Page 4 of the May presentation lists current production at 220 BOED.
I am having a lot of trouble accepting this.
At best it is conservative reporting, trying not to overstate production.
At worst it is lazy reporting.
ETU #15 and #14-5 are documented as 50 BOED and 90 BOED respectively and the rest of the 220 is from their older reworked wells.
Ludwig #1, which was producing around 100 BOED net to AOK, has disappeared from the presentation (refer 11th April 2012).
But its still technically in production testing so lets be conservative and say its nothing.
Adams #1 went into production testing in March (refer 6th March). Lets be conservative here. Lets not even speak of it. Investors may get overexcited. Best we call it nothing.
Balder #1 Horizontal is now producing in excess of 1000 BOED.
AOK has either 13.75, 12.25, 9.5, 13.73, 11.15, 13.73, 14.15 percent interest in the well depending on which announcement you read.
I don't know what percentage to take.
I think its probably in the range of 120 BOED but lets be conservative and call it NOTHING !
When does conservative reporting become misleading ?
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