It's actually a balanced report. A few of key excerpts:
1. "Of significance is the Woody-1 well currently being drilled on the Blue Ridge Dome. The well is being drilled into the deeper Vicksburg Formation, to test a prospect identified on the 3D seismic. Regionally, Vicksburg wells tend to flow at higher rates (100-300bopd). If successful, this prospect may need up to 20 wells to complete the development. News is expected in the coming weeks as to the result of this first well. This deeper prospectivity has the potential to add significant value to MAD if successful"
2. "MAD's quarterly production results are expected to be released in the last week of April. Given the weather in the US and commentary from the company regarding maintenance of current production rather than growth, we are not expecting any production increases. We would expect to see improving success rates and a continued high oil price received".
3. "In our view, MAD remains a high risk investment until the company releases forward plans and meets its targets, but we see value in the underlying assets.
FDM Price at posting:
29.5¢ Sentiment: None Disclosure: Held
