edwards reef prospect

RBS Morgans have released a research note on MAD this morning suggesting the current shareprice weakness is a buying opportunity. They point out that four rigs are now operating on MAD acreage, and the high impact drilling is set to begin in the next 7-10 days, with results expected 3-4 weeks after drilling begins.


One of the early targets to be drilled in the short term will be the Edwards Reef location. Although it is a wildcat exploration well, the proximity to the Thrall oilfield, plus the encouraging seismic data make this a high impact prospect. RBSM say "If successful the formation may be extensive". The Edwards Reef has the potential to add significant further value for MAD's already large asset base.