say goodbye holding pattern, page-2

Thanks to King Baz on SS for the following:

From the June 2006 quarterly (immediately after Puffin 7 was flow tested).

HIGHLIGHTS

"Evaluation of Puffin-7 as foreshadowed in the March 2006 quarterly report, the June quarter has seen the Company progress to an exciting stage of the development of the Puffin Field.
Based on the drilling and subsequent evaluation of the Puffin-7 well, it appears that Puffin-7 reserves are likely to increase and production flow rates are likely to be between 18,000 to 20,000 bopd. Assays from Puffin-7 have confirmed that the crude oil is of a premium quality and is consistent with Tapis grade crudes."




Yes, 18000 to 20000bopd !!!

Tapis grade (subsequently told oil will achieve premium to Tapis).


Today we were told;


"The Company is pleased to announce that the flow testing of the Puffin-8 well has
now been successfully completed. Final results of the flow test will be announced in
due course. Preliminary results suggest that the well has performed well with the
crude oil characteristics and flow rates similar to that of Puffin-7."


And we know the FPSO is being converted to handle upto 40000bopd


So now lets see. So far NWE have underestimated, reserves, recovery rate, POO and flowrates . . .