AEL - Amplitude Energy
- Thread starter yogi-in-oz
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Slowly creeping up. Veritas put a 69c current price on the stock yesterday even before drilling Kurnia 1. Spud in date is supposed to be announced today and increasing volume and rise in price (sales at 53.5 today) indicate announcement not far away. Very good strength on the Buy side and not much stock available from sellers. Most holders have been getting set for quite a while and this should shoot pretty quickly once the action starts.
CanOz
Home runs feel good, but base hits pay bills!
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Creating an ascending triangle like in previous times
Looks good..volume is following the trend of an ascending triangle with the vonlume decreasing before it break out of it.
Of course charting does not confirm something but just puts the odds in your hands so it could go the other way of course but i believe this ascending triangle looks good.
Looks good..volume is following the trend of an ascending triangle with the vonlume decreasing before it break out of it.
Of course charting does not confirm something but just puts the odds in your hands so it could go the other way of course but i believe this ascending triangle looks good.
Attachments
David Haselhurst has picked up this share for his speculator column in this weeks bulletin.
Share is up 3 cents today probably on the back of this. Good to see the company getting some positive media attention. Things are now starting to move.
http://bulletin.ninemsn.com.au/article.aspx?id=272360
Share is up 3 cents today probably on the back of this. Good to see the company getting some positive media attention. Things are now starting to move.
http://bulletin.ninemsn.com.au/article.aspx?id=272360
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Kurnia results are due in approx 6 weeks. I think a lot of the price increase is due to speculation on the the results. Great potential
COE is up around 20% this morning following ann.
Kurnia-1: Oil and Gas Show
Dear Shareholders,
We are pleased to announce that Kurnia-1 has encountered a drilling break (increase in rate of
penetration) associated with oil and gas shows over an 8 metre gross sandstone interval from 1,783
to 1,791 metres.
The drilling break resulted in gas concentrations in the mud rising from a background level of 30
units to 224 units before the gas cut mud was circulated through the rig degasser with an increase
in pressure on the choke manifold. The mud weight was increased to control any further gas influx.
A maximum gas reading of 3,132 units was recorded when normal circulation was resumed. The
sandstone samples exhibited oil stain and increasing fluorescence with depth (100% fluorescence at
1,791m) and oil was observed on the surface of the mud.
The rig is currently conditioning the drilling mud prior to drilling ahead and at 8:00am WST was at a
depth of 1,793 metres.
The significance of these gas and oil shows will be evaluated by wireline logs after the well has
reached total depth of this section at 2,500 metres.
The next ASX release is expected to be after we have run the aforementioned logs and evaluated the
significance of these hydrocarbon shows.
Yours sincerely
Cooper Energy Limited
Michael Scott
Managing Director
Kurnia-1: Oil and Gas Show
Dear Shareholders,
We are pleased to announce that Kurnia-1 has encountered a drilling break (increase in rate of
penetration) associated with oil and gas shows over an 8 metre gross sandstone interval from 1,783
to 1,791 metres.
The drilling break resulted in gas concentrations in the mud rising from a background level of 30
units to 224 units before the gas cut mud was circulated through the rig degasser with an increase
in pressure on the choke manifold. The mud weight was increased to control any further gas influx.
A maximum gas reading of 3,132 units was recorded when normal circulation was resumed. The
sandstone samples exhibited oil stain and increasing fluorescence with depth (100% fluorescence at
1,791m) and oil was observed on the surface of the mud.
The rig is currently conditioning the drilling mud prior to drilling ahead and at 8:00am WST was at a
depth of 1,793 metres.
The significance of these gas and oil shows will be evaluated by wireline logs after the well has
reached total depth of this section at 2,500 metres.
The next ASX release is expected to be after we have run the aforementioned logs and evaluated the
significance of these hydrocarbon shows.
Yours sincerely
Cooper Energy Limited
Michael Scott
Managing Director
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The ann below was released just before 4pm today: and comes on top of success at Callawonga this week (30% of flow@5000 barrels per day); and oil/gas shows at Kurnia that are currently being sussed. The market doesn't seem to have embraced these results. Any oilers with a perspective on this??. I would have thought that both STU(70% Worrior) and Cooper Energy would have jumped on this flow of good news. Maybe the Worrior results were overlooked due to the lateness of the ann & tommorrow will see some SP appreciation.... Thoughts anyone??
ASX ANNOUNCEMENT - FOR IMMEDIATE RELEASE
11 September 2007
DEVELOPMENT DRILLING SUCCESS IN THE WORRIOR FIELD
South Australian based oil exploration and production Company, Stuart Petroleum
Limited (ASX Code: STU) today announced that the Worrior 5 and Worrior 6
development wells were successful and are to be completed for production.
The Managing Director of Stuart Petroleum, Mr Tino Guglielmo said, “The production
potential from the McKinlay Member in Worrior 6 is the best the Company has
observed in the Worrior oilfield and appears un-affected by existing field drainage.
The impact on the Company’s oil reserves will be evaluated after the wells are
brought on line”.
Wireline logs for Worrior 5 indicate 9 metres of net oil pay in the McKinlay Member
and 12.5 metres of net oil pay in the Birkhead Formation. Wireline logs for Worrior 6
indicate 12.5 metres of net oil pay in the McKinlay Member and 6 metres of net oil
pay in the Birkhead Formation. The wells will be completed for production from both
zones.
The Murta Formation is also being evaluated in both wells.
Worrior 5 and Worrior 6 will be tied in to existing Worrior facilities and commence
production two weeks after the respective drilling rig moves off location.
Participants in both wells, drilled within the Cooper/Eromanga Basin production
licence PPL 207, are:
Stuart Petroleum Limited (Operator) (ASX:STU) 70%
Cooper Energy Limited (ASX:COE) 30%
ASX ANNOUNCEMENT - FOR IMMEDIATE RELEASE
11 September 2007
DEVELOPMENT DRILLING SUCCESS IN THE WORRIOR FIELD
South Australian based oil exploration and production Company, Stuart Petroleum
Limited (ASX Code: STU) today announced that the Worrior 5 and Worrior 6
development wells were successful and are to be completed for production.
The Managing Director of Stuart Petroleum, Mr Tino Guglielmo said, “The production
potential from the McKinlay Member in Worrior 6 is the best the Company has
observed in the Worrior oilfield and appears un-affected by existing field drainage.
The impact on the Company’s oil reserves will be evaluated after the wells are
brought on line”.
Wireline logs for Worrior 5 indicate 9 metres of net oil pay in the McKinlay Member
and 12.5 metres of net oil pay in the Birkhead Formation. Wireline logs for Worrior 6
indicate 12.5 metres of net oil pay in the McKinlay Member and 6 metres of net oil
pay in the Birkhead Formation. The wells will be completed for production from both
zones.
The Murta Formation is also being evaluated in both wells.
Worrior 5 and Worrior 6 will be tied in to existing Worrior facilities and commence
production two weeks after the respective drilling rig moves off location.
Participants in both wells, drilled within the Cooper/Eromanga Basin production
licence PPL 207, are:
Stuart Petroleum Limited (Operator) (ASX:STU) 70%
Cooper Energy Limited (ASX:COE) 30%
We need permission from the
Americian
Stock
Xchange
before we can increase sp here on good news
I'm stating to think we should merge the 2 exchanges why should their bad news be ours yeh I know their money is invested here but it's safer here than over there
cheers laurie
Americian
Stock
Xchange
before we can increase sp here on good news
I'm stating to think we should merge the 2 exchanges why should their bad news be ours yeh I know their money is invested here but it's safer here than over therecheers laurie
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gidday Laurie....you following/holding?? What are your opinions on results to date??
SP finished down approx 1% at 0.789 despite the ann. I noticed the Good Oil pres suggested success at Callawonga was worth additional 10c a share, and Kurnia $1+; with Worrior success additional to these (not mentioned). Results at Kurnia are still uncertain, but the Callawonga2 & Worrior seem to have fulfilled expectations. eg, just Callawonga2 flows will contribute an additional revenue to COE of approx $26mill/year!! ie,25% x 5000barrels/day x 300 days/year x $70/barrel.
SP finished down approx 1% at 0.789 despite the ann. I noticed the Good Oil pres suggested success at Callawonga was worth additional 10c a share, and Kurnia $1+; with Worrior success additional to these (not mentioned). Results at Kurnia are still uncertain, but the Callawonga2 & Worrior seem to have fulfilled expectations. eg, just Callawonga2 flows will contribute an additional revenue to COE of approx $26mill/year!! ie,25% x 5000barrels/day x 300 days/year x $70/barrel.
Col
It seems the sp may have factored already Worrior & Callawonga! so I think the main problem is Kurnia which many believe is the company maker or a duster so the market is sitting on the fence remember it's either oil or gas or both that will move it past $1.5+ I hold AED also and its following a similar patten everyone is waiting for production which is around the corner but not willing to take the risk amazing
cheers laurie
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Thanks Laurie...tommorrow will be interesting...may see some delayed positive reaction to The Callawonga2 & Worrior results....
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Col are you selling us short at $70 per barrel - isn't that the USD price? The current price of oil in AUD is a bit higher so the Callawonga increase may be worth more than 26mill p.a. depending on how large the reserve is.
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Apologies Reefer....obviously the market has reacted badly to my miscalculations!!
Have been given an opinion that the initial flow of 5000bpd is likely to settle about 50% lower once well settles down....Agree?
Have been given an opinion that the initial flow of 5000bpd is likely to settle about 50% lower once well settles down....Agree?
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"Cooper Energy secures a strategic interest in the Hammamet PSC, Tunisia.
Cooper Energy is pleased to announce that it has agreed to farm into 35% of the Hammamet PSC in the Gulf of Hammamet in Tunisia."
But to fund this....
"$60 million Capital Raising to Fund Aggressive International Growth Program
Placement of $55 million.
Cooper Energy Ltd is pleased to announce a placement of 84.62 million new shares at A$0.65 per share to raise gross proceeds of approximately A$55 million. The placement is subject to approval at an Extraordinary General Meeting of shareholders to be held on Wednesday, 14 November 2007 and is being made to institutional and sophisticated clients of Euroz Securities Limited."
AND..
"In parallel with the placement, Cooper Energy will also offer eligible shareholders the opportunity to acquire additional shares in the Company via a Share Purchase Plan (SPP) at A$0.65 per share, the same price as the shares offered under the placement, up to a maximum of A$5,000 per shareholder. The SPP will be limited to a maximum of $5 million in aggregate. The SPP is fully underwritten by Euroz Securities Limited.
Shareholders who are registered holders of Cooper Energy shares as at 5pm Perth time on 26 October 2007, with a registered address in Australia or New Zealand, will be eligible to participate in the SPP.
Whats the market sentiment about the new announcements from COE ?! Could be a winner if both the new farm-in, as well as the adjacent Bargou block are proven to be oil fields....
Long term, place in draw type of investment ?!
Comments...??!!
Cooper Energy is pleased to announce that it has agreed to farm into 35% of the Hammamet PSC in the Gulf of Hammamet in Tunisia."
But to fund this....
"$60 million Capital Raising to Fund Aggressive International Growth Program
Placement of $55 million.
Cooper Energy Ltd is pleased to announce a placement of 84.62 million new shares at A$0.65 per share to raise gross proceeds of approximately A$55 million. The placement is subject to approval at an Extraordinary General Meeting of shareholders to be held on Wednesday, 14 November 2007 and is being made to institutional and sophisticated clients of Euroz Securities Limited."
AND..
"In parallel with the placement, Cooper Energy will also offer eligible shareholders the opportunity to acquire additional shares in the Company via a Share Purchase Plan (SPP) at A$0.65 per share, the same price as the shares offered under the placement, up to a maximum of A$5,000 per shareholder. The SPP will be limited to a maximum of $5 million in aggregate. The SPP is fully underwritten by Euroz Securities Limited.
Shareholders who are registered holders of Cooper Energy shares as at 5pm Perth time on 26 October 2007, with a registered address in Australia or New Zealand, will be eligible to participate in the SPP.
Whats the market sentiment about the new announcements from COE ?! Could be a winner if both the new farm-in, as well as the adjacent Bargou block are proven to be oil fields....
Long term, place in draw type of investment ?!
Comments...??!!
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I stand to be corrected but it appears Kurnia will not deliver the goods money wise because they are raising capital so ones to assume its a duster
cheers laurie
Not necessarily Laurie. Their latest Investor Presentation outlines the following break down over the use of the new placements & share purchase plans.
Proposed Use of Funds
Activity - Amount(A$ million)
Hammamet farm-in and drilling - $25m (Two wells)
Near-term Bargou seismic - $5m (100% of 2D or 3D seismic in 2008)
Seruway PSC appraisal activities - $15m (22.5% of offshore seismic and 30% of two offshore wells)
South Madura PSC drilling - $10m (Two shallow wells)
Working capital - $5m
Total - $60m
>> Kurnia could still be a success - although it being delayed, no GAS findings in the secondary target as they hoped for, does give it a bad auora.
The delays mean that the road to production would be longer, hence to fund the next steps for the proposed works would require more funding from other more liquid funding sources.
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I am getting bad vibes about Kurnia1. With us so close to the bottom I would have thought the total focus of the company would be on this well, but it appears to me the concentration at the moment is to push through the placement and SPP, all at 65c, before the results of Kurnia are known to the general market. I may be cynical but I believe the placement and SPP will signed, sealed and delivered before the final news of Kujung is released to the market. May just be smart financial manouvering but it doesn't give me a good feeling that we are going to hit 200mbl.
