ADI - Adelphi Energy

[Agentm]

you know he was the first to say that the well was dry, and then after they announced potential commercial finds he had nothing to say, now he is proved to be incorrect and had already advised his followers to leave, they did... so they lost a bundle,, great news for those who didnt follow him..

since then he had a bid at floating a company, and failed.. in todays environment its pretty hard to fail spectacularily in a float.. even ex criminals and bankrupts like alan bond are back on the scene and floating companies...

who on earth listens to someone like him when texas crude is doing a commercial flow testing on a well he told everyone to bail on..

i guess those who believe him had better make tracks!! good luck to them on their next venture and hope they made a good gain on the stock!!

 

[Broadside]

you know he was the first to say that the well was dry, and then after they announced potential commercial finds he had nothing to say, now he is proved to be incorrect and had already advised his followers to leave, they did... so they lost a bundle,, great news for those who didnt follow him..

since then he had a bid at floating a company, and failed.. in todays environment its pretty hard to fail spectacularily in a float.. even ex criminals and bankrupts like alan bond are back on the scene and floating companies...

who on earth listens to someone like him when texas crude is doing a commercial flow testing on a well he told everyone to bail on..

i guess those who believe him had better make tracks!! good luck to them on their next venture and hope they made a good gain on the stock!!

KAPOW! cop that!

 

[Agentm]

dont see a mass exodus!! maybe no one listened?

 

[Lucky_Country]

I cant belive people are selling ADI at this exciting time in its history let alone seeing the price drop not sure what they are thinking

 

[nioka]

I cant belive people are selling ADI at this exciting time in its history let alone seeing the price drop not sure what they are thinking

There are not many sellers. Same with AUT where there has only been one trade today for 10,000. There is always someone needs some cash and will take what offers.

 

[tomcat]

Patience is the key for this one, we cant be too far away from more news...be interesting to see the drilling report for NT tomorrow and where they are at.

 

[Agentm]

i am with you nioka..

ADI did have a strong focus on the secondaries prior to the TD and prior to the reporting of commercial shows on the primary. Their forward plan was for two wells at least. very bullish

Its interesting to see them no longer mention it, and my belief is that the primary is now entirely on their and texas crudes focus. They have no intention of flow testing the secondaries, its listed as an after thought, with the focus now entirely on the fracing and getting a strong flow for the primaries first production well.. you dont throw 2 million at a fracing program unless you have a very high level of confidence and a good set of numbers to work with..

So lets see how they will tackle the secondary, as they are now practically forced to drill away without flow testing on them, which shows how uber confident they have been on them..

no doubt news on NT will start to surface in very near term..

remaining as confident as ever on this share..

 

[Sniffer]

i would have thought the forward planning of further wells at sugarloaf in itself was an indication of exploration success, regardless of confirmation of TD and any form of flow testing..

ARQ has always been bullish on the well in all the presentations i have sat in on. I cant imagine they will change their positive tune.

things must be getting close, both the gas zones at NT and the commencement of flowtesting..

BTW if you read the report on flow testing from the 29th jan carefully, you may note it says it will start flow testing withing 2 weeks, and then goes on to say something very interesting... as usual you have to read between the lines..

Further ASX releases in relation to the Sugarloaf-1 testing program will be made upon any material developments and results from these tests.

if you remember the frustrating days of drilling and getting double meanings and hidden messages, then you must assume that they could be well and truely flow testing as we speak, and we can only expect the usual standard practice of "material developments" being reported.. so perhaps dont expect any major announcements or indications of where they are at between now and when things get announced!! I have yet to see them change their practice of maintaining a closed well senario as much as possible.

once again all IMHO and DYOR...
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There is no reason to believe that flow testing has already started. I believe someone in this thread said that the last thing ADI wants to do is misguide their investors. I imagine that they are true to their word and flow testing will begin in a week or so. It take a lot of work and coordination to test a well (secure a work over rig, upgrade the roads to handle the heavy duty fracing equipment, probably even line up a piping contractor to tie the well in the local gathering system if it is commercial.) If the well is commercial, the JVP will look to turn a profit rather quickly.

 

[Agentm]

the jvp's have always kept very low key on all information, and i wouldnt be suprised to see the usual closed shop approach continue,

i always hope they would disclose all information, i hope we hear more info prior, but i dont hold up much hope for that...

it isnt about misguiding investors, its more a case of keeping everything closed shop. they have in the past told us all we need to know, and most of it was very hidden in the announcements. gas shows were very well disguised and later announced with a bit more positive slant.. suddenly they are flow testing, could be today yesterday, tomorrow..

who is to say the workover rig isnt already on site and its only days from the announcement before the flow testing, if you read the announcement it doesnt say a workover rig is about to arrive on site.. it says a program for testing is anticipated to start.. to me that means a flow testing program is commencing not a workover rig arriving.. the workover rig was announced earlier..

again i hope we get more info but i remain sceptic that the market has been told everything it needs to know and next news will be anything "material"..



Sugarloaf-1 Well Testing Program

[font=Arial,Arial]A program for testing the primary Hosston Formation target in the Sugarloaf-1 well has been accepted by the Joint Venture and is anticipated to start within two weeks.

A zone with indications of gas interpreted from wire-line logs and gas shows during drilling is planned to be tested by high density perforation of the production casing over selected intervals in the lower part of the well.

Subject to results the program could be amended, including extended flow testing of zones, but is expected to take up to two months to be completed.

[/font]

Further ASX releases in relation to the Sugarloaf-1 testing program will be made upon any material developments and results from these tests.
​

the part i marked in red is the bit only adi put in their release, the other JVP's did not make that comment in their joint release, you may notice that adi also took the lead on the announcements release, to me adi is saying they will only announce "material developments and results from these tests"..

i am not convinced they are not right now today flow testing.. but i could be wrong..

DYOR and all IMHO

cheers

 

[wallave]

the old eka's / ekao's have copped a hidding the last couple of weeks.

If the flow tests come up with the goods then out of the three partners they should certainly get the biggest % boost from these levels.

 

[fflintoff]

the jvp's have always kept very low key on all information, and i wouldnt be suprised to see the usual closed shop approach continue,

i always hope they would disclose all information, i hope we hear more info prior, but i dont hold up much hope for that...

it isnt about misguiding investors, its more a case of keeping everything closed shop. they have in the past told us all we need to know, and most of it was very hidden in the announcements. gas shows were very well disguised and later announced with a bit more positive slant.. suddenly they are flow testing, could be today yesterday, tomorrow..

who is to say the workover rig isnt already on site and its only days from the announcement before the flow testing, if you read the announcement it doesnt say a workover rig is about to arrive on site.. it says a program for testing is anticipated to start.. to me that means a flow testing program is commencing not a workover rig arriving.. the workover rig was announced earlier..

again i hope we get more info but i remain sceptic that the market has been told everything it needs to know and next news will be anything "material"..



Sugarloaf-1 Well Testing Program

[font=Arial,Arial]A program for testing the primary Hosston Formation target in the Sugarloaf-1 well has been accepted by the Joint Venture and is anticipated to start within two weeks.

A zone with indications of gas interpreted from wire-line logs and gas shows during drilling is planned to be tested by high density perforation of the production casing over selected intervals in the lower part of the well.

Subject to results the program could be amended, including extended flow testing of zones, but is expected to take up to two months to be completed.

[/font]

Further ASX releases in relation to the Sugarloaf-1 testing program will be made upon any material developments and results from these tests.
​

the part i marked in red is the bit only adi put in their release, the other JVP's did not make that comment in their joint release, you may notice that adi also took the lead on the announcements release, to me adi is saying they will only announce "material developments and results from these tests"..

i am not convinced they are not right now today flow testing.. but i could be wrong..

DYOR and all IMHO

cheers

I ´m sure we will get an Ann when the testing starts including a bit of detail.
Today ´s statement from AUT infers that testing hasn ´t started yet.

“Sugarloaf Prospect (20% Working Interest) Texas, USA
The first well on this project, Sugarloaf#1 was drilled to Total Depth (TD) during the period, encountering a number of promising gas shows. As at the date of this report, testing of the primary target zones is due to commence in the current month. “

http://www.auroraoag.com.au/docs/2007/AUT20070206.pdf 6 Feb 2007

 

[tomcat]

The NT well must have taken a while longer than they thought to convert to the oil based mud system...they only managed to drill 419ft through the week. Looks like it will be close to another week before they get into the target zones.

No news yet on Sugarloaf.

It is like pulling teeth at the moment but I believe the wait will be worth it.

 

[Agentm]

i hope we get news on SL.. not convinced but hopeful..

NT is slow, i believe they have ironed out the bugs,, they definately are expecting big gas kicks so they need to be sure this refurbished rig can handle all the extremes.. All delays will not cost ADI a cent, its all rig operator costs.. i think the drill rate will be full speed ahead now.

not long to go.. seems every week its not long to go.

 

[tomcat]

AgentM...do you read anything into the fact that Aurora didn't mention SL at all in its operations report released today?

 

[Agentm]

usually they just post the adi report,, probably just an oversight.

 

[nioka]

AgentM...do you read anything into the fact that Aurora didn't mention SL at all in its operations report released today?

It suggested to me that there was nothing to report. I check before the start of trading each day for a trading halt . I expect there to be a trading halt before the next announcement on sugarloaf as it will be either good or bad news next time we are told anything. I'm expecting good news. I expect that's where I'll hear it first.

 

[surfingman]

It suggested to me that there was nothing to report. I check before the start of trading each day for a trading halt . I expect there to be a trading halt before the next announcement on sugarloaf as it will be either good or bad news next time we are told anything. I'm expecting good news. I expect that's where I'll hear it first.

My thoughts as well on this one, waiting for the trading halt and hopefully very good news....

 

[Agentm]

Indian Company BPCL Farmin to AC/P32 Timor Sea

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Adelphi Energy Limited (Adelphi) is pleased to advise that a farmin agreement has been signed between the AC/P32 Joint Venture parties and Bharat Petroleum Corporation Limited (BPCL). Under the terms of the agreement, BPCL will pay the Joint venture parties a sum of US$1.42 million to cover the costs of 3D seismic purchase, processing, interpretation and other works and be assigned a 20% interest in the License. All existing parties are participating in this exchange on a pro-rata basis; as such Adelphi’s share of this sum is approximately US$328,000.

Following payment of the above funds, the Joint Venture interests will be: Coogee Resources (Operator) 24.64% Adelphi Energy 18.48% Westranch Holdings (Norwest) 24.08% BPCL 20.00% Bounty Oil and Gas 12.80%

A second phase of the agreement provides BPCL with the first right to take any additional interest offered by the original parties in exchange for a promoted share of the drilling costs of the next exploration well. If BPCL declines any such offer, the original parties are free to then seek other farmin parties. The license terms require one well to be drilled in the 12 month period beginning May 27th 2007, entry into which will be optional for all parties. The Farm in Agreement defines election dates in order to provide sufficient time for decision making prior to entry into the next year’s commitments. Over the last six month period Coogee Resources has led the interpretation work on a 3D seismic database (much of which has already been reprocessed) which covers the entire license area. Other Joint Venture parties have also conducted review work and as a result, a number of substantial and exciting prospects are currently undergoing final interpretation and ranking. The block is surrounded by oil and gas discoveries and fields which are either producing or planned for development, and as such, is in a very promising but under-explored area.
BPCL is a Fortune 500 company. BPCL’s main business focus is in refining and marketing of petroleum products in India, and it has recently entered the upstream oil and gas industry via an aggressive acquisition program through farmin and bid rounds. The company has a market capitalisation of approximately US$3 billion, a sales turnover in 2004/2005 of US$14billion, and in 2005-06 of almost US$ 19 billion; and it employs over 13,500 staff


anyone know what coogee found??​

 

[chops_a_must]

Nah, I haven't been able to find anything. Actually, I don't think they have found anything. By the way Agentm, what do you think of NWE and AED, if you like oil stocks? Mmm, Puffin field...

 

[fflintoff]

My thoughts as well on this one, waiting for the trading halt and hopefully very good news....

They haven ´t even started the testing yet so how can there be a trading halt. We will be notified of the start date. Probably next week, without any hitches.