egilabria 2 & 4 success would be huge

""Egilabria 2 & 4 success would be huge""

it's hard to describe what would happen if both wells came in with results equalling "excellent, above expectations"

putting it in round figures. the company has approx. 300MM shares & options about 100MM options (90MM trade able options)

current share price 34.5cents.

getting back to the above "it's hard to describe what would happen if both wells came in with results
equalling "excellent, above expectations"

I wouldn't be surprised if we saw a market cap above $300MM, especially if we have some oil (be it condensate or what ever).

2015~2016..??? multi billion dollar company.

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The Directors of Armour Energy Ltd (ASX: AJQ) wish to advise that the drilling rig has moved from Egilabria 2 to its new location. The Egilabria 4 well, in the Company’s 100% owned ATP 1087 in Queensland, was spudded on Saturday, 24 August 2013. The well is located as shown in Figure 1.
The Egilabria 4 vertical well will be drilled to a planned depth of 1,800 m targeting multiple plays? the Lawn and Riversleigh Shales as well as the basal Jurassic sands of the Carpentaria Basin (Figure 2). The Lawn Supersequence in ATP 1087 was previously assessed by the Company’s independent geological consultant (MBA Petroleum Consultants) to host Mean Prospective Resources of 22.5 TCF of gas.
No resource assessment has been completed for the Riversleigh Shale, potentially adding significant upside to the prospectivity of ATP 1087. The upcoming Egilabria 4 drilling results combined with the airborne geophysical survey results (Figure 3), and the gas shows at the 1990s Comalco Argyle Creek 1 and Desert Creek 1 wells (Figure 4) in the Riversleigh Shale will amass a data set targeting a Prospective Resource Area up to 18 TCF of contained gas, based on the Company’s previously announced in-house review of ATP 1087

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