ADI - Adelphi Energy

[tomcat]

Nice to see buyers finally outnumbering sellers and on a day like this:

The last time adi got down around 18c it had a nice bounce back up to 40c.

With the cow only having a couple of weeks max of drilling left and having flared for the last 3 weeks I think there could be quite a commercial well about to be put onto production.

Well done the buyers at these prices...great value IMO

 

[tomcat]

Looks like those rigs must be getting closer:

Conoco are putting in another well called Lasca Butler Searcy Trust which is the latest Burlington well in Live Oak.

http://webapps.rrc.state.tx.us/DP/d...LASCA+BUTLER+SEARCY+TRUST&univDocNo=485320269

Getting very buys over there. With the number of wells being applied for you would think this play definately justifies the expenditure conco are pumping into it.

Looking forward to wed update on Kowalik...not long to go now!!

 

[Gspot]

Looks like those rigs must be getting closer:

Conoco are putting in another well called Lasca Butler Searcy Trust which is the latest Burlington well in Live Oak.

http://webapps.rrc.state.tx.us/DP/d...LASCA+BUTLER+SEARCY+TRUST&univDocNo=485320269

Getting very buys over there. With the number of wells being applied for you would think this play definately justifies the expenditure conco are pumping into it.

Looking forward to wed update on Kowalik...not long to go now!!

Hhmmm!! 'not long to go now!!' Now where have I heard that before,
"Please lord, make this happen, so we can get on with our lives."

 

[Hatchy]

Hhmmm!! 'not long to go now!!' Now where have I heard that before,
"Please lord, make this happen, so we can get on with our lives."

Well - there really isn't long to go till the hole is dug!
Then we'll see the testing, then we'll see it in it's glory.

 

[nioka]

Well - there really isn't long to go till the hole is dug!
Then we'll see the testing, then we'll see it in it's glory.

That is right yet in the last few days I bought a few EKA at 8.5c, a few AUT at 18c and a few ADI at 21c. Some people certainly have run out of patience. I think that they will regret selling in the very near future.I thank Agentm for helping me maintain the faith.

 

[Agentm]

hatchy..

cant be long now, i think no more than a week for the drill to finish, few days for the liner,, take the rig off ,small workoverr rig to work on cleaning the well bore out.. then straight on production..

nokia..

i am not changing my view on this play, i was never goign to stay in if COP were not deadly serious, it seems the years of poeple laughing themselves stupid at me for saying its potentially a 3tcf play was sure showing me that research pays more than ignorance and bignoting yourself by saying a well is dry.. evryone called sugarloaf 1 dry, it flowed before the well got edwards water in it and it couldnt continue.. so zone 3 is fine and produces..

kennedy the same, everyone called it a dry hole, its producing right now, and will be worked on to make it far more commercail.. and as tom kelly said , it makes the reserves potential double with zone 2 producing....

zone 1, it seems by the sp its still very much not believed, no value what so ever for that one.. kowalik is still considered absolutely uncommercial by the market and no value given for the well or zone 1 in the sp....

with kowalik still flaring, and concocophillips still putting in permits to follow fractures back from where they were located, and with pipelines being built by COP.. i am happily staying in this one..

imho the 230 acre spacings are way off the mark, i think 100 acre spacings and the reserves easily 2 times what they say they are for zone 1.. and zone 2 is double that again and zone 3 is not out of the equation at all..

cant see any reason to bail right now, only reasons to add..

imho TCEI has to be looking at 4 rigs right now very soon... just to explore zone 1..

 

[Lucky_Country]

Lets hope that the markets worst is behind us and ADI shareprice gets full value for money which at these levels are less than 10% of some recent ADI presentations.
Remember when everyone had confidence in the market ADI was over $1 and oil price was $60. Now we are almost at Z1 production Z2 is producing and shareprice is ~22C what a joke but some will soon be laughing imo.
Also feel it maybe some time before we total value for money but 2009 should be a real great run with more wells coming online, more rigs onsite and Yemen !

 

[estseon]

It might be too early to call the general market but just about every single share in the FTSE 100 (apart from RBS) is up. If this actually does signal a return to sanity and some degree of composure in the general market, and is replicated in New York and other major markets, we could see also a re-focus on fundamentals. And Kowalik might be coming in just at the right time.

Fingers crossed but the period of misery may be almost over.

 

[sam76]

we could see also a re-focus on fundamentals. And Kowalik might be coming in just at the right time.

The same thing occured to me this morning, Estseon.

Fingers crossed alright, mate. The shareholders deserve to be rewarded.

 

[Agentm]

the new permit in live oak for conoco makes it look like they will be very busy there as soon as the rigs arrive.

there is plenty of buying in the top 20 and imho the kowalik well has so far behaved as good and in some respects a lot better than any other lateral completed..

 

[seasprite]

One shareholder has sold down in the top 20 , a mere 15,000 shares and before that it was 3,000 . No activity for the rest up to the 6th Oct.

 

[Hatchy]

Who's keen for some good news this week?

I am!

With the recent fluctuations in the market, I really think those that are holding ADI long are starting to take over - there's really been low volumes, and even last friday we didn't see the total plummet we probably could have.

I'm keen for some news.

 

[seasprite]

Gas readings regularly in excess of 2000 units continued to be measured. Is that good news or what.

approx 1500ft(457m) to go .

 

[Agentm]

Kowalik-1H

Adelphi has been advised by the operator, Texas Crude Energy Inc (“TCEI”), that on the 14 October 2008 the well was preparing to drill ahead at a measured depth of 16,325 ft which equates to approximately 4,500 ft of horizontal section within the Austin Chalk.

Slow progress over the week was primarily the result of the drill string parting and the subsequent successful fishing operation.

The well has again continued to produce gas whilst drilling, with regular intervals producing strong flares with back pressure on the well. Gas readings regularly in excess of 2,000 units have continued to be measured.
Whilst encouraging the commercial significance of these gas shows and flares will not be known until the well has been flow tested.

The horizontal section is targeting the upper part of the Austin Chalk that has been reported as successfully producing gas and condensate in 3 wells in the adjacent
acreage.

Kennedy -1H

TCEI has also reported that production at Kennedy-1H over the prior week averaged 0.15 million standard cubic feet per day and 44 barrels of condensate per day.

Further updates on Kennedy production will be made in the event of a material change and on a quarterly basis

 

[Hatchy]

Right news is out, and what a lacklustre set of news - right when we all want some good news, when all we get is bad news elsewhere and we hear that all week TCEI have been "fishing"

Did they drill at all?

 

[seasprite]

Right news is out, and what a lacklustre set of news - right when we all want some good news, when all we get is bad news elsewhere and we hear that all week TCEI have been "fishing"

Did they drill at all?

If they announced they were fishing , especially between wednesday and friday last week , imagine what that would have done to the share price with major sell downs globally . So I am quite glad they announced it now while the market is in some sort of recovery.

an announcement for the Indonesia bidding result was due around October , so I hope that brings good fortune to all holders.

 

[tomcat]

Yeh hatchy

150 feet, sounds like they are just getting back into the drilling now!

The good news is they successfully got the string back...and they are still getting good gas readings.

I wonder if they will call TD prior to the 6000ft mark, could still be a possibility but the further they get the more fractures the well bore will be exposed to!

 

[Agentm]

on a long lateral, you dont want doglegs.. it can cause drill string breakages and in the case of baker 2 you can have an operator like nabors have some issues with the drill and come up very short.. the best drillers cant prevent things from happening, its just how it goes, i always expect long delays whilst these experimental wells go in.. each one teaches you how to improve, and drilling this lateral is no exception.

the drill string was successfully recovered.. and i am sure the 150 feet of well that was drilled is not the issue that was on anyones mind, it would have been the ability to get that drill string out.. this formation is really testing the limits of equipment on all well sites.. there are serious pressures down there, and the well just wants to flow!!

now wait until they flow this one.. i am really keen for them to stop the drill now, but when you getting the right sort of reaction from the formation the tendency is to go for it and follow it on..

plenty of drilling left.. this well has a staggering lateral planned.. 1781 feet still to go. they are looking at 6281 feet on the lateral.. imho replicating the sizes that they use in the east texas chalks on the laterals..

 

[Lucky_Country]

All seems quiet here at the momment everyone waiting for the day of truth.
The annual report was a great read with 100 wells mentioned, reward shareholders patience, Yemen and Indonesia also featuring strongly.
Yemen could really be the icing on the cake and Indonesia looks to be a great coup for ADI if their bid is sucessful.

Sugarloaf just weeks away if not closer than that to really find what Zone 1 has got down there.

Zone 2 and Zone 3 still more work to be done.

Im really looking forward to the development of this field it looks to be a real rewarding one for all shareholders.

2009 a real busy year for ADI

 

[blues]

Indonesian oil award is out. Will be interesting to see if we hear anything from the company about that and who their partnership is with.

http://rigzone.com/news/article.asp?a_id=67986

Should be interesting update tomorrow.