at 3.075p. Bet my bottom dollar this opens up tomorrow. Wouldn't surprise me to see a quick drop to flush out the weak and then will continue its rise to see its fair value. Be great to consolidate around the 3.5p mark before flow rates and CPR
daka - just to put that in to perspective, as we know we drilled 8 out of the proposed 30 wells last year. At the beginning of this year another 7 were planned to be drilled in 2015. After that we were potentially looking at all of 2016 and most of 2017 for the remaining 15 to be drilled with al 30 producing towards the back end of 2017.
Now let's roll the clock on to Mid May. We are now looking to drill 12 wells this year from Pads 4, 5 & and 6. We wil have Pad 7 to drill another 5 in Jan / Feb at the latest in 2016 and the last of the 30 wells drilled from Pad 8 before Easter next year.
In addition to this we have applied to drill another 30 wells on top of that which will start in Spring 2016. With the drilling time reduced to 15 to 20 days pr well, we could possibly have all 60 producing by the original timescale of end 2017. If another Rig is brought on to Goudron, it could be a lot quicker than that.
Let's also remember every well drilled now if $500k less than budgeted for and the 1st 30 are all fully funded. I won't put all the numbers on this post but is is now looking as though the 6+24 months swap payments can be easily paid at WTI $60+ and the 2nd set of 30 wells would be funded from the 1st 30 wells without the need to draw the remaining $13.22m from BNP.
Oh and how big could Goudron be after that, especially with W/F. We should soon know when we see the CPR and Field Development Plan.
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