Dont know how you can say no action to cause interest? Whats the reason behind the sudden interest in volume then?
This is the only spec i still hold that has not moved up significantly since the downturn; hopefully a few factors coming up will see it move.
Annual report out today so thought i would give a summary of what they have said about their main projects:
Pompano - Well #1's workover has commenced, essentially to stop the sand blocking it. If all goes to plan it should be up and flowing at 5000mmcfpd again within a couple weeks.
Lee County - BCC has increased lease acerage from <900 to approx 2500 acres. Still planning to 'twin' the original Vick #1 holve which flowed at >10mmcfpd back in the day.
Still no date set as yet, aside from saying they are talking with the JV parites.I would really like to see some faster action on this personally.
Other projects - No firm dates set for Tuna, Tang, Swordfish, Redfish, Ruby, Jaguar or Cove Deep. Essentially all that is happening is 3D modelling.
All in all a bit of a disappointing report. I can see why the stock had languished, no action to cause interest, not even wildcat ddrilling to attract a few punters. Lets just hope that the Pompano workover gets the flow rates up again and they get stuck into Lee County asap.
This is the only spec i still hold that has not moved up significantly since the downturn; hopefully a few factors coming up will see it move.
Annual report out today so thought i would give a summary of what they have said about their main projects:
Pompano - Well #1's workover has commenced, essentially to stop the sand blocking it. If all goes to plan it should be up and flowing at 5000mmcfpd again within a couple weeks.
Lee County - BCC has increased lease acerage from <900 to approx 2500 acres. Still planning to 'twin' the original Vick #1 holve which flowed at >10mmcfpd back in the day.
Still no date set as yet, aside from saying they are talking with the JV parites.I would really like to see some faster action on this personally.
Other projects - No firm dates set for Tuna, Tang, Swordfish, Redfish, Ruby, Jaguar or Cove Deep. Essentially all that is happening is 3D modelling.
All in all a bit of a disappointing report. I can see why the stock had languished, no action to cause interest, not even wildcat ddrilling to attract a few punters. Lets just hope that the Pompano workover gets the flow rates up again and they get stuck into Lee County asap.
I have been a long term holder aswell. I agree Prawn that it has been a long wait, however, investors need to put their financial position in perspective. They haven't been in a very good financial position to get projects moving even if they wanted and it got to the point where they were going to sell Pompano etc to pay off debt and get ahead again.
After the cap raising they have paid the majority of their Macquarie Bank debt and re-negotiated what appears to be better terms. They also could then fund the work required to get Pompano workover done and also Lee County drilling in the near future.
Success of the Pompano workover and funds to also drill the highly prospective Lee County project could set BCC up with a very good positive cashflow going forward through 2010 onwards. This would then provide good funds for further exploration on their other projects. I think this is what the market is liking lately and why BCC sp is starting to look up again and attracting a lot more attention by investors.
Hi AussiePaul
What do you make of the sudden jump in the share price today. Other than whats been said do you think some good news to come?
Hi Jancha,
The statement below was listed in BCC's news release on 21 Sept entitled 'Pompano Work-over Commenced':
"The work‐over is expected to take approximately 14 days to complete, the Company will release routine updates every Tuesday or at any such time that material matters require a separate release."
Today was 14 days since the above news statement was released and the company said they will release updates at least every Tuesday. So the market is anticipating good news being released tomorrow.
Today was a huge volume day with almost 145 million traded. Will be interesting to see tomorrow's announcement.
Thanks AussiePaul
Sold out at .062 May have sold a bit early but if it drops back down I may buy back in. See what happens tomorrow.
Well did the right thing in selling but at what point would you come back in? Gone down as quick as it went up. Not quite as much volume tho. Would have thought however that with the updated news they put out today it would have had a positive effect not a negative one. Down to 052c
The Company is planning to spud the first well at Lee County in early to mid November 2009
Plan to drill 100’ up‐dip to the earlier Humble Vick # 1 well that flowed gas at 10.8 mmcfd over 24 hours through a pipe test following significant oil in 3 DSTs from 6,063 ‐ 6,076 feet (Buda Formation) that reported oil/mud, no water and 750 feet of clean oil in the drill string
Ok so here is some sums based on the latest ann that Pompano 1 is now flowing at 3.5million cubic feet per day (mmcfpd).
Spot gas price is 3.95 per mmbtu
1000mmcf = 1 mmbtu, therefore BCC are producing 3500 per day.
3500 * 3.95 = 13825 per day = $5mill per year net. *not taking into account the other flowing well*
This flow rate will probably increase to about 7mmcfpd once the line is fully cleaned.
Good to see they have the cashflow up and running again and that it will pay for all their upcoming drilling costs, at a minimum, and maybe even bank a profit just from Pompano, depending on gas prices.
Hi All
Is there any thing that is promoting the price so late after coming the news? After 2 there was all of a sudden jump in the price and it is close at 22% high. Is it wise to enter in this stock at this time. Please suggest, as I am new.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?