ADI - Adelphi Energy

[Agentm]

I hope it is on people's radars AgentM because it wasn't on their buy list's today. But I guess I can't complain because I topped up today and if Kowliak or Wisteria turn out well (excuse the pun) then today was a great day for me.

Best of luck to all holders.

i dont think anyone can be critical of anyone buying a share at these prices..

i only wish i had more cash myself..

i know its on many peoples radars.. there are a great deal who have not the courage to venture in and are expecting cheap shares should any positive signs come through,, but imho there wont be much stock on offer nad the share will remain tighly held.. lets see if firstly we get those positive signs and secondly if any volumes will be available for the many who are waiting..

lets see if your decision to add early before the news is better than waiting..

we had this debate with prawn aerlier about waiting for announcements and finding the correct timings.. but imho they are fairly hard to pick..

cheers..

 

[Hatchy]

I know i'll be topping up a bit more tomorrow if the price remains right. I wish i'd applied for more in the offer seeing as it was undersubscribed.

Bring on the black gold.

 

[buzzbuzz100]

Rights Issue 1st Sept.

RIGHTS ISSUE – PLACEMENT OF SHORTFALL SHARES
Adelphi Energy Limited (Company) is pleased to announce that it has placed a total of
3,695,000 shortfall shares resulting from the recent rights issue to exempt investors under
section 708 of the Corporations Act. This placement brings the total funds raised from the
rights issue to approximately $4.3 million, with the total issued capital of the Company
increasing to 119,998,061 shares.
The Directors reserve the right to place the remaining balance of the rights issue shortfall
shares (some 4.3 million shares) as set out in the Offer Document dated 15 July 2008.

 

[Agentm]

RIGHTS ISSUE – PLACEMENT OF SHORTFALL SHARES
Adelphi Energy Limited (Company) is pleased to announce that it has placed a total of 3,695,000 shortfall shares resulting from the recent rights issue to exempt investors under section 708 of the Corporations Act. This placement brings the total funds raised from the rights issue to approximately $4.3 million, with the total issued capital of the Company increasing to 119,998,061 shares.

The Directors reserve the right to place the remaining balance of the rights issue shortfall shares (some 4.3 million shares) as set out in the Offer Document dated 15 July 2008.


they are still slogging away with the rights issue at ADI.. tough job, but up from the mid month announcement:

Adelphi Energy Limited (Company) confirms that the shortfall from the rights issue of shares announced by the Company on 15 July 2008, was 7,969,353 shares. This represents a take-up of approximately 55.1%, with total proceeds of some $3.13 million.



$3.13 mill then ..

$4.3 mill now

$5.7 mill was the total available to the market on this issue.. with the directors working hard still to get their placement away by the looks..

 

[Agentm]

Via ASX Online
WISTERIA-1 DRILLING UPDATE

Adelphi Energy Limited ("Adelphi") advises that the operation at the Wisteria-1 well at 1800 hours WST on 31 August, 2008 was drilling ahead in 311mm hole at measured depth of 2,019 metres. Since our last report, the well set 340mm casing to a depth of 1,670 metres and has drilled through the first of the three targets, the Puffin Formation, without encountering any reservoir quality sandstones or significant hydrocarbon shows. The well will now drill ahead in 311mm hole to intersect the Jurassic Montara and Plover sandstone targets at a deeper level. Hydrocarbon prospectivity of the Montara and
Plover targets is geologically independent of the Puffin Formation target and, if oil is present, has the potential to contain significant reserves of 21 - 32mmbbls (P50). The Montara sandstone is the same reservoir that contains producible oil and gas at the nearby Montara field which is currently under development by Coogee resources, the Operator of Wisteria-1.
The total depth of the well is estimated to be 3,323 metres.
The AC/P32 Permit is located in the Vulcan sub-basin off the coast of Western Australia, and is surrounded by a number of existing oil and gas production and discoveries including Jabiru, Challis, Cassini, Skua, Swift, Puffin and Montara.

Adelphi is virtually free carried through the drilling of this well following farmout to Cosmo Energy.

Commenting on the result of the well so far, the Managing Director of Adelphi Energy Chris Hodge stated

"the lack of development of the Puffin sandstone is a disappointment and suggests that the zero edge of the stratigraphic play is located further to the west than expected. Importantly however, Wisteria is a multi-target prospect and the Montara and Plover sandstones both represent excellent deeper targets which are geologically independent of the Puffin. These sandstones are expected to be present within a welldefined tilted fault block - a proven play type the Vulcan sub-Basin"

 

[Hatchy]

So the lottery didn't come in over the weekend - it was probably only a short chance to hit the big payload anyway.

Bring on some news from Texas - that's what we want to hear.

 

[Agentm]

the POS on the puffin sandstone was 5% from reports i have read.. the well is practically free carry.. there are 2 further targets in the wisteria well..



there is a new permit in dewitt county for conocophillips, maraldo 1.. i maintain a stance in this share this exploration continues


there has been strong support by the Top 20 shareholders of late, with some increasing their holdings by as much as 1 million shares in the last weeks.. i appreciate their support..

back to waiting........

 

[pistol72]

here is a weekly chart(hoping)
looks to be forming a decending triangle,more often than not a continuation of primary trend, a breakout to the upside could produce a great result,although there seems to be a fair bit of resistance @.50.solid support at .28.
any other technical opinions out there?
cheers P

 

[Agentm]

cant get the chart stuff like others do.. your obviously getting the hang of it..

i tend to think the share will trend up or down not for any other reason than on the new flows.. with 4 wells in a row in texas there wont be a mass exit on adi any time soon imho.. the shareholders are keeping the shares and they are hard to get right now in any large numbers..

kowalik is ready to go on its lateral i believe.. good luck to all on this lateral..

 

[nioka]

cant get the chart stuff like others do..

With ADI the chart is past history and only reflects the news, or the lack of it, at the time. ADI has not been a traders stock for some time and is not influenced by traders definition as relating to charts. Forget the chart, watch the news or if possible anticipate the news. If anyone is in a better position to get the news as it happens than readers of agentm's posts I'd like to find them. In the meantime I'm happy to rely on the info from this thread. No matter how good the info is, the results may or may not follow our hopes but to use a chart to promote the future seems a waste of time to me.

 

[solomon]

I was pleased to see that the share price didn't cave in too bad after the Wisteria news today. It looks like the selling is coming from someone who bought in the share offer at .32, cause the price seems like it doesn't want to go under .32. Who would sell this one at a loss at the moment?

If that is the case then it supports Agentm's theory that it is hard to get hold of shares in any volume, even if the price has fallen away a bit.

I didn't buy more today because the Wisteria puffin announcement spooked me a little. Lets hope for some more good news soon.

 

[estseon]

EME estimated the time to complete the lateral at 40-60 days. The estimate for the pilot hole was 30 days. It spudded on 18th July and reached TD on 12th August. They seem to have spent 3 weeks (all but) logging, plugging back etc. That work did not feature in the EME timetable. However, if they now get on with it and don't encounter problems that they can't solve quickly. the lateral should be completed by the end of next month. In the general scheme of things (such as the time we have waited to date) that isn't too much more to wait. I'm not quite clear what the SPs of either EME or ADI reflect but there seems to be little linkage with potential reserves or earnings at the moment. There's still the chance of it giving a new meaning to "Happy Christmas".

 

[Agentm]

EME estimated the time to complete the lateral at 40-60 days. The estimate for the pilot hole was 30 days. It spudded on 18th July and reached TD on 12th August. They seem to have spent 3 weeks (all but) logging, plugging back etc. That work did not feature in the EME timetable. However, if they now get on with it and don't encounter problems that they can't solve quickly. the lateral should be completed by the end of next month. In the general scheme of things (such as the time we have waited to date) that isn't too much more to wait. I'm not quite clear what the SPs of either EME or ADI reflect but there seems to be little linkage with potential reserves or earnings at the moment. There's still the chance of it giving a new meaning to "Happy Christmas".

COP have yet to have completed a well in one go.. baker 1 and kunde 3 were both drilled 3 times to completion.. so plenty of laterals there.. how many are connected in baker is unknown, and we are aware of only one completion in kunde 3, so the other laterals are lost there obviously..

Baker 2 is somewhere in the drilling phase, whether its actually drilling a lateral or not is conjecture. COP have the ability to drill a well and spend 4 months on it just to complete a single lateral or in the case of baker 1 (with a half completed lateral).. in both instances of kunde 3 and baker 1, the operator has not fully explored and completed the wells for optimum production.. in fact COP have yet to put any of these wells on production that are drilled..

Kunde 2 (vertical)
Baker 1H
Bordovsky 1H
Butler 1 (vertical)
Hooks 1H


Geosouthern have drilled two Dual Laterals about 13000 feet completions
both of which are not on production

Migura
Buchhorn

Wells in the permit stage not drilled

Live Oak

Marlene Olsen (vertical) Conocphillips
Kunde 4H Conocophillips

Karnes (all in our acreages)

Reckling 1H
Gonzales 1H
Rudolph 1H
Weston 1H
Albert Hesse heirs 1H

Karnes (outside our acreages)

Drees 1H (meridian)

De witt county

Koopman (vertical) Conocophillips
Maraldo (vertical) Conocophillips


Wells completed

Kunde 1 (on production)
Kunde 3 (on production test???)
Sugarloaf 1 (shut in)
Kennedy 1H (on production)

Wells Drilling

Kowalik 1H
Baker 2


You cant just view this sugarkane play as a smaller 20,000 acre play and ignore the acreages near by and further afield.. i see a whole lot more and believe the presentations that say its a regional play, that is stratographic, and that it far exceeds 200,000 acres..

all imho and dyor

 

[nioka]

You cant just view this sugarkane play as a smaller 20,000 acre play and ignore the acreages near by and further afield.. i see a whole lot more and believe the presentations that say its a regional play, that is stratographic, and that it far exceeds 200,000 acres..
all imho and dyor

This fact is the reason that I use to validate my relative valuations between ADI and AUT. The groundhog seems to have infiltrated the boundaries of all the sugarkane play. I wish one of the gun toting Texans would hunt him down and let the production begin.

 

[Agentm]

This fact is the reason that I use to validate my relative valuations between ADI and AUT. The groundhog seems to have infiltrated the boundaries of all the sugarkane play. I wish one of the gun toting Texans would hunt him down and let the production begin.

your relative valuations must also take into consideration that even a successful chalks operator like meridian wont drill in karnes county unless it has 50% farmed out.. and AUT has acreages up to 80% in its own right.. is not an operator with any chalks experience, and that ownership ratio requires a lot of cash to pay for the leases and a lot more for each and every well thats drilled in those acreages, and we have yet to see any evidence of AUT acreages having a well drilled and producing from the sugarkane.. the original Sugarloaf AMI jvp that we are in as a group is the only acrages i know that was hard fought for. and it has got gas shows and production from the chalks. imho AUT needs to valued with that in mind, and also the risks taken into consideration.. its got one play only.. ADI has many irons in the fire.. and many in the future coming through also.. i maintain that ADI and AUt can never be compared they are completely seperate companies with different cash flows, different cash requirements on their leases and completely different projects and futures..

but regionally in texas , the factors that are preventing completions and preventing production from wells are dependant on how good you were at securing acreages in those regions.. regions in east karnes and in dewitt have lots of acreages to still be secured.. and we see no wells there producing in those regions at all, just wells drilled and then shut in with no comment from anyone..

plenty of leases not secured, and a lot coming back up for a second time looking for a partnership that may be interested in drilling their acres.. the region is having a land grab, thats for sure, and the same regions residents are also preventing successful drilling of acreages due to pockects of landowners not signing up..

it can be tough for an operator trying to secure acreages in blocks with the aim of all acreages participating with eachother.. TCEI have been and still continueto do so, working with and in oppsoition to a whole group of land brokers doing the same representing their various interested entities..

 

[Lucky_Country]

Well after AgentM pointed out AUTs presentation is hugely bullish.
Commentry on the Sugarloaf leases that ADI has interest in are the best indication yet that this area will become a huge producing area and a company maker for ADI.
Mad to sell now but hey each to there own !

 

[Agentm]

UPDATE ON OPERATIONS AT KOWALIK #1H
Aurora Oil & Gas (“Aurora”) is pleased to provide the market with an update on operations at the Kowalik #1H well within the Sugarloaf AMI, which is part of the Sugarkane Gas and Condensate Field.
Kowalik #1H
Aurora has been advised by the operator, Texas Crude Energy Inc (“TCEI”), that as of 06:00hrs 02/09/08 (US CST) the production casing has been run and cemented at a measured depth of 11,861 ft. The preparations and rig up on surface for the reservoir section has also been completed and the drilling assembly was being run in the hole to commence drilling the final build section into the target chalk. The horizontal section is targeting the upper pay interval that has been reported as successfully producing gas and condensate in three wells in the adjacent acreage.


yesterday AUT presented at the oil and gas conference..

AUT - Value Proposition
• Large net acreage position on giant multi Tcfe resource
• 8 recent well penetrations in Sugarkane field all observing hydrocarbons –
including step out Kowalik #1H
• Appraisal & development now – NOT exploration• Near term producer with imminent growth
• Long life assets with ongoing development potential
• Premiums paid on recent transactions for analogous US onshore
unconventional gas plays of similar maturity
THE EXISTENCE OF THE FIELD IS ESTABLISHED.
CURRENT PHASE WILL DEMONSTRATE VALUE POTENTIAL.

 

[tomcat]

Good oil conference presentation is out...

3 weeks to drill the lateral at Kowalik...

Closing in on secondary targets at Wisteria

 

[Agentm]

next well up for conocophillips

olsen baker

getting busy for Conocophillisp and TCEI..

Meridian will be drilling Drees in a very short time also introducing the 4th participant to join Geosouthern Conocophillips and TCEI

 

[estseon]

Useful map, agentm.

Do you have any feel for which of the new permits will be drilled next?

Kowalik appears to be a little away from the new cluster.