ADI - Adelphi Energy

[Lucky_Country]

Hard to understand whom is selling this close to results from Kowalik 1 but everyone has there own reasons.
Current market sentiment may not give ADI the full boost to the shareprice warranted if sucessful but that will change as confidence returns.
Looking forward to some positive results in the next few weeks even feel Kennedy 1 is still on the cards for commercial production with the statement in the update.
Its been a long wait good luck to all !

 

[Agentm]

Today 61,017 17,558
This Week 72,517 21,008
This Month 506,003 159,155

not many trades Lucky_Country

there is no mass exodus from adi, nor any of the jvp's in australia.

the adi holders know the 7 wells coming up all have great prospects for them, and that is probably why the share still has some value in it.. if you compare to many of its peers you will see they have had a disater keeping any value and they have been extremely volatile,

there is no way i am selling whilst Conocophillips are drilling continiously 5 miles away.. the recent meridian blackstone well in polk county had 6200 bbls per day and 20 mmcfpd gas..

i am staying in this one.. theres enough cash in the bank, and AWE/ARQ fully supports adi in the various world class projects its undertaken.. no need to say patience is required as its all happening right now, the results of sugarkane in kowalik will now be known in a matter of days and weeks...


good luck to all holders and dyor..

 

[Lucky_Country]

Good to see the directors taking up the rights issue thats the tick of approval imo.
Looking forward too seeing whom takes out the shortfall in the issue.

 

[Agentm]

awe i dont have a clue

there was a recent report to the rrc by conoco on baker 2, its interesting in that the baker 2 well has a permit as a single lateral completion so far.. yet they have reported this on the well the other week..

API Number: 42-297-34790 Location: Live Oak , Texas
Current Well Type: Active Permit Status: drilling in progress
Current Lease Name: BAKER FAMILY TRUST

Event: Other Event Date: 07/28/2008 09:00 Event Depth:

Operator (ph): BURLINGTON RESOURCES O & G CO LP Well Number: 2

Comments: CALLED TO NOTIFY THAT THEY WERE GOING TO SET TWO KICKOFF PLUGS (WHIPSTOCKS) FOR ORPHAN PILOT WELL BETWEEN 0900 AND 1200 ON 7-28-08


setting two kick off plugs on a single lateral.. whats that about? dual lateral?

 

[Lucky_Country]

Just been reading this months ResourceStocks magazine and a whole page on ADI in the August issue.
Peter Strachan is the authour and he seems very positive with his coverage of ADI and Sugarloaf prospect.
Well worth a read !

 

[sam76]

you can get a free copy of the magazine here

http://www.resourcestocks.com.au/freetrial.html

Not sure if it's this months edition though.

 

[barney]

Good to see the directors taking up the rights issue thats the tick of approval imo.
Looking forward too seeing whom takes out the shortfall in the issue.

Agree IJH, Especially good to see Graham Riley top up with about $67,000 worth.

Re those selling at the moment ... everyone has there own reasons for selling, but in the current "groundhog" climate, it would be no surprise if those buying atm. are the same punters with their sell orders sitting in the queue UNDER the current rights issue price ...... Until we get some definitive news, the smart buyers can force the price down by dumping on the sell queue with a small % of their holdings, while at the same time picking up the dregs from the "weaker hands" at better than the R/I price ......... Any sniff of positive news and the sell orders at these prices will vanish pretty quickly I suspect. Its an unfortunate bi-product of holding very illiquid stocks ..

 

[Agentm]

someone is trying real hard in the afternoons to buy about 500,000 aut, and it keeps happening each day,, it floats up and down.. ,32 .31 .315 then goes away..


if anyone didnt want to stay in then there is an exit price there..

tomorrow the update on kowalik.. expect to hear its nearing the horizontal section..

 

[barney]

someone is trying real hard in the afternoons to buy about 500,000 aut, and it keeps happening each day,, it floats up and down.. ,32 .31 .315 then goes away..


if anyone didnt want to stay in then there is an exit price there..

tomorrow the update on kowalik.. expect to hear its nearing the horizontal section..

Gidday Agent, Been noticing that potential buyer on AUT as well .... I get the feeling they may have split their order up today so they got a partial fill, but not 100% sure on that ......... Agree that if someone wanted to get out, that buy order was giving every opportunity ......... no takers ...

Iv'e got to say that owning ADI has been like getting teeth drilled at times, but "the story" is still alive .............. Not sure about everyone else, but I'm not known for my patience ........ so this share has taught me some new skills ........... 2009 will be a year to remember methinks .. Could I suggest, that anyone who is only now considering entering an ADI shareholding ...... buy those current shares being offered at less than the rights issue price, and teach those silly buggers a lesson .............. I'm unfortunately out of spare cash

 

[Lucky_Country]

I just hope all of us long term holders profit and have one party to remember !
Its been a real rollercoaster ride up to over $1 down to 18c and really tested all the trading emotions so we deserve to be rewarded so come ADI lets get some results.

 

[nioka]

Look for a move in ADI today with the news out on Kowalik-1H operational update. Everything appears to be proceeding to plan.

 

[tomcat]

20 August 2008

WISTERIA 1 WELL

Norwest has been informed by Coogee Resources, the Operator of AC/P32 in the Timor Sea,
that the Wisteria-1 well, which had been delayed to the first quarter of 2009 could now spud
as early as the coming weekend 23/24 August. The turnaround in the likely spud date is due
to weather related issues and the scheduling of development operations at Coogee’s Montara
field. Contractual arrangements for the drilling rig that is to drill Wisteria-1 allow Coogee
Resources the right to determine the rig work schedule.

Further updates will be made as soon as the rig schedule has firmed up.

The Company has a 15% interest in the Wisteria 1 well and will contribute approximately 6%
of the dry hole costs of the well.

The participants in the AC/P 32 permit are:

Coogee Resources (Ashmore Cartier) Pty Ltd (Operator) 22.5%

Westranch Holdings Pty Ltd
(a wholly owned subsidiary of Norwest) 15.0%

Adelphi Energy Limited 10.0%

Bounty Oil & Gas NL 10.0%

Bharat Petroleum Corporation Ltd 20.0%

Cosmo Energy Exploration & Development Ltd 22.5%




For and on behalf of
Norwest Energy NL


EA Myers
Company Secretary

 

[Agentm]

wisteria news i like.. been hearing this story for a few days now..

in live oak, conocophillips has announced Kunde 4, a horizontal completion next to kunde 3..

will post a comprehensive map with this...

who's selling??

 

[forfunsake]

Hi guys and especially AgentM

I bought in at 68c and have watched the slow decline in the price. Your insight AgentM has kept up the confidence in this share and the company management should buy you lunch.

I just love it when someone gets out at 30c as it helps me average down.

All the best to holders as I imagine some great times are not far away.

 

[Agentm]

adi need to spend their cash in texas and yemen and timor sea, not on lunches!

i certainly am staying in now that conoco is drilling the wells like they are.. the amount of permits they are putting through indicates to me that perhaps more dilling rigs are about to arrive.. so an intensive drilling program of up to 40 wells has been mentioned by eme.. this is the first time we are seeing the chalks getting close attention with multiple rigs and wells.. imho there is not any doubt in my mind that the chalks are everything the jvp has been saying about them, and imho a hell of a lot more..

all these wells will be completed open hole and slotted liner.. and if you follow the announcements they are now not even discussing completion lengths of the wells any more.. things are very very tight in texas..

we need our karnes county resident to perhaps enlighten us as to how the pipeline is going and when the cement trucks arrive on site at kowalik,, that would be very interesting news for the holders..

things are really starting to turn around for adi,, 7 wells at least in the next 10 months.. maybe many many more..

 

[Lucky_Country]

ADI just love suprises ie ACP32 spudding this weekend even.
Now the next suprise maybe Kennedy 1 love too hear more on that front.
Kowalik seems to be smooth sailing so far and going according to plan.

 

[fflintoff]

"Coogee’s Wisteria-1 may spud this week


Wednesday, 20 August, 2008, 01:58 GMT | last updated: Wednesday, 20 August, 2008, 03:36 GMT

By Upstream staff

Coogee Resources may spud the Wisteria-1 well off north-west Australia in licence AC/P32 as early as this coming weekend after recently postponing the hole till the first quarter next year.
Co-venturer Norwest Energy said that the turnaround in the likely spud date is due to weather-related issues and the scheduling of development operations at Coogee’s Montara field.
The spud date was previously delayed as Coogee needed the rig urgently for installation work at the Montara project.
Norwest said that contractual arrangements for the West Atlas jack-up drilling rig, which is set to drill Wisteria-1, allow Coogee the right to determine the rig work schedule.
Co-venturer Bounty Oil & Gas recently said that Wisteria is an attractive play targeting gross reserves of 200 million barrels of oil in three zones.
Coogee operates the AC/P32 permit with a 22.5% stake, with partners Westranch on 15%, Adelphi Energy on 10%, Bounty Oil & Gas with 10%, Bharat Petroleum Holding 20% and Cosmo Energy Exploration & Development on 22.5%"

http://www.upstreamonline.com/live/article161388.ece

 

[nioka]

The balance for value between ADI and AUT swings slightly in favour of ADI after taking into account the bringing forward of Wisteria-1 and with the news that Kowalik-1H is progressing to plan. My previous assessment rated them equal. At today's value I suggest at least a 10% premium for ADI. This is allowing for different market caps when considering Kowalik and the fact that AUT has no interest in Wisteria.
These are my thoughts. DYOR and make determine your own values.

 

[Agentm]

you cant compare ADI to AUT.. this is the way hartleys see it..

Adelphi Energy Limited (“ADI”, “Adelphi”, “Company”) is on the verge of significant activity at its Sugarloaf project (ADI 20%) in the US. Over the last 12 months, the Company has experienced delays and a disappointing result due to technical issues. However, during this time, the prospectivity of the play has been de-risked by successful results nearby. Testing at its Kennedy-1 well is imminent; however, the well was not drilled ideally so results are not expected to be great.

The next well, Kowalik-1, is expected to spud in July 08 and could yield
flow rates in the order of 10 million cubic feet per day with 2,500 barrels of
condensate per day.


Adelphi is leveraged to the high risk / reward Wisteria prospect (ADI 10%) in the Timor Sea, which is scheduled for drilling in July 08. This well will target a medium risk deeper prospect that has potential for 25 million barrels of gross recoverable oil, and a shallower high risk prospect that may contain 175 million barrels of gross recoverable oil.
The Company has an 8.5% interest in an attractive exploration permit in Yemen, which has a 110 million barrel oil discovery immediately adjacent to it.

Adelphi also has a 100% interest in an Indonesia study, soon to be gazetted, and is in the advanced stage of a farmout agreement to obtain a free carry on the forward work program.

We rate Adelphi Energy Limited as a Speculative Buy.

Investment Highlights

• Sugarloaf Potential 190cps –

The Kowalik-1 well will be drilled, completed and tested in one seamless operation, with spud planned for July 08. The well will target the upper Austin chalk, which has produced strong results in adjacent permits. Through better understanding of the play, the joint venture has planned the location for Kowalik by using seismic to identify areas that are more likely to contain natural fractures. The well will also be completed using the same techniques that have yielded flow rates in an analogue field of up to 20 million cubic feet per day. The potential of Sugarloaf remains unchanged at an estimated gross 600 billion cubic feet of gas equivalent.

• Kennedy-1 Testing – Kennedy-1 was stimulated using a light sand frac
over the deepest quarter of its horizontal section and produced minor gas
volumes and 40 barrels of condensate per day. A bigger frac with different
fracture fluid will be implemented over the same interval within the next few
weeks. It is thought that this could increase rates to between 80 and 200
barrels of condensate per day. Kennedy was drilled into the lower – middle
Austin chalk, which is thought to be less productive than the upper chalk, so
is not indicative of the expected rates at Kowalik.


• Wisteria Prospect Potential 350cps (ADI 10%) –

Potential company making drilling is imminent on the Wisteria prospect in the Timor Sea, Australia. The deeper target, potentially worth 58cps to Adelphi, is considered medium risk. The shallower target is higher risk but has a potential value of 326 cps for the Company.

Adelphi is essentially free carried for the drilling of this well.

• Oil Search Sells Midde East Assets – Not Block 7 (ADI 8.5%) – Oil
Search has recently completed the sale of most of its Middle East assets,
but has opted to retain Block 7 due to its prospectivity. Immediately adjacent
to Block 7 is a large oil discovery that high grades the potential of the block.
3D seismic has commenced prior to possible drilling in late 2009.

• Activity Ramping Up – Adelphi’s cash balance of $5m will allow it to fund
its share of the upcoming program in the US. The Company is free carried
through imminent potential company making drilling at Wisteria and has a
working interest in prospective acreage in Yemen. After relative inactivity,
the Company is entering an exciting phase with potential for significant
share price appreciation.

 

[nioka]

you cant compare ADI to AUT..

I don't agree with you on that point. By comparing them on a regular basis and trading according to my calculations I have been able to increase my holding, take some profit, recoup my original outlay and still hold a reasonable parcel. The recent events have helped and I'll continue to compare and trade the differences as I see them. I am mainly in ADI now after a period where the AUT price has exceeded the ADI price but will still look for opportunities to trade either way.

Both will benefit from some good news, today ADI has more to gain than AUT if the prospects prove up to expectations. Tomorrow could be a different ball game.