AEL - Amplitude Energy

[laurie]

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.

Reefer

Ever played Russian Roulette:laser_sho

cheers laurie

 

[sfx]

Reefer

Ever played Russian Roulette:laser_sho

cheers laurie

Indeed agreed with yourselves Reefer / Laurie, that a new share placement this close to the Kurnia results does not show great confidence.

Roulette black or red. Let it ride.... in this case the odds are probably a lot worse, so perhaps its moreso let it all ride on '0' ! :bigun2:

 

[Reefer]

In yesterday's quarterly report the company stated:

"The Kurnia-1 well is progressing slowly towards its primary objective. Gumbo shale has been preventing quick penetration of the formations and the well is behind schedule. The next operation will be to set the 13-3/8” casing at 2,450 metres and then to drill to the top of the primary objective Kujung II carbonate at about 3,020 metres where 9 ⅝” casing will be set. An 8 ½”
hole will be drilled to evaluate the Kujung II section"

Oil-Online in one of it's reports on Indonesia reported:
"The Late Miocene ‘OK’ Formation is considered a good source in the southern, onshore East Java and Madura basin areas. The OK Formation also forms an extensive lateral and top seal for the Kujung Unit I reefs across the region while intraformational shales seal Units I and II carbonates."

Also from a geological report of the area:
"Recent hydrocarbon discoveries within the Oligo-Miocene carbonates of the East Java Basin reflect the effectiveness of the related petroleum system involving mature source rocks (kitchen area), migration pathways, good carbonate reservoirs, resilient seals, and good stratigraphic traps."
And
"A regional seal for reservoirs of the Kujung I is provided by widespread thick Tuban Formation claystones. Intraformational shales seal the carbonate reservoirs of the Kujung II and Kujung III."

So the shale they are having problems with seems to be a pre-requisite for sealing Kujung II reservoirs which is where COE are heading. So at least we are in the right sort of geological area.

Let the Russian Roulette begin, I'm staying in despite my concerns.

 

[Trader Paul]

Hi folks,

COE ... looking for more good news, late in October:

29102007 ... minor and positive

14-15112007 ... 2 minor cycles here

28112007 ... positive spotlight on COE ...

05122007 ... positive news expected here

10122007 ... minor

17-18122007 ... negative cycle expected

24-28122007 ... negative spotlight and negative news

04012008 ... negative aspect ... finances???

10-14012008 ... positive news expected to trigger
a BIG rally ...

happy days

paul



=====

 

[Knobby22]

I've decided to take part of my entitlement of the Share Purchase Plan. Is anyone else taking them up?

 

[Reefer]

I don't think I will accept for any. I am not confident about Kurnia and if it proves to be a duster there will be buying opportunities before Gurame, below 65c imo.

 

[sfx]

I've decided to take part of my entitlement of the Share Purchase Plan. Is anyone else taking them up?

Good question - I haven't much $$ to spare, and I'm thinking that the investment could back fire. There's plenty of other fish in the sea so to speak !

As stated by Reefer, any bad news with Kurnia will only bring the SP down, and hence we'll probably see the SP below the placement issue price. Today at close its only some 3 cents off the issue price...

I think its also co-incidental that progress is slow with the drilling at Kurnia, and that we'll see no announcement being made before the deadline of payment for the new issue.

Heads or tails - who knows !

 

[Col Lector]

Good confirmation of oil show ann yesterday. Just announced......12 metres gross oil in highly porus reservoir at Parsons-1. Nice result!! Particularly given that this may represent a new oil-field in Cooper Basin...ie,it is approx 9kms from COE/BPT's existing successful fields Callawonga & Christies. COE 25%/BPT75% at Parsons.
This hole is also targetting oil from formations at deeper depth ...therefore potential for more black gold....

 

[Col Lector]

Ann. from BPT confirming Parson's as a new field discovery. Flags potential for 1 mill+ barrels.......BPT generally conservative in this respect.......

Wireline logging conducted overnight indicates the presence of a gross oil column in
the order of 12metres in the Namur Sandstone. Reservoir quality is comparable to
that present at the Callawonga Oilfield where the Namur Sandstone in Callawonga-3
flowed oil at a rate of 5660 barrels per day during a clean-up flow.
Preliminary indications are that the Parsons field contains more than 1 million
barrels of recoverable oil.On finalisation of the wireline logging program the well will be completed as a future
Namur oil producer. Beach’s view is that a connection is likely to be established to
the Callawonga pipeline for ultimate delivery to Port Bonython. This pipeline is
currently being constructed and on schedule for completion and commissioning early
next year.
Participants in the Callawonga-1 well are:
Beach Petroleum Ltd (Operator) 75 %
Cooper Energy Ltd 25 %

 

[laurie]

Maybe they need to find Uranium......market slow in jumping on COE maybe Kurina is still effecting sp

cheers laurie

 

[Reefer]

Monday, 3 December 2007 COE031207c
Company Announcements
Australian Stock Exchange Limited
Electronic Lodgement System
Kurnia-1 Oil Shows
Dear Shareholders,
Further to release COE301107a (Kurnia-1 Drilling Ahead), Cooper Energy is pleased to inform our
shareholders that oil shows have been recorded in the Kurnia-1 well.
The pertinent facts known by the Company are:
• The rig has drilled the 8 ½“ hole from 3,004 metres (9 5/8” casing shoe) to 3,029 metres.
• Oil shows in drill cuttings and free oil in the drilling mud commenced at 3,017 metres and
continued to the current depth of 3,029 metres.
• Elevated gas readings in the drilling mud and an influx of reservoir fluids into the wellbore
around 3,029 metres necessitated increasing the mud-weight to prevent reservoir fluids flowing
into the wellbore. The operation to weight up the drill mud is currently ongoing.
• Oil decanted from the drilling mud appears to be sweet and light/high API.
• Onsite geological evaluation indicates that the formation is most likely the Kujung carbonate,
which is the primary target for the well.
The forward plan for the well is to:
• Increase the mud weight to balance the pressure between the wellbore and reservoir.
• Drill ahead to 3,037 metres, which would be approximately 20 metres into the hydrocarbon
shows.
• Undertake an open-hole production test over the full section (3,004-3,037 metres
The production test is expected to provide information regarding the productivity of the formation
and the type of hydrocarbons that have been encountered.
The thickness of the hydrocarbon column will only be known after the full section of the Kujung has
been drilled and wireline logs have been acquired. The Kujung reservoir section is prognosed to be
250 metres thick at this location.
It is expected that the production test will commence this week.
Regards,
Cooper Energy Limited
Michael Scott
Managing Director

 

[disarray]

been a long time coming and an extremely nervous wait but success is sweet. there is a hartleys report on the coe website which states -

... if drilling is successful ... a 200mmbo discovery at South Madura would be worth up to 910cps for COE

all their broker reports can be found on their website at Cooper Energy Broker Reports

going to be holding this one for a while methinks. good luck to you other holders.

 

[laurie]

Looks like that 10% possibility has turned to being 100% incorrect Christmas may come early for COE holders hope santa fills my stocking with black gold

cheers laurie

 

[sfx]

I'm eating my shirt now !

Could of, would of, should of.... well small gains atm. From the reports it seems that there could be more upside to COE before year's end?!

 

[Reefer]

Have a listen to the Boardroom Radio interview posted at 4.10pm i.e. after the market close. MS is his usual conservative self but is still pretty upbeat. The results are confirmation of the historical drilling, which is what the 200mbl was based on, and he gives a range up to a possible 460mbl. Will be very interesting week with drill stem tests and wire line logs hopefully confirming somewhere between 90 to 460mbl by week's end.


http://www.brr.com.au/company.php?o...=asx&q=coe&qindustry=&Submit.x=11&Submit.y=12

 

[billhill]

Been a long wait. Glad i had the faith to hold after so many delays. Good news and more potential upside to come with the seruway psc. Could be on our way to a decent sized new oil and gas player.

 

[laurie]

Didn't anyone hear the magical words from Mike Scott mouth "Light Sweet Crude" that's like drinking champagne as oppose to 4x and is sold at a premium

cheers laurie

 

[nt65]

OK, whats going on here??????
share price now 85c.
A newby and very interested. Is it a good time to look seriously into this one?

 

[disarray]

its up and down because traders are busy playing the news. when first news of oil show at kurnia broke the price went from 70 to 1.30 or so and has been falling since then as further testing gives problems, caveats and so on. the main thing to focus on is that the well isn't at depth yet, it still has 360 metres or something to go till its target depth.

hotcopper actually has some good threads going on about this stock and some posters explain the drilling and evaluation process well so its always helpful to learn more.

 

[sfx]

You probably also have to factor in profit taking due to the recent share placement. At 0.65cents for a max 5,000 shares for private shareholders, that guaranteed profit, on the back of what still is a speculative prospect.

No doubt some of the institutions would have also traded down somewhat, given their share placements ?! Not sure of any escrow though, so maybe I'm incorrect here....