A chance for share holders to get something back I guess !
I held this one for a while many moons ago in the 20s.
Got out in time with my shirt intact, when northern Gulf started the corporate espionage !
The current cash holding is about $13mil
Inventory at the end of the quarter is about 36k bbls hedged @ $58.5/bbls = $2mil
Total cash is about $15mil at no debts.
Field production is at 6% natural decline to the current 2,126 bopd
The only upside potential is the drilling of Monora-8 to fully appraise the field recoverable reserves.
Both Risco and Northern Gulf are holding about 25% each, and they seem colluding...
Not much chance for any counter bid from Northern at this stage...
