Re: 10Q out last night without press release in case you missed it...
Thanks cnrlong - good info. Provides some additional tidbits that helps me try to take an educated guess as to the future UD plans. From info in the 10Q as well as comments from RDC:
1) 10Q states that MMR is looking to do a large frac at DJ1 to get communication with the wilcox reservoir. I think it also says the lease at DJ requires activity by July 24th or they will need to submit an SOO extension request. RDC stated that the EXL III rig currently with ENI will go back to DJ after it is done with ENI. RDC monthly rig report states that the EXL III is contracted with ENI through May (but, is in shipyard for repairs to one of the legs that sunk into the seabed while drilling for ENI). So, my guess is they will try and get the EXL III back onto DJ1 after ENI is done with it to try and fulfill the July 24th lease date.
2) 10Q states that MMR application for completing/producing the BBE #1 well's mid Miocene sands (there were 2 mid miocene sands with a hydrocarbon/water contact around 24,000' at BBE; and 3 upper miocene sands above them) has been accepted. That would mean that they would look to plug off the lower part of the well to complete the shallower sands. They are working on having all the BBE lease blocks treated as a unit (application submitted). RDC stated that the Louisianna rig may go back to MMR. My guess is the Louisianna rig may go to BBE to complete the mid miocene sands at BBE #1.
3) 10Q states that MMR application for developing BBW #2 (SS188) has been submitted to complete/produce 3 sections at SS188 - with the bottom section being completed 1st. My guess is the Louisianna rig may be used to complete SS188 once it is done with BBE #1 (or visa versa).
4) 10Q states that they logged 220' of pay in the original BBW #1 well - this is the first I have seen a pay sand thickness stated for BBW #1. This well, however, has been in perpetual limbo and I don't see that changing anytime
Sentiment: Strong Buy
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