From the 19/06/2019 near term revenues announcement:
• Flax Project contains a 2C Contingent Resource of 9.9 million barrels of oil
• Six wells have historically produced over 180,000 barrels of oil grading 54 API
• AUD price for a barrel of oil grading 54 API currently around A$100 per barrel FOB well head
• Focus on restarting operations using existing six production wells given very low capex and
streamlined timetable option as a result of existing wells and substantial in place
infrastructure
• Enhanced Oil Recovery (EOR) options being considered for second phase development that if
proven may substantially increase recoverable oil
So just for the oil in the ground, discounting our Gas, it’s approx 1.98 million barrels at say 80Au per barrel conservatively its over 150 000 000.
What is attractive is the infrastructure we already have existing at Innamincka this with this announcement = near term life to reality of this announcement.
Management have done a great job here.
From the 19/06/2019 near term revenues announcement: • Flax...
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