News on escrow is out/finalized! FOGC subsidary, Indo Pacific, now owns GFB Java and associated oil fields which it purchased from Carmanah Resources LTD. News coming for actual production any day and listings (off pinks) soon. Don't get caught looking -- do your DD now!
Conservative estimate of potential earnings for 2001: The calculations are simple: (Based on FIRST of 2 wells producing estimated 25OO BOPD.)
2500BOPD x 30day x $23 Price per Barrel = 1.725 mil/month FOGC NET = APPROX. $1.17 Million USD/month (company provided estimates based on $23/barrel)
Oil at $30,add $441,000 to FOGC NET ($7 x 2500 x 30 = $525,000 x .84 FOGC cut = $441,000) (.84 = 100%-11% to Pertamania & 5% to Carmanah/previous owner)
(1.17 + .441)= 1.611mil x 12= $19.332mil annual NET TO FOGC
Say 1 mil for FOGC administration (guess) and that leaves
$18.332mil/17.3mil ss outstanding(all warrants exercised)=$1.06 eps
Second well, add another $19.332mil/$1.11 eps to bottom line or $2.17 total eps
Say $2 eps for 2001, use your own pe ratio (23 industry standard??) and don't forget about potential gas sales next year as well.
Sedar web site, Type "Carmanah Resources" to see filings by previous owner of oil fields: (Especially Annual Info Forms to Read About Wells and Production History) http://www.sedar.com/
The following extract from a World Bank report on the Indonesian Camar field. Surely this is a good authoritative independent source that should satisfy those expressing doubts about the company. Extract from report and indonesia link as follows. http://www.seen.org/wbreport1/extraction.en.html
Brief summary of link: Reserves/Production; Southern Sumatra's Corridor Block holds reserves of 1.5 trillion cubic feet of natural gas. Southern Sumatra's Camar field holds an estimated 70 billion cubic feet of gas. The Natuna natural gas field in the South China Sea holds over 200 trillion cubic feet of natural gas (46 tcf commercially recoverable) and will eventually feed into the national pipeline system. Thus, at least 47.57 trillion cubic feet may feed into the Bank-financed pipeline system.