i think it depends on the new 2004 drilling they are doing - kind of waiting to hear how that is going - anything good and it runs to a $1 again, but any hesitancy could put it at 0.71
this came out 3/31: "The Estero #4 well is a development well in the Palo Blanco field. This well is the first of Global's drilling projects under its 2004 capital expenditure budget. The Estero #4 well is expected to take up to 30 days to drill and an additional 15 days to complete, should drilling results be favorable."
this sure sounds great!
Harken's Chairman, Mr. Alan G. Quasha commented, "I am very pleased with the preliminary indications of success. At the rates these wells are currently producing, they are likely to have an important impact on the Company's revenues this year. What may have been obscured by Harken's 2003 capital restructuring plan is Harken's track record for finding oil and gas by its domestic team. Excluding the first quarter of 2004 activity, which is likely to improve this average, over the past three years the domestic team has compiled an excellent track record, participating in 24 successful completions out of 33 wells and averaging a finding cost of approximately $1.00 per thousand cubic feet equivalent gas. We are delighted to see this track record continuing."
Mr. Quasha continued, "As we stated before, our capital expenditure budget for the year is approximately $18 million, all of which we expect to fund from cash on hand and cash from our operating activities. Based upon our drilling for the first quarter, we are on budget." |
