re: check out this report ...flatchat flatchat...I have been...

re: check out this report ...flatchat flatchat...

I have been waiting on these numbers...thanks for the heads up.

Seems there is good and bad news.

Firstly the good news...

Maclean-1 ...96mmbls recoverable (P50)
Gilbert-1 ...56mmbls recoverable (P50)

In their report, EBR have attributed a "success" value to their shares as follows...

Maclean-1 (EBR 25%)... $4.13/share
Gilbert-1 (EBR 10%)... $0.96/share

Using these figures and applying to MOG's exposure and share structure, we get the following...

Maclean-1 (MOG 35%)... $15.52/share
Gilbert-1 (MOG 10%)... $2.58/share

These are amazing numbers...LOL...not seriously possible in my opinion, but at least they give an indication of the sorts of values represented by these two prospects.

Now the bad news...

The downside from EBR's report is that drilling appears to have been delayed yet again...now October!

Recent reports were putting a spud date for Gilbert-1 somewhere in early September...with Maclean-1 immediately after that.

With the rights issue underway, this might mean a little patience may result in picking up some MOG a little cheaper.

I had been relying on the imminent drilling of Gilbert-1 to help generate buying interest in both the shares and rights leading up to the conversion date.

With the delay in Gilbert-1 pushing drilling out to October, this buying interest may not eventuate now until after the rights have been converted.

All good news, but just a little more patience required.

Cheers!

Cheers!