Wells cost $1.6 - $2m total with a max of $800k per well. Revenues will be up to 4-5 mil per quarter with 20% of that for production costs. Should give us 2 - 2.5 mil per Q left for drilling which is 3 wells. No cost allowance for production facility upgrades etc.
Oil price goes up and the economic stuff gets better.
I am hoping for a 3-4 well program coming up after 3d seismic work done at years end.
ITC Price at posting:
5.7¢ Sentiment: Buy Disclosure: Held