Initial signs look promising ..... so did G1/G2/G3/G5/F4 and we all know the wells stabilised nowhere near initial promising production.
SM71 did well ... hell yes it did has paid for itself multiple times over .... paid for itself within 12 months if i recall. BYE have been chasing SM71 success and really havnt managed to emulate this SM58 is a poor mans SM58.
Sm71 - $52M total cost - four wells - probably netted the JV >$200M over 6 years
Sm58 - >$100M cost to date excluding current drilling campaign - five wells (G1/2/3/5 E2) netted the JV perhaps ~$70M over 4 years - no where near paying for itself
You fail to mention the sub par wells F4, G2,G3,G5 - selective mentioning like old mate $1 Maynard. Just a FYI the reduction in performance of G2/3/5 more than cover any increase in G1 oil production and E2 averaged less than 600 bopd for the quarter (expect the current rate is significantly below 600 bopd).
Lets see how these wells stabilise in the fullness of time
BYE Price at posting:
9.3¢ Sentiment: None Disclosure: Not Held
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