madigan, page-31

Hi All, very quiet thread here. I remember when BRU was almost this quiet 3 or 4 years ago.

Had a chat to CTP the other day to see what was happening with Madigan and the pellinor reef plays. What I understand is that Madigan is already drill ready and the new siesmic is adding new lines over the Pellinor reef area. There has been no drills into these structures so it is very fronter.

Interesting that CTP's 75% share of Madigan was valued at 32cents per share, crazy eh! That would value RAW's 25% share (with 6% the number of shares that CTP has--94M)at $1.28, basically 4 times.

I bought a small amount this week as I like the odds, I think their geo/science team is very good (CTP's).

Since the only seismic that CTP has done this year is Surprise and Pellinor (further east than Madigan) I would expect the next wildcat drill will be in RAW turf, especially if the new siesmic shows great things at Pellinor. I would be excited if they rate Pellinor higher than Madigan, it is also 100% in EP97 whereas Madigan is on the border between EP97 and a 100% CTP lease.

Apparantly all the Seismic runs have been completed and are in the hands of the Geeks who do the analysis.

I must be the only person who bought some this week, thanks to whom sold. But a lot of hurdles yet, as CTP has been known to take sometime to organise drill rigs and RAW is totally reliant on CTP doing the drilling.

I think it is likely that if the Seismic is good/excellent than Magigan/Pellinor may be the first big JV that will create a lot of fun for sleepy RAW. I think this lease might just be in the right spotas it covers nearly 100% of the Pellinor Reefal complex that has "potential " of billions of barrels of oil. Totally different and separate than the BKP and the South Georgina Basin fracking enterprise.

Good luck all

Saltbus