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Re: steelwundrin post# 259662

Saturday, 06/09/2012 11:59:08 PM

Saturday, June 09, 2012 11:59:08 PM

Post# of 367195
Block 4 is the reason we are invested. Of course we would like to see great success in all blocks, but from a prospectivity standpoint our best odds for a home run have always been in Block 4. Don't forget that a NON-OBLIGATORY 3rd well was drilled in Kina. Check these old estimates out to see the value of Block 4 vs. Block 2:

Addax Estimates
2 - Bomu Unrisked 350,000,000 Recoverable 50,100,000
3 - Lemba Unrisked 273,000,000 Recoverable 41,000,000
4 - Kina Unrisked 1,188,000,000 Recoverable 428,700,000

In my mind (small), everything is riding on Kina, and I like our chances. They didn't drill that 3rd well just for grins - it cost $50 million imho.

Sleep well.
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