BUR 0.00% 13.5¢ burley minerals ltd

A/A I`m a very large holder too, yet have decided to see what...

  1. 2,805 Posts.
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    A/A I`m a very large holder too, yet have decided to see what Marlin 2 brings. Marlin 1 is bringing in about 20K U.S per day and is still flowing around 10mmcfd. Not bad for a step out well! Thats about 7mill a year, yes it will prob start dropping off, but then with Marlin 2 on board we will have the income back up there again. Once them pipeline issues are sorted, BUR management expect Jet and Rocket to pick up their flow rates. Also YPU-1 they are sure one of the laterals may be blocked and are going to look at getting it back on track. Even this YPU 1 well at it`s low flow rates will pay itself off within 2 years. As we know with these chalk wells, they can flow at low rates for many years!
    BUR management aren`t dumb man, and are dead against even thinking of raising capital in these times. They reckon we have enough cash coming in to fund the drilling programme. Also we have the re-entry coming up which may even be drilled the same time as Marlin 2 depending on rig availability.
    I`m as peeved as you about the share price, but the way I look at is, that the cash flow will have to re-rate the stock soon, and in that time I will have held the stock for over twelve months! When it comes time to sell, Kevin 07 will only be taxing me on 50% of my gains;-)
    Sell if you want mate, but I reckon you should hang in there seeing as you have been in for the long haul. Hey it`s not as if they are drilling dusters is it?
 
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