Rig Availability: They currently have a deal to use the WSP rig if it works OK. If WSP rig is no good, we are left with an indefinate wait for an alternative rig. WSP now drilling Reids Dome followed by Cherwonda horizontal extension. EBR get the rig after that No news yet on how the rig is performing. Rig delays/uncertainty is part of the reason for EBR's recent selloff imo.
Drilling: EBR fully carried for 37.5% interest in 4 remaining wells of the Pel 182 5 well program Potential resources as follows Sarahlyn-1 P50 9mmbbls Jasmine-1 P50 5mmbbls Michelle-1 P50 5mmbbls Vanessa-1 P50 15Bcf
Cash $4.453mil 31-03-06
At 5c sp EBR's market cap is ~$11.5mil Good potential upside for EBR if the JV can gross 2.5mmbbls+ out the 4 well program + Emily-1(already drilled, awaiting workover).
EBR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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