Spearfish update 17 nov: Second para.Not say if it is to conserve cash.......More likely the reserves update for the upcoming IPO needed Imo. Drilling programme to resume early 2011: Molopo expects to resume development drilling early in 2011. Molopo has revised its original plan which was to continue drilling new wells throughout November and December.
The current pause will allow the Company to properly apply knowledge gained from the most recent drilling programme to optimise well productivity in the next stage of development.
As a consequence, the Company has revised its estimated range of peak 2010 production to 1,400 - 1,550 bbls/d. This revised range of peak 2010 production assumes that all wells already drilled are successfully completed and placed on production.
MPO Price at posting:
$1.03 Sentiment: Hold Disclosure: Held
