mmbo, and quite likely 80 after appraisal is in itself great, but being such a step out in the fairway even greater. And we have 30% of it.

We need now to look forward, firstly to seeing the exit of those who were only here for a punt on Apus, and with them the dimwits who needs a pictorial of the risks, them our sp will recover. We’ve got nearly 40% more oil than we had at the start of this year (according to STO), what’s to whinge about.

Appraisal has a good chance to increase that to closer to 80% more, so of course there’s going to be a lot of interest in that well once (and in FID) once this exiting is over. I’d also speculate a lot of interest in the next round of prospects, especially any that get lined up for drilling this coming summer.

As for the last CR, I wasn’t too happy with the way it was conducted, but I can in hindsight see the wisdom of it. There simply wasn’t time between the Pavo result and the Apus result to conduct a shareholder offer. I do however remain suspicious about the sp leading up to it (but doubt the blame for that lies with AC). I can also understand why sophs weren’t prepared to pay anything for Apus.

OK we didn’t get the Apus jackpot, but otherwise all is looking pretty good for CVN imho.

EL

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Care to give your reasoning for this line in your post? "One success (out of three) delivering 40 mmbo, and quite likely 80 after appraisal"

CVN Price at posting: 26.3¢ Sentiment: Hold Disclosure: Held
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0 Great analysis

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