If I could just go on a sidetrack here. No secret that I hold LNR and think of them as probably the best of the ASX pureplay USA shale E&P. Note they are are in the process of delisting from ASX.
LNR just released its Dec 31 Reserves report. I just want to draw the attention to page 2 Table 2 "Changes in Proved Reserves" to the line "Revisions of Previous Estimates"
6.4Mmboe was removed from reserves (approx 25%) due to negative price revisions. All of it in the EFS which does not suffer a price differential anywhere near as large as Bakken producers.
There's a lot more in that report related to F&D costs which helps determine the capital efficiency but its hard to make up those "lost" barrels.
Anyway, I hope SSN provides as useful a Reserves Report.
GFTA.
SSN Price at posting:
0.6¢ Sentiment: None Disclosure: Not Held
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