more wells at florence, page-9

... and another two pending drilling permits for Florence - seems they will have a bussy winter ...

The current application for drilling permit queue:

1. Pike 34-32 VP, proposed TD 3,500 feet, Pierre Fmt.
2. Redfish 41-3 HP, proposed TD 6,244 feet Pierre Fmt.
3. Flathaed 34-20 VP, proposed TD 3,500, Pierre
4. Adriatic 32-4 VP, proposed TD 3,130, Pierre
5. Cindy K 23-29VP, proposed TD 3,666, Pierre
6. Hammerhead 41-3VP, proposed TD 3,020, Pierre
7. LAKE 22-32 HP, proposed TD 5,277, Pierre
8. BROOK 11-10 HN, proposed TD 5,011, Niobrara Fmt.

Initial combined production of the first three succesfull wells at Florence is about 127 bbopd. COI has currently a 27.2% equity in CRR, so we currently have about 35 bblpd net to COI which are worth US$52,500 per month or annualised about US$630,000.

COI should be free carried for all the upcoming wells. More success at Florence should provide a resilient base for the difficult year ahead (which imho will effect on all the small oilers).

... and a CSM deal for the Galilee permits could boost the SP (in particular the granting of ATP743 is pending).