Wednesday, May 03, 2023 8:51:07 PM
Page 16:
As at December31, 2022 the gross gas production rate for SASB was 6 MMcfd, representing production from the Akcakoca South and Akcakoca-3 wells.
As at March 31, 2023 the gross gas production rate for SASB is 12.6 MMcd. The current average daily 2023 gross production rate for the field is 7.75 MMcfd. Gas production rates have increased significantly between September and April due to the completion of 3 wells and 1 recompletion.
Also page 16:
Currently natural gas is being sold at about $14.14/MCF domestically in Turkey. The average monthly natural gas sale price year to date for 2022 was
approximately US$22.18 per Mcf. The gas price has been approximately US$31.41 per Mcf for the months of October, November and December 2022.
My thoughts about the recent financing. It is only dilutive above .50 share price CAD for the warrants and above .60 CAD for the convertible debentures. The maximum dilution if fully converted would be 50 million shares. 25 million shares @ .50 for the warrants which would also raise 12.5 million CAD to the company and 25 million shares @.60 for the debentures which would also erase 15 million in debt liability.
https://www.sedar.com/GetFile.do?lang=EN&docClass=2&issuerNo=00045319&issuerType=03&projectNo=03529261&docId=5413177
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