re: Ann: Acrasia 5 Development Well - Progres...
Hi Jazzapat I've gotta agree with your comments calling for a re-rating of sp to pre GFC, say in the mid 70s to mid 80s cents range. I snaffled a few more yesterday at 58c in anticipation of more success in one of these deeper target zones and am pleased to see it was success from another secondary target [Poolowanna Formation] and we still have the primary targets of the Tinchoo Formation and Hutton Sandstone to come in the final 240met to be drilled, then tested, and then test results should be released next week. I have high hopes for the Hutton but must not be too expectant or confident. My sums regards the total so far for STU are a bit different to yours but end up with approx the same figure. STU have 75% and Mawson 25% [wholly owned by Beach Energy] and my Poolowanna Test reckoning is 38bbls X 24hrs = 912bbls/day; 75% of this is 684bbls + 333bbls [Birkhead test] = 1017bbls/day so far for STU from the two tests. Please Jazzapat don't mention these facts to the general public: 1/ Acrasia field is in a mature oilfield [Cooper Basin] with infrastructure nearby. 2/ it is onshore,[no seawater in the mix] and 3/ it is all oil [no water] and pushing against a 1/2" choke with flow pressure at 57psi 4/ and keep quiet about the stu PE Ratio of 5.9 which came despite no drilling activity in the first half of 2010 due to massive cooper basin flooding. 5/ and the 3.4% full franked divvy 6/ and whatever you do Jazza don't tell anyone about the upcoming Port Bonython diesel distribution plant.
STU Price at posting:
62.5¢ Sentiment: LT Buy Disclosure: Held
