PLM did a wonderful summary on SGY's foundamentals, which I have just copied here for all DT's convenience, i know you all cant be bothered to do any research. :) Thanks PLM.
SGY are just about to start drilling a low risk/high impact appraisal well offering recoverable gas potential of 40 BCF with upside of 100BCF...
UPCOMING DRILL
Southeast Lost Hills Project (SGY: 100%, Operator) POTENTIAL VALUE: A$0.28-1.38
SGY currently have 2 wells producing at commercial rates just over 1km from their next drill which is due to spud on Wednesday and is considered as an appraisal well.
3-D seismic coverage across major acreage position of 5,120 acres- large gas prospect located in the San Joaquin Basin, California
Development potential enhanced by excellent gas pricing, low drilling costs, shallow reservoirs, strong local gas demand and existing infrastructure- SGY now owns 100% of gas plant and pipeline infrastructure
OTHER PROJECTS
Maricopa Project (SGY: 50%, Operator) POTENTIAL VALUE: A$0.13-0.15
Low risk oil development project located within the boundaries of one of the largest onshore oil fields in the world (Midway Sunset)- SGY has trebled original acreage position
Existing oil production: Two successful wells drilled; one well currently producing oil and the other shut-in
Numerous low cost and low risk drilling locations identified- potential to significantly enhance current production by drilling low risk wells
Deer Creek Project (SGY: 50%, Operator) POTENTIAL VALUE: A$0.22-0.30
Located on the eastern side of the oil and gas rich San Joaquin Basin, near the southern boundary of Tulare County- Exploration play surrounded by two analogue fields with estimated recoverable oil reserves of 3-6 MMbbls
Silverthread Project (SGY: 18.5-20.0%) POTENTIAL VALUE: A$0.18 plus
Potential low risk oil appraisal and development project- located in the prolific Ventura Basin
A 495 foot oil column discovered in Nesbitt #5 has been confirmed by Schlumberger
SUMMARY
Recent appointment of John Begg as Managing Director is a big endorsement for SGY's project portfolio. He has a proven track record for finding oil & gas i.e. Voyager, Salinas and Arc Energy
Over the coming months SGY will be participating in several high impact wells which could substantially re-rate the company
SGY currently has existing oil and gas production from 2 projects and boasts appraisal opportunities across its portfolio and IMO is one of the most undervalued oil/gas companies on the ASX.
JB
PS: Some of this info may have already been posted on the SGY thread- just back from holiday and getting back into the swing of things
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