Several of Meridian’s new high-performance dual-lateral wells, which had been taken off line during the previous quarter for work-overs, were placed back on pump. Production recovery from these wells has been disappointingly slow as water levels drop gradually, with some requiring additional work-overs
If they need to workover holes on a regular basis then the value to an acquirer will be at the lower end. The quality of the field IMO is actually very important.
WCL Price at posting:
30.0¢ Sentiment: None Disclosure: Held