HOUSTON, July 30 /PRNewswire-FirstCall/ -- Apache Corporation
(NYSE, Nasdaq: APA) reported today that the Heqet-2 appraisal well in Egypt's
Greater Khalda area is producing approximately 2,100 barrels of oil per day
from the Jurassic Safa formation.
Apache also said the Umbarka-174 well tested approximately 4,300 barrels
of oil per day from 46 feet of perforations in the Alam El Bueib (AEB) 3D sand
in a 40-year-old field also located in the Greater Khalda area.
I didn't think major's wells produced 1 bbl/hour??
I'm not saying MMTE is a monster, if you check the calculations, I came to a price just above .001 with what we know. Use a P/E ratio of 14 (I know not incl any costs) and we're looking at under .02 which I think is an extreme lowball with 58 wells left and the Nat Gas to be figured in.
JMO DYODD
Sunday, August 24, 2008
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3 comments:
What I don't get with QMNM is why dilute the shares? If the goal is to raise more cash, it seems counter-productive to me. More shares means less money per unit, not more cash all around. It also means less interest from investors.
It does not make sense.
Joe,
Major is a relative term....
It really depends on what they say versus what they show in their first release.
I am hoping you guys kick its butt.Not being sour grapes here. Hope you didnt think that.
Not at all John, I just thought that projecting 1 bbl/hour was an extreme lowball number, not a major find.
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