re: Ann: Quarterly Activities and Cash Flow R...
Here is my opinion on Bur March quarterly.
Further testing at Ungani 2..
We already know that the oil production is good and they have already stated that Ungani pressure interference data supports at least a 10 million barrel recoverable field. So current share price is plain silly!!
Export from Wyndham cheaper than Perth, but really they should be aiming for Port Hedland, Broome will be to hard with the green rabble.
Testing of Ungani 3 might flow 100 bopd if they are very lucky, acidisation might help if there any Ca2Co3 left in the matrix.
You can also say the same for UN 1, hopefully it maybe be better. Crossing fingers.
Reproccessing the 3D make sense, hence the delay in drilling U4 and horizontal, in my view the horizontal well idea will be abandoned.
As an aside, imagine if the first well drilled on the Ungani field was at the U3 location!!!
Coastal area, worth a well or 2 as near to the sealed road, I don't expect much as there no decent reservoir, there again before U1 the dolomite wasn't know either. Good luck.
New 3D vs drilling cheap wells?
Major issue is getting the heritage clearance to acquire the survey but what is the cost of the 3D, the time cost of delayed drilling?
No major Ungani trend wells to be drilled this year..that not good and is only clearly mentioned in the MD comments
The corporate overhead does appear to be reducing. Yet.
BRU Price at posting:
$1.17 Sentiment: None Disclosure: Not Held
