Does anyone know how the reserves of Bobocu went from the two initial reports of:
35.3Bcf (10 Aug 2007) http://www.zetapetroleum.com/Pages/NewsView.aspx?NewsID=46
to a smaller 31.5Bcf (19 Dec 2007) http://www.zetapetroleum.com/Pages/NewsView.aspx?NewsID=63
And we are being told in the KEY release that the reserves are **up** to up 58Bcf!!
Well 1 solitary bcf still qualifies as being **up** to 58bcf!
And this after a 2008 preso admitting limited data: "Challenges of evaluating a mature field with limited data : Bobocu case study." http://www.zetapetroleum.com/Pages/NewsView.aspx?NewsID=70
Now they have done a 3d survey, but I cannot find an announcement where they have upgraded the reserves.
** Up to? ** So what are we getting here then? A $34 million dollar suck it and see dilution for who knows how much gas there might be that we maybe cannot extract due to sand inflow??!
Are the same people who advised on the UK acquisition advising here?? I hope not!
KEY Price at posting:
3.0¢ Sentiment: None Disclosure: Held