A good summary provided today on prospects from Next Oil Rush. Worth doing some research. Very small MC and small number os shares on issue, cash in the bank and some cashflow from production:
In the Coming Days, this $8M Capped ASX Stock is Spudding a Well in an Oil Hot Spot In the Coming Days, this $8M Capped ASX Stock is Spudding a Well in an Oil Hot Spot
......"In the Coming Days, this $8M Capped ASX Stock is Spudding a Well in an Oil Hot Spot
The well is within the company’s South Block A PSC (40.7% net to this company), will be drilled to a depth of 530m, and will target sandstone reservoirs which have delivered over 600 mmbbl of oil, 2.2 tcf of gas, and 50 mmbbl condensate in close proximity.
Keep in mind that as this pre-1930 oil field produced from shallow depths, so there is a relatively high chance of striking commercial oil and there is every likelihood that hydrocarbons will be present in deeper undrilled sands as well.
Beyond the well to be drilled in the coming days, the company is also set to drill again in 2017, at Jerneh – which could prove to be a blockbuster gas deposit.
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