Although Wapiti well has a much lower BOEPD equivalent than Caroline,its produces a greater percentage of more valuable light oils as comparedto the Caroline well.
For Gas 5800 cubic feet make up one BOE , But for Light oils its nearer 1 to 1 and light oil fetch much higher pricesthan Gas per BOE.
Original estimate of initial IP60 for Wapiti was ~ 380 BOEPD Oil andgas. In the announcement it was listed as:
140 Barrels of oil per Day and 908 mcf/day which equates to 156.5 BOEPD . 140 + 156=296 BOEPD (note David Deloub probably calculate BOEPD for GAS as mcf/6.0 instead of the 5.8, this would give you 290 BOEPD total as shown in the graph )
Hence 156 BOEPD was Gas and 140 BOPD are light oils.
The wapiti Well initial estimate of investment cost was 50% of the Caroline well but ended costing less.
I agree the BOEPD are below expectations for the smaller Wapiti well, but exceeded expectations for the larger well.
Taking both well together then the weighted average BOEPD production meets the initial expectation of the wells.
The price of oil when SHE announced their intention was around 65 USD, now its around 79 or around 20% higher.
Bringing all the announcements together along with investment hub answers then an estimate is that both well have produced around 1.45 million AUD which is 33% of the 3 million for CERTUS plus 1.5 million for Gryphon which is very close to the initial estimates.
SHE Price at posting:
1.3¢ Sentiment: None Disclosure: Held
