For anyone with an open mind, you might want to read the following.
From 10th May weekly report
"Live Oak No. 2 has been in production for over sixteen (16) days. Gas production has been
measured for five (5) days with an average GOR of 2,412 SCF/BO. The GOR has been trending
upward during the time of gas metering and is currently in excess of 3,000 SCF/BO. Using the
average GOR of 2,412 SCF/BO to estimate the previous, unmeasured gas production and
accounting for the liquids rich 1.4 MMBTU/MCF gas, the Live Oak No. 2 has achieved a 16-day
IP rate of 289 BOEPD."
That gives total boe production of 4624 (16*289)during the 16 days
The AGM presentation for the Live Oak No 2 well, on slide 15 gives a maximum 24 hour IP rate of 687 boe.
On the same slide the 20 day IP rate is put at 394 boed, which is total production of 7880 boe (20*394) during the 20 days.
That means over the 4 days in between production totalled 3256 boe (7880 - 4624). Which is an average of 814 boed (3256/4), which is a higher production rate than the max IP listed for the well.
It also gives a 10 day IP rate of 495 boe (which works out at 4950 boe's [10*495].
Which is more than was produced in the 16 days!!
The company has had several days to correct any errors on the data, it put into the public domain but has not done so.
The data on the other wells maybe suspect as well, as production goes down then up.
Who knows which parts of the data are right and which are wrong?
That's why the company currently lacks any credibility.
LOTM
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