Hard for a small E&P company to make a guaranteed return, even if we remove the E
The Hilcorp expltn program was touted as 40-50% COS. So far we're at 25% success and around USD20-25m invested.
Bulleit was an Appraisal well. Looks like it will cost around USD26m all up plus any storm delay costs. Whats Bulleit worth now using your recent USD30brl/PDP sale transaction examples ?
F5-ST#1 development well will target the reservoir that F5 missed. Only drilling will reveal if that theory proves correct.
Lightning 3 will target the lower zones that need fraccing to flow at commercial rates. Not without risk either, only drilling will prove it one way or the other.
Talitha/Alaska, 2 commitment wells remaining. Appraisal of the Pipeline State -1 discovery. Still relatively high risk, but at USD2.6m capped per well I think most agree its worth a roll of the dice for the potential upside.
Thats our schedule for the remainder of FY2021. We dont have the cash/cashflow to do anything else.
Its not like we're drilling stepouts in a known accumulation like the Permian.
F5-ST#1, L-3 lower zone, and Talitha could all fail and we go backwards over the next 6 months.
I'm looking forward to MU's strategy too, but expect will still remain a speculative play with no guarantees of a return.
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