EBR has work positioned in Bass Strait. Four years ago Wyllie funded the first well, Northright 1 (MOBY 1). OVM/Esso recorded some $6m worth of 3D seismic over EBR’s Northright 1 well. The seismic came at NO COST to EBR since it adjoined Esso ground. Then the recent oil price surge began and, as the EBR managing director said: “We were almost killed in the rush by parties anxious to drill wells for us.”
EBR will reduce its equity in Northright 1 to 25%. Moby now has 35% and Bass Strait Oil 40%. EBR will be FREE carried through the drilling of the Moby 1 well for the first $5.75m.
The fun stuff.... Drilling to commence in late September. The Moby prospect has potential reserves of 24 million barrels of oil and 28 billion cubic feet of gas.
Such a discovery, based on an in-ground value of $5/barrel for oil and 50¢/bcf of gas, would represent $85m in value to EBR or seven SEVEN TIMES ITS CURRENT SHARE PRICE.
Yeah I know...that is based on EVERYTHING going well!
Hmm interesting times.... Im just going to hang in there til End of Sept.. Mid Oct to see what happens!!
Current share price is 9.8c
Personally...im all happy if the stock hits around 15-20c on a positive note...i dunno bout the 7 times (giving it a price of over 50c)
*** I hold $5,000 @ 9.2c ***
Hope this is of assistance INSIDER
PS. As always..please seek financial advice etc etc prior to investing
EBR Price at posting:
0.0¢ Sentiment: ST Buy Disclosure: Held
