no SXY drilling, but maybe some CRJ in specie dumping to look forward to which will likely kill any pre drill result run at Covenant Mondo assuming they ever get going, maybe provide a low base high volume av down entry point
should rename 3D Energy for 2014
downtrend, dilution, delays
not many punters share Mr Dorsch positivity about project from comments back in December plus the cash injection that never materialized
"The Company’s in house engineering team has estimated the success case potential of the CMP to be between approximately 7 MMBO rec (downside or low case) and 160 MM BO rec (upside or high case scenario). The Company plans to farm down its acquired interest, receiving a cash injection therefrom, and has been negotiating to that end with a number of interested parties both locally and in the US, with very favourable responses to date. The Company’s view is that the opportunity presented to it is outstanding and completely in line with its business model of investing into exploration projects with high upside potential, an opportunity to get its own free carried interest through farming down and control by securing Operatorship. Commenting on the farmin to the Covenant Mondo Project, the Company’s Managing Director Carl Dorsch said “ The CMP is one of the most outstanding that I have come across in more than 30 years in the oil business and whilst there are risks as in any exploration project, the upside potential that exists presents a rare opportunity for a company of our size. The CMP has all the other attributes required in an investment of this type including a seasoned and reputable promoter, technically genuine “nearology”, the favourable economics of conventional oil-fields over tight oil plays, structural trending, access and a myriad of others including an open and efficient regulatory environment operated on private lands."
TLU Price at posting:
2.3¢ Sentiment: None Disclosure: Held
