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Contango Oil & Gas Company Message Board

  • valueguy36 valueguy36 Aug 3, 2008 10:05 AM Flag

    Eloise

    Bayou Bay announced some news about Mary Rose #4 and Eloise last week. I just found it, but it may explain why contango shot up late in the week after hitting a low of $74.

    http://biz.yahoo.com/ccn/080730/200807300476755001.html?.v=1

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    • You're right although the margin only represents aprox. 6% of my overall wealth so I can cover it quite comfortably if need be.
      To me the situation is worth the risk, but everybody has different tolerences....I've been around along time and to me life isn't worth much without risk of loss and a little infatuation!
      Best wishes to all the shareholders!

    • Contango's Eloise prospect is not near as large as the Dutch/Mary Rose field. Contango is drilling for Lower Cib. Op. sands. The main objectives are two sands deeper than the Dutch sands. I would expect them to make a well but nothing like any of the field wells.

      If both sands are productive then Contango would drill another well to the south for the deeper sands. Maximum number of wells for Eloise is one well. Gross reserves for this prospect is about 25-30 BCFE.

      Eloise II (second sand to the south) is larger perhaps in the 50-75 BCF range. Two wells max.

      They may encounter several feet of pay within the Dutch sand that could extend the field to the west.

 
MCF
22.05-0.60(-2.65%)Apr 17 4:01 PMEDT