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million bbl of oil equivalent in Triassic reservoir rocks. After the completion of operations, the well was permanently plugged and abandoned. The Slagugle oil discovery was initially proven in 2020, with preliminary estimates suggesting resources in the range of 30.8 - 61.6
We addressed the maturity of our bond debt by calling the old bond and issuing a new $100 million bond, thereby increasing available cash and putting in place a capital structure that can provide funding towards delivery on our strategic objectives, regardless of whatever uncertainties may face the business at the macro-economic level.
Forecast: With companies securing three to seven years of viable inventory at $70/ bbl oil, M&A activity is expected to remain a cornerstone of strategy through 2025. Current estimates suggest that at $70/ bbl oil, companies hold three to seven years of drilling inventory in core zones.
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