Kevin Foo stated that the well is going to be tested imminently (he mentioned the fact that he has used this word before and said testing may take place as early as today or tomorrow.
Following this he went on and discussed Well 105 - 4 way closure and said that with this well they will have 4-5 target zones which they should start drilling early next year.
In relation to selling oil and gas he said that it would probably sell at approximately $24 per mcf from the well head. Further to this he stated that should they deliver the market themselves and sell it to an independent buyer they will probably get $75 per mcf.
Should they deliver to the market the costs are likely to be an additional $25 per mcf.
He explained that should gas be used to converted to electricity they would be looking at a figure at approximately 6 times $24 per mcf
In relation to new aquisitions Kevin Foo stated that they were looking for 2 or more projects in the first quarter or at the latest first half of the year. (Something to look forward to)
That sums up what I have in my notes, I have tried to be as accurate as I can with the information I have provided. RoadKing was also present at the AGM however I didnt get a chance to talk to him. I am sure he will correberate what I have wrote.
Roadking - Did look for an opportunity to introduce myself however didnt get the chance. Sorry!! I was sat behind you (The good looking chap) LOL!!
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