G'day taylors. Re-reading the Adelaide Resources prospectus, they said they were only expecting the Muddy J sands to be between 6m-21m thick. We hit a gross interval of 52m and 7.6m of net gas pay, so I'd be thinking that it will be close to the mid-case scenario. Adelaide had a range from low to mid to high estimates of 50 to 150 to 300 BCF in their independent geologist report. So I'm hoping for somewhere close to 150BCF.
The flow rate will be important. They mentioned that the porosity was fair to good which means that we've got a better reservoir than the Wattenburg field which is tight sands and low flow rates. Hoping for at least 1mmcf/d per well. If we get a result like that you'd have to expect a serious re-rating.
Last trade at 5.8c is bloody pathetic.
FRV Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
