Adriano So far MAD have drilled more than 150 wells. And still they have not worked out where to drill to find ecconomic wells.
I agree their will be some wells that are economic but unless you know where they are before you drill they are worthless.
For almost 2 years now posters like yourself have come and gone and said how my posts are not credible.
But what is not credible. Cant you concieve the concept that MAD's real reserves may be Zero.
So far they have spent 80M on drilling and what do they have. 1500 BOPD and it they dont constantly spend lots on money on workovers and drilling new wells(currently 10M a quarter) then that 1500 BOPD will collapse very quickly to less than 1000 BOPD.
These small wells are like a ponzi scheme. They keep having to pump in 10M every quarter to maintain the charade that they can keep production rising. But eventuall 10M wont be enough to keep production up.
Now I know that their is no chance that MAD would downgrade their reserves to zero even if it were true. The reserves calculation have enough flexibility that they will be able to come up with some reserves but the the downgrade will be significant
FDM Price at posting:
27.5¢ Sentiment: None Disclosure: Not Held
