Going to be bringing on the Brenda oilfield in the UK North Sea in the 4th quarter. They will be doing about $2 annualized cash flow. They have locked in a rig until 2010 which gives them some advantages.
Has dropped because of 3 dry and abandoned wells. Going to try and get bigger, stronger casings that can handle the pressures. Going to restart in Q1. With their 32,000 BOE's a day should do about $1.35 annualized cash flow. Under $6, it is very cheap. Buy in Q4 of 06.
The company has grown very rapidly. They are going to be adding in a new pipeline that is going to be coming on in July/August. Sees them doing $5 plus in cash flow.
Prizes they are going after are pretty significant. One of the negatives was lack of equipment. Still do not have access to service rigs which are needed when they have a successful drilling. More rigs are starting to come into the country.
