Hi All,
So the B65 (f2) well has ceased production after producing around 32500 barrels of oil plus gas.
Considering this was a D5 rescued well, I am happy that the drilling of this well has paid for itself and was not a total loss and is still of use to target the B55 , J1, and the main B65 target at reduced cost.
Also, the oil from this small off shoot of B65 (which has been identified as only 3 acres in size) may not have been recovered if the Main B65 target was optimally drilled.
The SM71 operations update of 4/7/2018 has stated;
"To date, 32,466 barrels of oil and 60.9 million cubic feet of gas have
been recovered, without any water, from the B65 Sand in the SM71 F2 well. This data, along with pressure data indicates an estimated trap size of 3 acres, whereas the targeted seismic anomaly size was 175 acres. This provides strong evidence that the B65 Sand intersected by F2 is ISOLATED from the main B65 Sand target area."
Considering the B65 off shoot of 3 acres produced around 32500 Barrels of oil plus gas, and the main target in B65 is 175 acres, we may be sitting on a considerable resource at B65 that can be brought into production at any stage .
My calculation for this target based on the above info is ,
175 acres x 32500 barrels = 5,687,500 barrels.
5,875,000 barrels @ $70 = $398,125,000USD Plus Gas.
Perhaps this will be confirmed when the resource updates are released in September.
Until then both BYE and Oel are looking very undervalued to me.
IMO DYOR
BYE Price at posting:
30.0¢ Sentiment: Hold Disclosure: Held
