SGC 0.00% 3.0¢ sacgasco limited

The result is disappointing to say the least and all the more so...

  1. 345 Posts.
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    The result is disappointing to say the least and all the more so because the company has provided so little information on how many reservoirs in Zone #3 were tested, the extent of the perforations and data on porosity and permeability. Nor do we have any details on zone #4 that is up next for testing.

    But all is not lost at least the well be a producer and is not being plugged and abandoned. And there are more zones to test including at the field producing level and hopefully they will all add to the comingled production. The option of fracking some or all of the zones remains a possibility. Its not only shareholders that feel the pain of the latest results but the CEO GJ and the Board as they are paid mostly in SGC shares. In the FY 2017 AR GJ received just $108,959 in cash the rest was in shares and options. That is at the lowest of the low end of junior CEO packages.

    The company still has only some 270 million shares on issue, is in a rich oil and gas area, is already connnected to sales pipelines. What it needed was a flow of 5 .0MMcf/d to get the punters to sit up and take notice but the most we can now hope for is something between 0.5 and 1.0 Mmcf/d until the zones are fracked.

    Producing gas from these deep intervals is a first for the area and has attracted some attention from the likes of CRC which we are told are leasing in the area in competition to Sacgasco as a result of Dempsey #1-15. The company really needs a white knight to come in and take its operations to a more substantial level. Up until now it has operated on the smell of an oily rag. Maybe time to start larding up!
 
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