gr, totally agree with you. I am relieved to say that I sold my rights in the recent RRI instead of paying 13cps.
IMO the use of the funds raised from the RRI in the Wombat tight gas play is another uninspirational BPT project and this extract from the latest quarterly:-
"Somerton will acquire from Lakes up to a 5% interest in PRL2 by funding 33.3% of the cost to fracture stimulate and test the Wombat-2 and Boundary Creek-2 wells, at an estimated cost to Somerton of up to $3.33 million"
doesn't require any in depth analysis to work out that it is a very expensive offer. I expected very little in the way of the "deal flow" from BPT and they have not let me down.
I will hang on for the time being in the hope that the other permit interests of SNE can deliver some improvement in the SP. I am particularly interested in the outcome of the studies to evaluate the potential for production of shale gas from the Eumeralla Formation. If the Eumeralla potential turns out to be good maybe we can allow BPT to farmin on similar terms to what SNE has been given on the Wombat/Lakes project?
ANZ
SNE Price at posting:
11.5¢ Sentiment: LT Sell Disclosure: Held
