Will be interesting to see today if PPP manages to gain any from the latest upgrade to TUI out today. Official upgrade now puts TUI field at 50.1 million barrels. That is nearly double the original estimate they started with back in 2007 at 27.1 mbo. That means that PPP at 10% has a 5 million barrel share. It has just added about 300,000 barrels to its share in the space of just over a week.
NZOG has said today that TUI oil is currently selling for around US$130 a barrel.
TUI is just clocking over 14 million barrels of production today or already. So PPP's share of production to date has to be 1.4 million barrels. If you calculated that at an average of US$96 (1.4 x 96) then you come up with a figure of $134,400,000. Hmmmmmmm - not a bad little income to have to pay tax and royalties on.
PPP Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held