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Thu 23:32 BUYFuller Presentation Report. This Time Next Year 2009 3
Since the previous post about tonights presentation by chairman John McGoldrick was very brief, i thought i'd write a more detailed version that i hope will be a bit more beginner friendly to new investors.
I also hope to focus on the glowing positives rather than an apparent negative.
Although there where 3 presentions, its seemed perfectly clear to me that most people where only there for CAZA, and the room was packed with about 100 mainly top-brass looking investors, including those standing at the back, since almost all seats where taken.
For me the highlights were the following:
PLACEMENT
Raising ?18.9m at 42p was very easy. 23 out of 26 institutions bought in, with several of them being new.
SEMESICS.
McGoldrick couldnt emphasize enough the importance of the 3D sesmics they had.
He mentioned how no oil company in the world- including the big boys- have as fuller sesmics as they have for Texas and Lousiana with a massive 8,000 sq miles covered.
Their drilling targets are based upon a merging of a staggering 15 individual surveys to give a much clearer picture of where to drill.
ARRAN
Spudding is "imminent" on this massive target with no reason to change mid-January, so RNS due any day IMO.
It will take 60 days to TD, then perhaps a month to play around with things before full results.
The target is a "4-way closure" that is geoloically one of the best traps for potential oil you can get.
He stated he would be very dissapointed if it didnt come off, and mentioned how, in Louisiana, very few wells fail and when they suceed, fraccing is very rarely necessary.
SP PROJECTIONS.
After the presentation, McGoldrick was constantly surrounded by people all eagerly firing their questions at him.
When asked about what the SP will be if Arran comes off, he seemed reluctant to guess and simply said "you do the math". But when pushed, however, he pointed out there are various calculations one can do to arrive at a figure.
Based upon the "high estimate" resoure of the independent assessment that he prefers to go by, and based on current prices of oil and gas, youre looking at roughly ?500m/200m shares...
So in the words of the chairman, you do the maths...
Good Luck All.
DYOR
QPN Price at posting:
1.7¢ Sentiment: None Disclosure: Not Held
