Production figures for Jan now out.
Third well is now locked in as a producer.
As has already been noted, production has slowed on 1st 2 wells but revenue is coming in very nicely just the same.
And the wells should flow gas for some years to come.
Based on current production, a full month ( of 30 days) will give BUR ~$580K profit which equates to around $7 Mill per annum in AUD from the first 3 wells
It looks highly likely that Marlin 1, the well currently being drilled will be a producer.
This should hopefully more than offset any slow down of gas flows in the others.
And from here, there are a number of wells to be drilled, all in very prospective territory.
So despite the fact that flow rates have slowed in the first 2 wells, based on their drilling success rate todate we can expect the overall net monthly revenues to increase as more wells are drilled.
Cheers
Bendigo
Production figures for Jan now out.Third well is now locked in...
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Mkt cap ! $6.445M | |||
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