new presentation
The quarterly report may not be as flash as hoped. Today's presentation shows a further drop in prdn for the Mar Q. My reading of the bar chart is approx 180 kbo for the Mar Q, and a forecast looking about 260 kbo for the June Q. This would give 830 kbo for the full year.
With last year 832 kbo, generally conservative forecasting, plenty of new oil ready to flow, incentives no doubt partly requiring record production, I'd have thought 840 kbo was now a reasonable low end estimate.
By my guestimates, looks like they still have a bit of drilling to do, to firm up record reserves for year end(June 04 was 3.4 mmbo), but must be close assuming Harpoono and Toporoa each add approx 300 kbo? Rimfire, Revenue and Dalray still to go.
With only 96kbo hedged at 1 July, reserves should be worth A$30/bbl, about matching current capitalisation. Exploration and hard working successful team for free.
Entropylord
STU Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
