re: Ann: Investor Presentation - Euroz Securi... stlamc,
their reserve report states net to rfe: 1P of 2.6mmboe (low for this market cap), 2P of 3.5mmboe (very low for this market cap) and 3P of 9.6 (no comment).
The 1p and 2p numbers in my view are not supportive of the market cap and their somewhat messy strategy, again this is just my view.
At the end of this quarter they will likely have around $24m in cash after having spent about $12m for the quarter. They did spend $20m in the previous quarter. In my view they have around 2 more quarters worth of cash, if they dont.
It is all very well to say that 80% of RFE acreage has no reserves attributed to it, this in my view is a worry for RFE and their strategy as it says that ~14,000 acres has only 2p of 3.5mmboe attributed to it, they have clearly not drilled to optimise their reserves. How are RFE going to significantly attribute reserves to the remaining 80% of their acreage?
re: Ann: Investor Presentation - Euroz Securi... stlamc,their...
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