hi arjay,
i had a look at what NZO paid for it share of this drill and i found an announcement dated 12.12.2011 that said this:
"The company's contribution to the drilling cost is expected to be approximately US$7m. "
so for their percentage share of the drill and the half share/take of the indo gevernment..... the flow rates at this stage arent to good.
but if fracturing works then great.
i hate being negative...... but the positive stuff that management keeps pumping out all the time and most of it ends up as wind in the air......
i cant help but looking deeper or questioning their statements.
so yes when i said before that its all tar sands etc..... i was making comments to counter the endless GOOD news that the board feeds us.
soo....... here we are.... 7mill $us and a very small share of 300 400 odd barrels of oil per day.
this could obviously change. but with this current disclosure, you would think that the board could now enhance this disclosure with a bit of
tech talk and what these results could mean.
to me it seems that investors now need to learn oil well speak to understand the results.
why cant the NZO website have a glossary of terms and understanding? so investors can learn about the numbers that are disclosed on announcements.
by the way...... 400 barrels per day is about the amount a kitchen tap outputs on 1/3 flow over 24 hours.
made a mistake........ here is a break down on the volume of a barrel or oil.
1. Unit of volume for crude oil and petroleum products. One barrel equals 42 US gallons or 35 UK (imperial) gallons, or approximately 159 liters or 9,702 cubic inches (5.6 cubic feet); 6.29 barrels equal one cubic meter and (on average) 7.33 barrels weigh one metric ton (1000 kilograms).
so its about 1 full kitchen tap going full bore.