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BCC - BEAM COMMUNICATIONS HOLDINGS LIMITED


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I e-mailed the company the other day and received this in response: http://www.sharescene.com/html/emoticons/biggrin.gif

 

Up until 2003 when the Pompano project was shut in by its previous owners there had never been an unsuccessful well drilled at Pompano using 2D seismic. After Pompano was shut down in 2003 3D seismic was shot and additional un-drained fault compartments were identified. As this field has previously operated the risk that the well will be dry is very small, the main risk is how much gas will be present.

 

The independent expert calculated a 1P (proven) of 5.1 BCF and a 2P (proven and probable) of 18.7 BCF. To put this in an economic perspective at the current gas price of ~US$7.50 / mcf this is gross revenue of US$38.0 million on the 1P and US$140 million on the 2P. Net margins including royalties are ~65% therefore this equates into a net US$25 million (BCC 65% = US$16 million) on the 1P and US$91 million (BCC 65% = US$59 million) on the 2P. Over the last 12 months 4 separate engineering groups have assessed the reserves at the commitment well location, the ones quoted by the Independent Expert in the prospectus were the lowest of the 4.

 

We expect to spud the well in the next 4-5 days.

 

(I do not hold)

salts (son)

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In reply to: salts on Wednesday 09/01/08 01:18pm

QUOTE
The independent expert calculated a 1P (proven) of 5.1 BCF and a 2P (proven and probable) of 18.7 BCF.

 

Thanks for that Salts.

 

It should also be noted that those reserve estimates are just for the first commitment well.

The independent geos report on page 58 of the BCC prospectus has details for the first four proposed wells targeting 2P reserves totalling 56bcf

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