Re: 14 feet of UNE sand with overpressurized gas
Well, 142 feet of pay in a foothills well is better than no pay in a foothills well. Still they have to test the 6 zones that could be oil. It is one step away from being an conomic wll, but that will be clear maybe end of August.
And they will at least learn a thing or two about the geolgy by testing the UNE formation. And then they move on to the second foothills site.
They also have shot more 3 seismic based on preliminary results of the Bromelia well.
And they hope to start by July drilling a second structure in Peru (Shesea) that is targeting a structure with potential for 100 million. That would be nice.
And who knows, maybe a heavy oil developent plan with a predictable ramp of production will be developed at some point.
meanwhile tehy added another Corcel well with > 2000 bopd initial production and are drilling enough other "Corcel type structures" and other developemnt syuffthat they can get production back up to high 30k range.
Seems there is plenty going on to make it an attractive buy at this price point.