Max Petroleum said as at 31 March 2014 it was estimated the group had 9.5 million barrels of oil equivalent (mmboe) in proved and probable (2P) reserves with an after-tax net present value discounted at 10% (PV10) of $184m.
This is an increase of 11% from 8.6 mmboe as at 30 September 2013, with a PV10 of $140 million, and a decrease of 14% from 10.9 mmboe as at 31 March 2013, with a PV10 of $184m.
The data was compiled by Ryder Scott Company, which estimated the group's total proved, probable and possible (3P) reserves increased 7% to 10.4 mmboe as at 31 March 2014, with a PV10 of $197m, from total 3P reserves of 9.7 mmboe as at 30 September 2013, with a PV10 of $157m.
Yep, longer term the cost cutting will work its magic. It'll just take time.
As far as I'm aware, they've made the first debt repayments or, at least, they haven't RNS'd that they've missed them. Hard to know. Max don't like to be transparent all of (or much of) the time.
Reserves went down after the New Year Horror of a reserves "upgrade" but are now clawing their way back up. I imagine it will be an upwards (ish) trend or at least enough to offset production for now. If that can continue for the next two to three years, then there's value here.
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