Very interesting post zzedzz. I was just wondering and starting to think that we are in the right 'forrest' but barking up the wrong 'tree'. Maybe my recent posts may have not been very clear with some details due to the recent lack of sleep.
Zzedzz, I don't think he means the 'Figures' were not important, they are important to him. I think what he was trying to say was, at the time of the 'Discovery' an announcement made to the public informing investors what was found and the details surrounding the discovery and that Yellowbank would go 'On-Line' very quickly due to the nearby infastructure. In other words it was a 'Commercial' find!!. As to the remaining details, I'm sure we will see further announcements regarding Yellowbank Creek-4 for investors to chew over.
I'm a bit confused with your post zzedzz, help me out. He said to me the current Flow rate with Yellowbank Creek-4 is close to 350 BOPD, but the well is still cleaning up, so lets just say 300 BOPD with a size just over 1,000,000 barrels just from Yellowbank Creek-4 Well from a 'Total' estimated size of '5.2 Million Barrels'.
Therefore, there's still and odd 4 Million Barrels to pick up from below. Hence, why mentioned Yellowbank Creek-5 next on the agenda and the thought of working over Yellowbank Creek-2 + 3. Agreed, that flow rate is important which is why he mentioned in the recent announcements that results from Showground Sandstone is a virgin reservoir pressure, meaning 'Original' pressure. As he said to me, good pressure is important and he was very happy with the pressure from YBC-4 which oilers don't normally get.
What I don't understand is OEX makes a find and announce on the 7th Sept 2004 and from what I recall a flow rate of 350 BOPD from Rookwood and their share price rockets from 16c to 51c that day, and the next trading day from 58c to 73c and the day after that 67c to 90c right up to a new record high of $1.07 !!
So, what is the real value of OEX?
Nevertheless, I still believe the sell off in EPE on friday was over the top and with talks of the Dow Jones being bullish and some pull backs in Oil prices caused a panic with the majority of energy stocks being down for the day. This is also clearly seen in the energy index. However, what has suddenly changed in U.S. market to show bullish signs? They still have the same president. I doubt they will see any major improvments to the U.S. economy as seen previously last term in office. Something is bound to happen!!
I expect Oil prices will rally over US$50.00 again.
Cheers, Ace.
EPE Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
