Well who woulda thunk it? David Hazelhurst (aka The Speculator) has bought back into GGP. he says he's had some mixed results in the past trading GGP but is very interested in the shale oil/ gas lease in the Permian Basin.
No new news for us holders as we also know the big boys have started buying up leases there agan too. Exciting times ahead.
He quotes a GGP ann which I will quote here too:
"... there is the capacity to drill more than 100 wells at a spacing of 40 acres/well with initial production rates from near neighbours of 136 barrels/day oil and 109,000 cubic feet a day of gas, with variations between wells.
...cash flow resulting six to eight weeks from well completions tracking a 5% exponential yearly decline rate over more than 30 years.
?By acquiring a large working interest with mainly a 75% net revenue interest in the large 8806-acre leasehold, there is significant upside from probable resource recoveries well beyond the reserve study,? the company noted in its earlier study. ?Estimates from existing drilling programs in the region indicate that each 640 acres section (equivalent to one square mile) has the potential to recover up to 1.5 million barrels of oil equivalent.?
:-) :-$
the speculator buys back in to ggp!!
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