thats right mick
they thought 7bcf, now saying 30bcf
which I have included already in my valuation, as i said, assumes all wells are 100% successful.
then when you factor in all this money is not going to be profit, they have a $1.5mil debt, they have probably already got a $15mil loss from all the money wasted in the chalk play, and that they will probably spend about $15mil running the office doors over next 10 years. Current price is actually fair value.
now they need a big find, and cash.
I want to hear there is still a chance for 2.8mm bbl oil and 118bcf in moeller formation and they are going to drill in the right spot before I get excited again.
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thats right mickthey thought 7bcf, now saying 30bcfwhich I have...
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