Nice post LT but you mucked up the abbreviations a bit. Yes they...

Nice post LT but you mucked up the abbreviations a bit.

Yes they are producing about 36,000 bo per month and sort of breaking even. With the new well they should be producing 72,000 bo per month.

Remember that 36,000 bo per month is 400bopd, which is BAS’s 55% share of the JV total oil production.

I expect at this doubling of the oil production should produce a profit of $1.5m per Quarter. Hey that means that our annual profit will be about the current Market Cap.

Don’t think we will be staying under 1 cent for too long!

Remember we have only tested the TRM 3 strata, we still need to flow test the K sandstone which is also has 5 metre productive oil strata. In the past it has flowed very well so I expect it should flow at over 1,000 bopd. Probably get the results next Wednesday.

We will be limited by the facilities on how fast the wells will be able to flow. A doubling of the current production is all that’s possible.

It is a crazy market with a lot of crazy sellers.

Interesting times ahead, buy up big whilst you can because these prices will soon be history.

Cheers
Saltbus