If you bought at 3.5c to 5c recently when nobody was showing interest....6c for a trade in your non core holding would be a risk managing, capital preserving bean counting exercise.
This hole has been conservatively announced as a gas discovery, and you would expect 4 to 10 bcf would be the range of lo-hi estimates most here would be number crunching gas wise, and half a mil to 1.5 mil boe, liquid h/c wise.
The co is accurate with it's announcement info, and states east wing 1 is a commercial discovery, so why would we not believe this ?
The rest is estimated best guess and speculation until the API, flow tests, and acreage announcements.
We know there's plenty of h/c (depth wise and ppm wise in the formations, or it could not have been announced as a gas discovery.
SP WISE.
I still reckon 12c to 18c is in the ball park post anns.
I discount the ''what if only gas is discovered'' discussion, and base 12c as a bear market perspective more than relative to the size of the discovery I suspect will be quantified.
I suspect better than 4 bcf and half a mil boe obviously.
Time is nigh upon us anyhow.
EPR Price at posting:
6.0¢ Sentiment: ST Buy Disclosure: Held
