Thanks. I've spoken to the company and they intend to come out with a much clearer statement, but, they do not have concerns about running costs, which will be significantly improved when the, virtually all nett, income is received from the IOG block plus from their other completed well(s).
50BOD might sound piddling but when it is virtually nett from all wells @ say, US$50pb, that's US$2,500 per day. Not to be sneezed at. Won't drill too many wells but will certainly keep the home fires burning.
Happy to give them a chance to prove that they can do it and, clearly, being able to satisfy a lender's criteria will be THE key to how "big" they get. Let's now see what they get out of the other two wells and the rate of decline from Magellan. Work in progress for mine, but, not to be ignored.
AKK Price at posting:
0.6¢ Sentiment: Hold Disclosure: Held
