Pel 37 on the chopping block, 2400 km 2D seismic acquired via JV Custos, Namcor and Pancontinental Energy NL. Gross estimates, barely 2 bill with >500 mill recoverable. JV seeking a farmin deal. No woodside yet. Impacts of COVID, Share price at .005 or 1/2 cent.
Almost 3 yrs on: 6,653km? 3D seismic Estimates upgrade to 17 billion in ground and 2.5 bill recoverable, (exceeding former in ground estimates.) World class discoveries at our footstep the largest of which, Galp next door @ >10 billion
We hold a share in lease next door and our bold estimates are 12.5 cents if we can hit 1 billion barrels in ground @ 20%
We have means to extend licence thu 2027, worse case undertaking 500km seismic. Potential high quality farmin i.e >20%, Multiple drill campaign free carried. Conditional upon discovery over 2 carried wells would be nice.
Ah yes, Back to share price, roughly and interestingly, around the same value as June 22 Quarterly @ .006 Bargain? God bless
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