Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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More than a fair chance of 6p being a bargain entry point imo... Just need a decent clearly mapped out route forward and a stableish oil price and no issues with numero 6 well and we have a fair chance of multi-bagging...
Furthermore what value should this asset had ....... Lincoln Crestal has been much more successful, flowing good quality light oil at stable rates of up to 9,800 barrels per day.
This well has now been suspended and will be used as a future production well. The company hopes to link the well back to its existing floating production platform in 2020, adding about 20m barrels to its commercial reserves. In turn, this should boost cash generation and provide data for a larger-scale development of the GWA............IS THIS SHARE THE BARGAIN OF THE YEAR AT 6P ?
To what extent has things changed from the expectation in this article, and by how much should it realistically have effected the share price............ In September,2019, oil and gas explorer Hurricane Energy (LSE:HUR) announced its first revenue after recording an operating profit of $1.2m in its half-year results ended June 30 2019 . This was the result of producing first oil on schedule and on budget, which I think is an impressive feat for any oil company.
Operationally, Hurricane is exploring its Rona Ridge assets, west of Shetland. It’s split into the Greater Lancaster Area (GLA) and Greater Warwick area (GWA). GLA produced an average of 14,100 barrels of oil (bbl) per day between June and September and Hurricane has sold over 1.6m bbl to date. The group confirmed it will take at least six months of steady-state production before it can accurately evaluate the validity of its reservoir model.
It’s drilling three wells at GWA in partnership with Spirit Energy and confirmed the presence of light oil, but its ‘Warwick Deep’ well, was abandoned as it did not flow at commercial rates, producing a mixture of drilling brine, water, oil and gas.
As it’s still early days, the usual benchmarks such as price-to-earnings ratio, earnings per share and dividend yield are non-existent, but the Hurricane Energy share price is around 44p and the market cap is £875m. Brokers have put a target share price of 95p on it, for its undeveloped resource potential. It’s reassuring that this first phase has gone well and is exceeding expectations.