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0.3¢ austin exploration limited

Ann: Fifth Eagle Ford horizontal well flowing at 996 BOEPD, page-13

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RPaulson

1,340 Posts.

29

07/11/14

22:43

Post #: 14255861
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Originally posted by vin123 ↑

Lindegas has valid point. I don't know how much company has spent on exploration wells for Birch projects. I would think they probably spent $30-$40million before farm-out. When you spent that much cash for proving reserve or taking initial risk, you expect have fair deal for giving up 70%. Now, company has no control over 5000acres except has a rights to participate maximum 30% work interest. All they received from farmout was $1.8m cash and 30% interest on 3 weeks after initial cost. I know AKK would never drilled 5 wells on its own so quick and needed at at least $50-60m and 2-3 years but you at least expect immediate pay back for initial 3 wells. If they made this deal in the first place, they would have earned at least $5-7m by now. Hope they don't make same mistake and throw away Colorado assets after spending $40m for 3 wells in 2 years.

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You need to back up everything you said with facts, cos it sound like shite to me.

AKK Price at posting: 1.1¢ Sentiment: Buy Disclosure: Held
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