Stratic Energy Share Discussion Threads

[steelwatch] 02/6/2009 22:25

4.99m shares traded over there. Seller cleared, so expect some action here tomorrow when the penny drops.

[orvis] 02/6/2009 21:05

Going some in Toronto today!

[father_paul] 01/6/2009 18:02

Steady buying at C$0.22 this afternoon.

By my own calculation the alpha prospect on Bowmore is worth 10p per share, although the priority is to generate more cash from disposals.

West Don every little helps.

[steelwatch] 01/6/2009 01:58

Back to Bowmore
Published 29.05.2009 12:42:07
by John Bradbury

A new high pressure and high temperature UK North Sea exploration well is due to kick off in the next couple of weeks targeting the Alpha prospect in the Central North Sea which was previously known as Bowmore.

Nippon Oil Exploration and Production UK is operating the well – its first operated well in the North Sea - and the drilling programme is to be outsourced and managed by an Aberdeen-based drilling company.

Drilling is due to commence early June with the Ocean Guardian operating on the 15/24a-J well targeting the Alpha prospect, aiming to test Claymore, Piper and Galley sandstones.

Canadian-based licence partner International Frontier Resources has indicated that the Alpha well will be an HPHT operation, aiming for a total vertical depth subsea of 4,420 m (14,5000 ft) with the drilling programme estimated to take up to 60 days including corning and logging.

Through its wholly owned subsidiary Britcana Energy, IFR is participating with a 10% interest in UK licence P1465 which covers the Central North block 15/24a area. Currently Britcana is seeking to find a partner to participate in the well by taking half of its 10% stake.

Well costs are put at between £27 million, and £30 million, (Can. $48.2 m - $53.5 m), the junior Canadian exploration company has indicated.

"In the event the well is production tested additional costs of approximately GBP £8 million (C$14.3 million) are projected," IFR said. "The 15/24aJ well will appraise the 15/24a4 discovery well that tested 11 MMCF/D and 3,024 barrels of condensate per day," the company added in its Toronto Stock Exchange announcement.

An industry source told Offshore247.com that this is the prospect which previously known as Bowmore.

In its first quarter results statement IFR reported net losses of $104,585 compared with a $202,620 profit in the first quarter 2008. IFR's revenue hit $133,757 in the first quarter this year, compared with $590,920 in the same period last year.

[father_paul] 30/5/2009 20:32

The Ocean Guardian is being mobilised from Bandon on 30th May (?) and then on its way to the Alpha prospect on Crawford.

Nothing yet reported from Serica for Bandon, which was spudded on 11th May, only a 20 day well. It is not being tested.

[steelwatch] 29/5/2009 09:11

SHORT TERM ORDERS

CHARTERER TYPE COMM. AREA SCOPE OF WORK WITHDRAWN
G.D.F. UK AHTS 01.06.09 NSEA R/M JU NOBLE PIET VAN EDE
AGR UK AHTS 30.05.09 NSEA R/M OCEAN GUARDIAN
CONOCOPHIL. N PSV 30.05.09 NSEA SUPPLY DUTIES 14 D F + OPT



(Bowmore rig mobilisation for June spud)

[dia43] 29/5/2009 09:08

bonfin; here;s a useful site for info.

[royaloak] 29/5/2009 08:44

Noticed this is a sets stock now, bought a few weeks ago in canada because at the time the spread was so wide here, I am sure it was an mm stock then?

Anyone clarify that please.

EDIT
Please ignore, i can now see it is still an mm stock......daylight robbery!

[bomfin] 29/5/2009 07:36

Thanks Steelwatch

[steelwatch] 29/5/2009 07:32

Posted by Oiljack on the IV thread:

SE Q1 Results
Bowmore is a go for June.

Syria is a go for the summer of 2009.

West Don has produced as much as 20,000 bopd from just one well.

We will see the light of day yet.....:)

OVERALL PERFORMANCE
Stratic is an international oil and gas business engaged in the appraisal, development and production of its existing petroleum and natural gas discoveries, supplemented by a moderate risk exploration program. Its principal current interests are in the United Kingdom ('UK') and Netherlands sectors of the North Sea, Italy and the Mediterranean area, including Turkey and Syria. Production is currently from the Company's Turkish gas business, supplemented by the West Don oil field in the UK which commenced production in late April 2009. Stratic has undeveloped reserves in the Crawford oil field in the UK, and the Longanesi gas field in Italy.

Stratic's overall business performance at this early stage in its development is best measured in terms of the progress made on its key development projects and its success in exploration and appraisal activity. It is too soon in the industry cycle to judge progress in financial terms, although meaningful measures such as cash flow and earnings will become increasingly important as the Company moves
into the production cycle.

The economic outlook for the oil industry has changed radically during the course of 2008. The year started with North Sea oil prices at $98 a barrel, having already risen by approximately 70% in the previous year, and continued to rise throughout the first half of the 2008, eventually peaking at $147 in early July. This upward trend in oil prices led to an increase in demand which pushed the costs of drilling rigs and other services to near all-time highs and led to a severe shortage of available drilling slots. A standard semi-submersible rig operating in the North Sea throughout 2008 cost in excess of $400,000 a day, with a typical spread of support vessel and services costing another $300,000 a day. This meant that wells were significantly more expensive to drill and that companies were forced to take on rig commitments up to 18 months in advance of drilling, and to accept winter slots in order to meet licence obligations.

The fall in oil prices in the second half of 2008 was dramatic. By late September, coinciding with the collapse of Lehman Brothers, the price had fallen below $100 a barrel, and was entering a period of free fall as the worst effects of the credit crisis were felt in the last quarter of the year. By year end, North Sea crude oil cargoes were changing hands on the spot market at around $35 a barrel and North Sea costs began to fall as companies cut back on activity, albeit with a lag effect as existing higher cost contracts took time to work through the system. Costs for otherwise idle rigs fell substantially – in some cases by over 50% – but few companies had the financial flexibility or the inclination to take advantage. It is too soon to predict the effect on longer term rig rates but most commentators expect them to settle at levels significantly lower than the recent peaks.

Since the end of 2008, the oil price has recovered somewhat, and is currently trading at around $60 a barrel.

The consequences of these events are far reaching for our business which, like most businesses, was not structured for such a major discontinuity in commodity prices and credit markets. Access to capital has become even more important to junior oil companies, with limited availability of bank finance following a number of high profile failures in the North Sea, and equity markets still reeling from significant losses in the sector.

In Stratic's case, these conditions come at a time when investment in its first major project is at its maximum and it is not yet reaping the benefits of full production. Equally important is the uncertainty created by the oil price and economic conditions on the profitability of future projects and the ability of Stratic and its partners to fund these projects. The Company has therefore taken steps to re-structure its business to reduce its capital expenditure outlook and its dependency on external finance. Discretionary exploration and appraisal expenditure has been cut back or deferred, overheads have been trimmed and a disposals program is well advanced. The latter initiative will have two positive effects: it will reduce the forward capital expenditure outlook and generate funds internally that can be re-invested in the business and used to reduce debt levels.
Under this divestment program Stratic may sell its interests in Turkey and Italy and its 10% working interest in the Breagh gas discovery in the North Sea. In addition, as the Company does not currently have sufficient liquidity to meet its expenditure obligations and scheduled debt repayments in mid-2009, it has reached an agreement with its bank syndicate to defer certain near-term debt repayments until later in 2009. It has also reached agreement in principle with the bank syndicate, subject to credit approval, for the provision of additional debt availability in the period before disposal proceeds are expected to be received, provided certain conditions are satisfied.

Progress on Stratic's developments and potential developments has been heavily influenced by the prevailing economic conditions. Despite these challenges, first production on the West Don development was achieved on April 28, 2009, less than 12 months after the project was sanctioned by the UK government, without any significant delays or cost overruns. The operator is now concentrating on completing the second production well and a water injection well to bring production up to a peak of 25,000 bopd later in 2009. At this level, Stratic's net share of production will be some 4,300 bopd, a tenfold increase over average production levels in 2008.

Progress on the Company's other developments has been less dramatic but, in most cases, very positive.

On Crawford in the UK, the main effort in 2008 and 2009 to date consisted of evaluating the results of the successful appraisal well in late 2007, negotiating tariff arrangements with nearby infrastructure owners and preparing the field development plan. This plan, which involves drilling four development wells and a subsea tieback to nearby infrastructure, is nearing completion and will be submitted for approval later in 2009.

The remaining areas to be addressed involve refining cost estimates to reflect the radically changed circumstances in the North Sea, and all partners putting in place development finance for the field. Also in the UK, the Company has recently acquired its partner's 50% share in the Cairngorm discovery and has applied for a licence extension to enable a new appraisal/development drilling campaign to be conducted in a better weather window. This additional Cairngorm interest was acquired in an asset exchange, for consideration of a 15% interest in the Bowmore discovery, leaving Stratic with a retained 15% interest in Bowmore. Preparations to drill the Bowmore discovery are underway, with the well expected to spud in June 2009.

In Italy, agreement on the field development plan for Longanesi has been reached with Eni and applications for the award of the two production concessions for the development of the field have been submitted. These applications will now be considered by the Italian regulatory authorities in a process that is expected to take 12-18 months, as a precursor to development drilling and pipeline construction proposed to commence in 2010, with first gas expected in 2011. This asset is currently being marketed for sale as part of the Company's divestment program.

In the Netherlands, in 2008 the Company decided not to proceed with the long reach well to develop the Horizon West field against a backdrop of rising costs and risks, and is now evaluating a lower risk development scheme involving two conventional wells.

In Turkey, the second phase of gas development in the Company's Black Sea Akcakoca acreage is underway. The scheme involves tying in four existing discoveries to a new platform hub, which in turn will be connected by a short pipeline to the existing offshore infrastructure. First gas from this phase is expected in late 2010. In May 2009, the state posted price of gas was marked down by approximately 25%, which has resulted in a small write-down in the carrying value of the first phase development asset, and will result in lower future revenues from the asset.

Financially, Stratic had a net loss for the quarter ended March 31, 2009 of $6.8 million (March 31, 2008 - $5.1 million). The Company ended the period with cash of $14.4 million (March 31, 2008 – $5.5 million), including restricted cash expected to be used in operations within 12 months, bank debt of $67.5 million (March 31, 2008 – $21.1 million) and convertible notes in aggregate principal amount of $60.3 million (March 31, 2008 – $15.0 million).

In summary, the key performance indicators for Stratic in the balance of 2009 will be the performance of West Don, the success of the asset sales processes, the continued support of the bank syndicate including the availability of additional debt agreed in principle, alongside other operational progress on new appraisal and pre-development assets.

RESULTS OF OPERATIONS

The net loss for the quarter ended March 31, 2009 was $6.8 million compared with $5.1 million for the corresponding period of 2008, the increased loss being mainly attributable to an impairment charge in respect of the Company's Turkey's properties of $0.9 million and increased finance charges due to the higher debt levels in 2009.

Production

Production for the first quarter of 2009 from the gas fields offshore Turkey totalled 129.4 mmscf (2008 - 126.9 mmscf).

Revenues and royalties

Gas sales revenue for the quarter was $1.4 million (2008 - $1.2 million). Gas production is all sold under a long term contract to AKSA, a local gas marketing company, for industrial use in Turkey. The price is based on the state gas pipeline company's posted prices (BOTAS), which in turn are based on the cost of imported supplies to Turkey. For the first quarter the gas price averaged $10.61 per mscf (2008 - $9.29 per mscf). Royalties payable, principally to the Turkish State at a rate of 12.5%, are shown as a deduction from revenue. Royalties increased in the first quarter of 2009, when compared with the same period in 2008, consistent with increased revenues. Interest income was at a similar level to 2008. Total revenue was therefore $1.2 million (2008 - $1.0 million).

Expenses

Operating costs in respect of the gas production in Turkey for the quarter were $0.2 million (2008 -$0.2 million) reflecting the low running costs of the production facilities.

Depletion and depreciation expense was $1.0 million (2008 - $1.7 million), and is principally in respect of the Turkish production, calculated on a unit of production basis. The reduction in the depletion and depreciation charge in 2009 was due to a proved reserve increase in the Turkish assets in the fourth quarter of 2008. The ceiling test carried out at March 31, 2009 indicated the requirement for an impairment in the Turkish asset of $0.9 million, due to a reduction in forecast Turkish gas prices.

The components of general and administrative costs and non-cash stock-option expense are shown in the table below:

Three months ended March 31 2009 / 2008 / $'000 / $'000

General and administrative expense 2,765 2,473
Amounts recovered and amount capitalised (329) (185)
Total general and administrative 2,436 2,288
Stock compensation costs charged over vesting period 738 530

The increase in general and administrative expenses in 2009 is principally due to an increase in advisors fees relating to the Companies financing arrangements.
Stock-based compensation costs were higher in the first quarter 2009 compared with 2008 due to stock options issued in July 2008.

During the quarter ended March 31, 2009 the Company incurred financial charges of $2.7 million compared with $1.4 million for the comparative period in 2008, due principally to the inclusion of interest on the 2013 Convertible Notes issued in April 2008 and higher average levels of bank debt principally due to the development of the West Don field in the UK North Sea. Bank debt increased from $58.5 million at the start of the period to $67.5 million at March 31, 2009.

The net loss for the first quarter was $6.8 million (2008 - $5.1 million). The net loss per share for the quarter was 2 cents (2008 – 2 cents).

Included in other comprehensive loss is a currency translation loss of $4.4 million (2008 - gain $8.6 million) in respect of the Company's Italian operation, which has a euro functional currency, as the euro has weakened against the US dollar in the period.

OPERATIONS UPDATE

United Kingdom sector of the North Sea

First production from West Don (block 211/13b; West Don unit: Stratic 17.25%) was achieved on April 28, 2009. Production is currently from the first well only (WPA) which has produced at gross rates of up to 20,000 bopd. The well is currently being choked back to 10,000 bopd, to enable the gathering of pressure data for reservoir management purposes.

The injection well, WIA, was drilled to a total depth of 11,793 ft measured and the wellhead installed, pending running the completion. The Stena Spey semi-submersible drilling unit is currently drilling the reservoir section of the second producer, WPB. Production is expected to build up to a peak of 25,000 bopd (4,300 bopd net to Stratic) during the third quarter of 2009, once the second production well and the injector are completed and brought on-stream. In the quarter, $8.4 million was expended on West Don, split between drilling and facilities costs. At the end of April the project was 93% complete, with remaining capital expenditures relating to the completion of development drilling operations and to the modifications required at Thistle before tie-in to the Brent export system.

For the Crawford field (Stratic 19.0%), operator Fairfield is on-track for Field Development Plan submission late in the year.

During the first quarter, net expenditure on Breagh drilling was $0.6 million. The operator Sterling Resources continues to work the Breagh discoveries (Stratic 10.0%) towards Field Development Plan submission, the precise timing of which will depend somewhat on the current sales process.

In the first quarter, net $5.8 million was expended on the Cairngorm wells 16/2b-5 and 16/2b-5A. Following the 16/2b-5A well, Stratic has completed an asset exchange with Nippon pursuant to which Stratic has acquired Nippon's 50% interest in both blocks 16/2b and 16/3d in exchange for a 15% interest in the Bowmore licences. Stratic now holds 100% of the 16/2b and 16/3d licences containing the Cairngorm discovery. Stratic is currently seeking an extension to the 16/3d licence prior to firming up future drilling plans.

Nippon is preparing to drill the first commitment well on our Quad 15 acreage, targeted to appraise the Bowmore (Stratic 15%) gas condensate discovery. The Ocean Guardian semi-submersible drilling unit has been contracted to drill this well, which is expected to spud in June 2009. The well is budgeted at a dry hole cost of £29.5 million (approximately equivalent to $6.6 million net to Stratic).

An application has been made to DECC to extend the Quad 210 licence for two years and to change the commitment from a firm well to a drill or drop well. The licence is due to expire in December this year.

Netherlands sector of the North Sea

A review of alternative development options and off-take routes for Horizon West is underway (P8a; Stratic 60% and operator, Horizon West field; post unitisation Stratic 48%, Chevron nominated operator). Initial engineering studies indicate that a development including two horizontal completions may allow the production profile to be accelerated. The project will be reviewed by the partners mid year 2009.

On the F Quad blocks (F14, F16, F17a, F18, L01b, shallow oil horizons only; Stratic 60%), following the interpretation of the 3D seismic data purchased by the partnership, the licences have been extended for a further two year term. Purchase of seismic data and reprocessing is necessary before appraisal drilling can commence in 2010.

Italy

Following the submission of the field development plan for Longanesi (formerly Abbadesse) (Stratic 33.5% pre-development cost share) commercial documentation has been agreed between operator Eni and Stratic, including the Unitisation Agreement and the Unit Operating Agreement and associated documentation.

The next milestone for the Longanesi development will be formal acceptance of the development plan by the Italian authorities, which will allow the submission of the environmental impact study, expected in the coming months.

Turkey

Production from the South Akcakoca phase 1 development of the Akkaya, Ayazli and East Ayazli Fields (Stratic 12.25%) averaged 11.7 mmscf/d during the first quarter (235 boepd net to Stratic).

Production picked up in April to an average of 14.1 mmscf/d (280 boepd net) as a result of opening the chokes on the Ayazli 2A well. Botas gas prices averaged $12.0 per mscf in the first quarter, but have subsequently been marked down in May from $11.2 per mscf to $8.5 per mscf. The reduction in gas price has required a small write down in carrying value of $0.9 million. The phase 2 project for development of the Akcakoca discoveries continues to advance with the project well under way. The initial phase of construction of the production platform has commenced with purchase of materials. Float out and offshore installation, including a pipeline tie-in to the existing export system, is expected in summer 2010 with first gas scheduled for the fourth quarter of 2010.

Syria

On Block XVII (Stratic 35%, operator) plans for the drilling of the Al Tayr 101 well are underway. Tenders for the drilling rig have been evaluated and contract negotiations with Egyptian contractor Amak have commenced. The well is expected to spud in the third quarter of 2009. We have been formally awarded a four month extension to the Production Sharing Contract on the grounds of force majeure. This requires us to spud the well by October 7, 2009.

Morocco

No substantive activity since last report.

Slovenia

No substantive activity since last report.

[bomfin] 29/5/2009 07:26

can't find them. Any chance of pasting them?

[steelwatch] 29/5/2009 07:26

Highlights:

West Don Development

First West Don production commenced on April 28, 2009; first well has produced at gross rates of up to 20,000 bopd - currently choked back to 10,000 bopd in planned program to gather operational data


Water injector well drilled; second producer well to complete development currently being drilled and scheduled to be brought on stream in July 2009


Production expected to build to gross peak of 25,000 bopd (4,300 bopd net Stratic) in third quarter 2009


Project 93% complete as at end April; remaining capex on completion of drilling and tie-in to Brent export system


Appraisal and Pre-Development Assets


Breagh appraisal drilling completed successfully - work continues towards Field Development Plan submission


Bowmore well due to spud in June 2009


Disposal Program


Advancing discussions with bidders as part of the disposal program announced previously (involving some or all of the Company's interests in Italy and Turkey and the Breagh gas discovery in the UK) to raise capital from the portfolio for reinvestment and to reduce debt levels


Financial (all amounts in US dollars)


Gas sales revenues in Turkey of $1.4 million in Q1 (2008: $1.2 million) with production in the quarter of 129.4 mmscf (2008: 126.9 mmscf)


Net loss for quarter of $6.8 million (2008: $5.1 million)

Capital expenditure for the quarter of $16.3 million (2008: $6.7 million), mainly on West Don


Cash and cash equivalents (including restricted cash) of $14.4 million (2008: $5.5 million) at quarter end; bank debt and convertible notes totaling $127.9 million (2008: $36.1 million) at quarter end.


Kevin Watts, Stratic's President and Chief Executive Officer, commented: 'We continue to work on our two key objectives: first, to conclude our disposals program to strengthen our balance sheet and second, to finalise the amendments to our banking arrangements to defer debt repayments and provide additional liquidity over the next few months. Operationally, we look forward to spudding wells on the North Sea Bowmore discovery in June and on our Syrian acreage in the second half of the year, and to the increased flexibility that West Don production and the recent improvement in oil prices should provide over the balance of this year.'

[dia43] 29/5/2009 07:18

interim results out.

[rathkum] 28/5/2009 00:01

Forget cheap oil.

[father_paul] 27/5/2009 10:07

steelwatch
Thanks very much for the link as some good slides in that document and I thought I saw somewhere that the CoS (chance of success) of Bowmore might be 50%.

[steelwatch] 26/5/2009 10:47

Sale of One of North Sea's Largest Undeveloped Gas Fields
by Hamish Rutherford City Correspondent|The Scotsman|Monday, May 25, 2009

A sale of one of the largest undeveloped gas fields in the North Sea is thought to be looming as its owners seek cash to develop assets elsewhere.

Breagh, an undeveloped field in the Southern North Sea, which analysts at Evolution Securities believe has 600 billion cubic feet of recoverable gas reserves, has been placed up for sale by the six explorers which jointly own it. While analysts were reluctant to publicly predict what a sale could lead with asset values falling sharply in recent months, it is thought the sale could be around dollars 1 billion.

The news of the sale comes as Scottish & Southern Energy (SSE) revealed to The Scotsman it is considering taking stakes in gas fields as long-term gas purchase contracts it has in place come to an end.

The Breagh field is owned by six relatively small operators which would struggle to foot the major cost of bringing Breagh into operation, with no infrastructure nearby.

Aberdeen-based firm Faroe Petroleum owns 10% while Sterling Resources, a Calgary-based company with an operations office in Aberdeenshire, has 45%.

Although the field was privately touted for months before being put on the market publicly recently, progress towards a deal is said to be significant.

"It's not a matter of weeks but it's not a matter of many months," one of the advisers on the deal predicted.

While undeveloped gas assets are thought to be the main attraction, Breagh is surrounded by other exploration acreage which could lead to it becoming a major production hub.

Centrica has been rumoured to be in the lead for the field, although one source said this was simply "logical speculation."

Venture Production, the Aberdeen-based company which specialises in developing discovered but undeveloped oil and gas fields, is understood to have looked at buying Breagh -- but analysts believe a sale to Venture is unlikely while it faces the prospect of a takeover by Centrica.

However, Sam Laidlaw, chief executive of Centrica, played down the likelihood of a bid for Venture in an interview published yesterday, while a spokesman for the group has claimed it has numerous "other options".

Gas retailers are increasingly trying to hedge against their exposure to the volatile wholesale gas markets. SSE has several long- term purchase agreements with gas producers to cover some of its requirements for its more than 3,000,000 retail gas customers.

These agreements will start expiring in around 18 months and chief executive Ian Marchant said last week: "We would be extremely reluctant to become an explorer, and reluctant to become an operator, but what we could look at would be taking minority stakes."

(C) 2009 The Scotsman. via ProQuest Information and Learning Company; All Rights Reserved

[steelwatch] 23/5/2009 21:58

Let's hope for something to cheer us.

[father_paul] 23/5/2009 13:20

Doesn't say what happens next after the mobilisation of the Ocean Guardian by DODI (Diamond Offshore drilling Inc)??

[father_paul] 22/5/2009 19:24

Bandon, spuddd on 11th May, is only a 20 day well. It is not being tested.

from SQZ board:

142 minty - 14 May'09 - 11:27 - 1449 of 1459

i still dont understand the fact that Bandon ,if a discovery , wont be tested now but the rig will move on to drill SE's Bowmore almost directly after ( i think Bandon is only about a 20 day well).Is this a cost issue? include .Perhaps they are hoping they cans secure a cheaper rig in the future for testing.

[steelwatch] 22/5/2009 15:35

ifyou - Diamond Offshore's recent Rig Status report has Ocean Guardian "demobilising to the North Sea" on completion of the Bandon drill for Serica. Bowmore was scheduled for June. Hope it hasn't been pulled despite now only 15%.

[ifudrillittheywillcome] 22/5/2009 15:27

I think "first cash" from W. Don is already in the share price They need more news to generate investor interest. Breagh sale --Syria drill date --Bowmore drill date --production from W. Don #2.

There is also some credibility to be re-gained. They are the operators for Cairngorm and Syria. thet need to re-group and ensure that the Syria operation happens soon and goes smoothly.

This management comes from a very big success with an excellent track record. But as an owner of a small entity myself ----I can tell you that expertise and business smarts are important but it's equally important that people running a small operation bring passion and unreserved excitement and enthusiasm to their workplace. Meeting and exceeding objectives won't happen with small companies unless management possesses these behaviors. when I see thinhs like Cairgorm and syria --I wonder if the passion needed to stay on top of things is there.
I wonder if experience is enough in Stratic's case. I wonder if Sir Graham Hearne has any understanding of this

ifu

[steelwatch] 21/5/2009 14:31

Msg 2835 of 2853 at 5/20/2009 12:44:46 AM by
Oiljack
Recs: 5 | Views: 99

Update from Petrofac....first 500,000 bopd tanker sale (gross) set for the end of May. That'll be our first cash...

We will generate about 86,500 bopd in net oil sales. Say at an average cost of $50/bl for Brent discounted for 34 degree API (just a guess)....that would mean, before any deductions...cash sales of $4.325 mm. It is a start. Second production well and water injector due on line within next 2 mos.

[steelwatch] 21/5/2009 14:28

bristo - it seems existing free members can still sign in, but prospective members have to pay. No idea how long free membership will last though.