Dune Energy Inc.(fka DUNRQ)

[geopressure]

Ecomike;

Only the Sub-Salt well that is not operated by DUNR, is important. DUNR only owns 15% of the working rights on this play, but that 15% is huge. The small well detailed in the first paragraphs of the last PR is but a drop in the bucket, and negative results would be of no consequence.

With regards to the big well: According seismic the sand is there, the salt structure is there to serve as trap, and Down-Dip/Deeper source rocks are present. From my perspective, the largest risk is associated with the possibility of drilling issues that would be associated with drilling/exiting the salt. I thought that today's small surge could indicate that they have reached an important milestone in the drilling operation, but it appears that it is from the resignation of a Board Member instead.

I think that this is a nice bagger to pick up before MNLU starts their completion operations...