BUR - Burleson Energy
- Thread starter Wysiwyg
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And again today. Almost looks a bit like leaky boat syndrome. BUR often spikes on ultra high volume, but today has been methodical buying up until the last rush. Lets hope the boat is leaky and the upcoming results justify the move.
Nice rise of 50% last week after announcing they will be drilling a horizontal well into the wilcox sandstone in the Heintschel field.
Despite the rise they only have a market cap of $4.30 per P2 reserve, all from the Heintschel field, and with the increased production from the Joanne vertical well announced last week, and the other 3 verticals, they cover their running costs. Cash of $5.8 m, most of which will be used to drill the horizontal.
They have a 38% share of 26,000 acres in Texas with several wilcox prospects similar to the Heintschel field, and a very large Edwards carbonate prospect.
Directors have been buying more shares over the last few months.
DYOR
Despite the rise they only have a market cap of $4.30 per P2 reserve, all from the Heintschel field, and with the increased production from the Joanne vertical well announced last week, and the other 3 verticals, they cover their running costs. Cash of $5.8 m, most of which will be used to drill the horizontal.
They have a 38% share of 26,000 acres in Texas with several wilcox prospects similar to the Heintschel field, and a very large Edwards carbonate prospect.
Directors have been buying more shares over the last few months.
DYOR
springhill
Make the drill work for YOU
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MC - $11.3m
SP - 2.7c
Shares - 420m
Options - 139m
Cash - $3m
Heintschel Reserves
Booked 2P reserves Field has 2.5 mmb liquids + 30 Bcf dry gas.
• BUR 38% share ~ 2.9 mmboe
Upside potential
• D&M (auditors): In-Place 3.6 mmb condensate + 125 Bcf of NGL rich gas
- BUR share > 6 mmboe (assuming 60% recovery)
• AKG: field could recover >160 bcf + liquids
- BUR share >10 mmboe
Developing the Heintschel field
• 3 vertical wells on production
- none received an optimum frac
• D&M: can be developed commercially with vertical wells, but……
• Consultants IPT:
- Analysed horizontal wells with multiple, staged fracs,
- Would produce several times the rates and volumes of vertical wells.
• Horizontal well is underway!
Truchard #2H
• T#2H (horizontal) well spudded 8 June
- Better results that expected in vertical section
- Preparing to drill horizontal section
• Gross cost to drill, frac and complete ~US$6.3m
• BUR had 83.5% of “Truchard Unit”
- 664 acre area around T#2H well
• Farmed down to 50% working interest in the well and unit
- Plus over-riding royalty interest of 1.13%
• 38.83% paying interest and 39.2% net revenue interest in T2H well
Exploration - Wilcox
• Peikert: Heintschel “look-alike” potential 57 Bcf + 1.6 mmbc.
• Moeller #2: 53m structurally high to Moeller #1 (shows). Potential 10.4 Bcf + 0.24 mmbc.
• Hill #2: 4 way closure. Potential 5.7 Bcf and 0.17 mmbc
• Wharton South: Wharton County, 4 separate structures. Potential for 40 Bcf.
Exploration - Woppa
• 350 bcf Edwards reef prospect, with 250 Bcf potential in deeper target.
• Beneath Heintschel
• On trend with producing, 600 Bcf “Word” (Edwards) field.
• Requires deep wells – to be farmed out.
SP - 2.7c
Shares - 420m
Options - 139m
Cash - $3m
Heintschel Reserves
Booked 2P reserves Field has 2.5 mmb liquids + 30 Bcf dry gas.
• BUR 38% share ~ 2.9 mmboe
Upside potential
• D&M (auditors): In-Place 3.6 mmb condensate + 125 Bcf of NGL rich gas
- BUR share > 6 mmboe (assuming 60% recovery)
• AKG: field could recover >160 bcf + liquids
- BUR share >10 mmboe
Developing the Heintschel field
• 3 vertical wells on production
- none received an optimum frac
• D&M: can be developed commercially with vertical wells, but……
• Consultants IPT:
- Analysed horizontal wells with multiple, staged fracs,
- Would produce several times the rates and volumes of vertical wells.
• Horizontal well is underway!
Truchard #2H
• T#2H (horizontal) well spudded 8 June
- Better results that expected in vertical section
- Preparing to drill horizontal section
• Gross cost to drill, frac and complete ~US$6.3m
• BUR had 83.5% of “Truchard Unit”
- 664 acre area around T#2H well
• Farmed down to 50% working interest in the well and unit
- Plus over-riding royalty interest of 1.13%
• 38.83% paying interest and 39.2% net revenue interest in T2H well
Exploration - Wilcox
• Peikert: Heintschel “look-alike” potential 57 Bcf + 1.6 mmbc.
• Moeller #2: 53m structurally high to Moeller #1 (shows). Potential 10.4 Bcf + 0.24 mmbc.
• Hill #2: 4 way closure. Potential 5.7 Bcf and 0.17 mmbc
• Wharton South: Wharton County, 4 separate structures. Potential for 40 Bcf.
Exploration - Woppa
• 350 bcf Edwards reef prospect, with 250 Bcf potential in deeper target.
• Beneath Heintschel
• On trend with producing, 600 Bcf “Word” (Edwards) field.
• Requires deep wells – to be farmed out.
Attachments
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This is a tough business to make a profit in, as Nostra Terra and Nighthawk Energy have found. Horizontal drilling is not cheap and many do not do well even with 100% success. Pressure can be and is a continuing aggravation and water injection is expensive when needed.
$3 million in the bank is fine if profits come flooding in but until the sector exhuberance a few years ago returns this remains a stock suffering from market drift -- may have plateaued, you never know.
$3 million in the bank is fine if profits come flooding in but until the sector exhuberance a few years ago returns this remains a stock suffering from market drift -- may have plateaued, you never know.
Dona Ferentes
Pengurus pengatur
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| Sky and Space Global Ltd (formerly Burleson Energy Limited is pleased to advise that the Company has completed the acquisition of 100% of the issued shares of Sky and Space Global (UK) Limited | 13/05/2016 |
there could be a new company listing under BUR code
Burley Minerals Ltd - 9 July 2021 12:30PM AEST ##
| Listing date | 9 July 2021 12:30 PM AEST ## |
