Somebody do the same calculation for BLMC .It only has 2.8 million shares & yes I know it is not a royalty trust. BLMC would receive a healthy orri .
google Federal Registry page 8993 . Eugene Island 223 to be included in the Central GOM lease sale .
Lower Miocene sands that correlate to those onshore Louisiana and in the deepwater Gulf of Mexico have been logged in the Lafitte ultradeep exploratory well on Eugene Island Block 223, said McMoRan Exploration Co., New Orleans.
McMoRan is setting casing at 27,000 ft at the Lafitte well and plans to deepen it to 29,950 ft to evaluate deeper Miocene objectives and possibly the Oligocene section.
The company has drilled the well to 27,038 ft in 140 ft of water, and wireline logs indicate several Lower Miocene sands below 24,300 ft that appear to be hydrocarbon bearing, the company said.
He knows the initial flow rates of # 7 & 8 . And they are very good .
Got his email address already as well as his phone number . I tend to think Mr. Rudolf is well aware of the tax issues . If he solved the issue Tuesday morning , would that cause you to buy ? If so , you would be too late . Yes , the Highland prospect could be gargantuan - the old MMR cartoon's estimated the resource @ 16.3 TCF .
If so , Mr.Rudolf has a high class problem . Long & strong . You must own some if you have been around MMR from Day 1 like me .
GULTU is the largest , best known and covers all of the SUD prospects . TISDZ had high promise in that Lafitte was estimated to be larger than BBE & BBW . FCX has let the lease expire to re-acquire later & TISDZ will not have an orri on Lafitte . BLMC is extremely closely held & may only have a float of 500,000 shares . Still , it has a 1.5 % orri on the Highlander prospect & any future leases associated with said prospect . The recent success @ Highlander translates into a possible spectacular return for BLMC owners - even at this price . Its' 1.5 % orri is before GULTU's 3.5 % ( FCX owns 72% ) Both GULTU & BLMC should receive a distribution from Highlander this year with a successful flow test.
And then there is SARA - until recently left for dead . SARA evidently owns a few leases ( HBP) that are in the middle of a prospect MMR wanted to drill . With the apparent success of Highlander & LC , that prospect may have exceptional value . I always thought EXXI would buy SARA but they appear to want to get rid of SUD . SARA is a small O&G Company with too much debt - unless they monetize those leases . I believe it is worth a small position .
Disclaimer : I own them all .
Similar to our drilling performance experienced in the Woodbine, we have optimized our Buda drilling and completion practices to reduce well costs from an average of $3.9 million per well on our first three wells, to an average of $2.6 million per well on the last three wells while lateral lengths increased an average of 33%. Days from spud to initial production have also decreased from 34 days to 25 days, when comparing the same group of wells. We expect to have one to two rigs active in the area for the remainder of 2014 to drill 14 operated wells, as we continue to delineate and evaluate the Buda potential over our 6,000 net acre position.
Complete DJ # 2 , then Highlander . Back to Blackbeard West . Next , a second Highlander well started 2nd half '14 . Even Schiller is excited about Highlander . Highlander # 1 : flows 50 million/say + 1,000 barrels of liquids .
Significant progress is being made within the company's exploration joint venture with Freeport-McMoRan Oil & Gas (FM O&G), pursuing the Inboard Lower Tertiary/Cretaceous gas trend on the Gulf of Mexico Shelf and onshore in South Louisiana (previously referred to as the ultra-deep trend).
The Lomond North well (18% WI/ 13% NRI) in the Highlander area, located primarily in St. Martin Parish, Louisiana, discovered high-quality natural gas pay in several Wilcox and Cretaceous aged sands. The operator recently reported that wireline log and core data indicate favorable reservoir characteristics with approximately 150 feet of net pay between 24,000 feet and 29,000 feet.
The Lomond North discovery well currently is in completion operations to test the lower Wilcox and Cretaceous objectives found below the salt weld. FM O&G has identified multiple exploratory prospects in the Highlander area where it controls rights to approximately 56,000 gross acres.
And no !!! That is not me trying to sell 1,000 shares @ $22.50 . Mine is put away .
I estimate the float is about 500,000 shares . I bought plenty last year . With the recent Highlander news & Flores excitement about the well ( not Jim Bob !! ) , bought another couple of thousand over the last week or so . If the bid spread gets reasonable ( $ .25 - .50 ) with some size ( 500 - 600 shares ) , you got to get it . Before you know it , it can be a decent amount .
I do not own GULTU (yet) - BLMC just so much cheaper now that Flores is excited about Highlander .
If it were oil , I'd put in a market order to buy BLMC !!! Well aware what it would do to its' price . It is still real cheap imho .