Hot off the press tonight (Friday 24/10/08) - the NEO Annual...

Hot off the press tonight (Friday 24/10/08) - the NEO Annual Report.

Have just had a quick glance at the early comments by the Executive Director, Mark Freeman. he is very positive in his comments about the impact that Bullseye is likely to have on Nuenco.

As I thought he is projecting a likely annual income from J#1 of between AU$ 700,000 to AU$ 1,000,000 based on an oil price of $75 per barrel. Not clear whether he means AU$75 or US$75

He quotes possible annual oil totals for NEO of between 9,000 barrels and 13,000 barrels.
I think that the 9,000 barrels (first year?) represents a flow rate of 493.15 bopd from J#1 while the 13,000 barrels (first year?)represents a flow rate of 712 bopd.
Now we know from the latest information that the present flow rate is up around 700 bopd and it has not reached its full potential flow rate by any manner of means.

Right back to reading some more