The news release stated that the vendor would retain its interest in the existing 22 producing wells (as at 1 December 2010).
The reserves news release (8 March 2011) states that there were 15 wells producing (attributable to AUT) at 31.12.10.
So, at least 7 wells were producing in Excelsior.
Page 22 of the Canadian prospectus: oil wells: hold between 320 & 640 acres. So, Excelsior could require 28 - 56 wells to hold (TRRC to go firm on number required).
Page 25 of the prospectus: each producing well proves up 5 other locations on an 80 acre spacing. So, Excelsior could be proved up by 37 wells (or so).
Page 50 of the prospectus: drilling costs budgeted for 2011:
Longhorn : 30 wells
Sugarloaf: 9 wells
Ipanema : 3 wells (would you believe it-they misspelt it)
Excelsior: 18 wells
So, by 31.12.11 Excelsior should be 2/3rds proved up and getting on for 60% held.
The news release stated that the vendor would retain its...
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