Helper was important to them and last year it looked like providing good cash flow to the business. The only significantly producing wells they had were at helper. They had 5+ wells with more than 1.5mmcf per month that is now 0 on most as they had so many probs.
They essentially lost about 5-10 mmcf per months in production with all the issues. The recent ann of Helper well flowing 1.5mmcf is worthless and a PR stunt because most newly drilled helper wells were this and higher INITIALLY.
that 5-10mmcf permonth lost revenue is about $150K - $500 K per quarter GONE. Its not much compared to potential CC revenue but we could of had stable 5-10mmcf just from helper last year.
Now we are hoping for an ann soon saying CC at 5-10mmcf STABLE. What if CC has problems like helper and we can't get stablised flow rates easily.
Remember these Helper wells are still out of action.
Kooks did management tell you anything about this Helper problem ?
Im only pointing out that last Sep we were at the same stage as we are now. Wells drilled and flowing but they NEVER became stable in fact they ended up with big probs and the market was not informed of this.
I still like the company don't get me wrong but "low risk" development is NOT TRUE. Clearly there have been issues and From the way things are going now it seems as if there may be issues with CC as well otherwise where are our flow rates. Will the company advise whats going on or not tell us of any CC problems as they did with Helper?
MAE Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
