Wow. Thank's Paul & Roberto for the updates. Paul...now I know why you picked 'notes' as a nickname :)
Bruner certainly said a lot of things that we wanted to hear. But obviously, that's to be expected. Of course a lot of things, even if true, can sound good on the surface, but don't always stand up to scrutiny. Like this, for example:
"MAB said that they believe from their seismic and drilling to date that these areas could flow 300 to 400 barrels a day from the type of horizontal wells that are being drilled every day in the Bakken."
He certainly has evidence to back that up. From a Petrohunter news release:
"In 2008, the Company engaged NuTech Energy Alliance to further analyze the logs from the Well, and to run a shale model, using recent North American oil productive fractured shale analogs. The preliminary results of the NuTech analysis for shales at approximately 3,000-foot depth indicate an estimated initial production rate of several hundred barrels a day (assuming a horizontal well), and a 3-year recovery of 70,000 barrels per well."
Sounds good, except for the 70,000 barrels part. If the well cost say $10 million to drill, they would have to make $143.00 per barrel in profits to pay for the well in 3 years. So unless oil goes up to $400 per barrel in the near future, that doesnt sound very economical to me :)
>The last question that I was able get through was about the leases in Australia and it appears to be good news in that MAB said that have negotiated a five year extension already on half of the Beetaloo.
According to the Australian mining laws, extensions are available, but only on 1/2 of the land. As far as I know, the rest has to be given back.
>I can't remember exactly how MAB expressed it but the remaining half was I believe on a year by year renewal or something like that
Sounds like he may have deliberately confused the issue? Who knows. Just sounds suspicious to me. I would not be the least bit surprised if they have to give up 1/2 of their acreage once the licenses expire.
Was there any mention of the Hungarian exploration licenses? They expire on the 31st of this year.
Once again, thanks.
