seems a bit incorrect to not include royalties as a cost when working out the IRR of the wells .
Apart from the royalties not included as a cost , (is the Govt not charging them (I doubt it )) They really need to show a more in depth look at their costs to justify the 7 month payback of a $500K well cost using a 98 BOPD IP .
Plenty of potential but personally I feel the per well cost of US $500K is still too high .
Ann: Chairman & CEO AGM Address, page-2
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