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DLS - Drillsearch Energy

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Any thoughts on DLS?

Got a drill ready to spud on the 10th of this month the Marina #1 well in the Bonaparte Gulf, Exxon farmed in with its Australian Subsidiary Esson paying 85% of costs for 65% interest, should create a good amount of following by itself, its an offshore well.

Drill search the operator retaining 15% costs 35% interest.

Target 50 mm BOE with upside 200 mm BOE

4 for 1 share offer announced today @ .10 each.

Share price currently @ .165

I hold and look forward to the drilling to begin...
 
Marina 1 – Drilling Update
11th September, 2007

Drillsearch Energy Limited (“Drillsearch”) in joint venture with Esso Australia
Resources Pty Limited, a subsidiary of ExxonMobil Australia Pty Limited, announces an update on the upcoming Marina 1 well.

The jack up rig, “Wilcraft”, was released to Drillsearch, as operator, on 10th September, 2007.

The rig is now being towed from the North/West Shelf, WA, to the Marina 1 well
location in the Bonaparte Gulf, WA. The towing time is expected to be 5 to 7 days.

The Marina 1 well should be ready to spud around 17th September, 2007.
 
Marina #1 well should be ready for a Monday spud with entitlement ex date passed on Friday 14th.

Exxon Mobil doesn't state anywhere the potential upside of this drill, but with my opinion it has to be large, there is mixed findings from the media releases stating anywhere up to 250 MM BOE claimed by Drillsearch, not too mention the possible gas shows. And the likely hood of a follow up well early next year too continue the partnership.

Interesting piece:

"Drillsearch reckons Marina could contain more than 200 million barrels of oil equivalent. Its partner in the well ”” ExxonMobil, no less ”” isn't saying what it believes the potential is but the oil giant is obviously not interested in wasting its time by drilling anything but a significant target.

Marina is in WA-318-P, about 250 kilometres west of Darwin in a water depth of 65 metres.

Proposed total depth is 2350 metres, so if it all goes to plan, Drillsearch should know within three weeks of Marina's spud-in date whether it's on to a company maker or not.

The well will target three potential reservoir units where hydrocarbons have been discovered in adjoining permits, most notably ENI's Blacktip field, 60 kilometres to the east."
Taken from http://www.theage.com.au/news/barry...plosive-results/2007/08/26/1188066943715.html

Anyone in on this one?
 
The jack up rig, “Wilcraft”, has arrived in the Bonaparte Gulf, WA and is on the Marina 1 location at:

Latitude: 13o 47’ 48.46” south
Longitude: 127o 58’ 18.23” east

The rig is now being jacked up in preparation for drilling.
A further announcement to ASX will be made when the well has spudded.


Potential for a breakout either way (due to the US influence) in the next few days....
 

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A few posts ago I stated Drillsearch is operator of Marina 1, mistakingly got the info from a third party site, after further researching I found that:

ExxonMobil is the operator of Marina 1 as per the initial terms of the farm in.

Finished on day's high .17

Heres a map of what has been going on around the Marina 1 well.

Just keep posting to myself for at least another day or two till theres some action...
 

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Marina 1 – High Impact Well Spuds

Drillsearch Energy Limited (Drillsearch) in joint venture with Esso Ventures Pty Limited, an ExxonMobil affiliate announces that the Marina 1 well was spudded at 2115 hours 18th September.

Marina 1 is being drilled by the jack up rig, “Wilcraft”:
Location:
Latitude: 13o 47’ 48.46” south;
Longitude: 127o 58’ 18.23” east; approximately 345 kms south/south/west of Darwin, NT, in the Bonaparte Gulf, WA.

Planned Total Depth: 2350 metres (measured depth below rotary table -MDRT).
Drilling Time: Estimated 23 days from spud.

Drillsearch will announce Marina 1 progress reports to the ASX each Monday.

Drillsearch will where possible issue such reports before 10 a.m. EST after consultation with its joint venture partner.

Material announcements will be made immediately they are available.
 
The Cooper oil basing project which is ongoing with Santos and Beach.
Taken from Good Conference Presentation.

- Highly successful oil drilling in Cooper Basin in 06/07 has moved Drillsearch to $15 mpa from sustainable oil production.

- At 2.5mmbbl (2P)oil in Cooper DLS has potential to move into the top 5 companies by reserves in the Basin. Reserve Life Index > 15 years

Tintaburra – DLS 10%
• 114 wells drilled since February 2006
• 90 successful oil wells or injectors
• 52 now in production
• Wells drilled since Mulberry 1 discovery (December 2004) contribute 75% of total block production
• Drilling around 26 wells in 2008

Naccowlah – DLS 2%
• 16 wells drilled since March 2007
• 10 cased and suspended oil wells
• 3 now in production
• Results at Jackson added 4 wells to programme
• At least 11 wells for remainder of 2007
 
The DLS wells in Cooper Basin are having a great strike rate with more this week for future production see attached announcement dated 27/09:

DLS is now Forming a strong support at .15 with 2 weeks to go until Marina 1 is finished.

I brought in averaging my price after share issue to .164 per share.

Just throwing some thoughts around:

Exxon Mobil the worlds largest publicly traded company in the world and is operator

If there were a large find would they just takeover Drillsearch?
Could be Possible?

If not the field could be developed to production, with the 2nd well due early 2008 could be developed from what Ive seen from other companies by 2009.

After the current offer around 500 mil shares will be on offer which is a little higher than I usually like but there is potential for large gains if the Marina 1 delivers.

As so many state this is High Risk and possibly High Rewards.
 

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Technically are there any thoughts? If it breaks and holds over .21 the sky's are blue in the short term i am confident it will due to 3 points:

1 bullish Aussie Market
2 solid oil price and high demand for quality large gas finds
3 exxon factor
and its currently at .20 (thats 4 points)

fundamentally looks reasonable for a speccy has plenty of drilling going on.

Look forward to seeing how it performs with tipping comp, I am on my own with this one by the looks of it...
 

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A solid amount of Buyers and Sellers lined up before open today, firstly the Financial Report came then a trading halt to prepare an announcement on the marina 1 drilling update.

I am hoping its either the release of the standard we are this deep and continuing drilling or they have had oil shows, Marina 1 well is still about 1.5 weeks until completion. Trading Halt should be due to the preparation time invested in the financial report leaving little time for the drilling update, by opening Tuesday morning we will know.
 
Announcement out: Encounter Hydrocarbons

Would anyone be kind enough to give their thoughts on this announcement?
 

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Ouch thats got to be the bottom of the tipping comp.

This is a wildcat so its to test the field, I must admit i got caught off guard with the well finishing so far ahead of schedule, I look forward to seeing the results from forward operations I have a feeling from this announcement that is not what it seems. Ive emailed DLS asking to expand on the announcement.

This statement got my attention:
Gas shows were recorded in the mud logs over at least 5
zones in lower stratigraphic intervals including the third
objective - the Treachery and Kuriyippi Formations. Trace oil
fluorescence was noted in the cuttings in some intervals.

But then they go onto say:
Conduct formation evaluation programme which will include
wireline logging, pressure and fluid samples, side wall cores,
and a checkshot (velocity) survey.

Plug and abandon well as planned.

Drillsearch will evaluate the well results as logging operations
proceed and the other formation evaluation programmes have
been completed.

With the Blacktip field so close, I am looking forward to a reply email in next few days or a follow phone call will have to be made on friday.
 
Seems to have found support at .14...The market reaction due largely to the no shows in the top 2 objectives & the ambiguous announcement... The title to "Marina-1 encounters hydrocarbons" is undeniably positive but doubt creeps in once the detail is read.

However, I take heart in....
Gas shows were recorded in the mud logs over at least 5
zones in lower stratigraphic intervals including the third
objective - the Treachery and Kuriyippi Formations. Trace oil
fluorescence was noted in the cuttings in some intervals.
Click to expand...
My take is that they are chuffed to have hit hydroc's in, as you point out Surfingman, a wildcat well. Could be more significant than the conservative/downbeat tone of the report suggests. & Plenty more land to play with around this well.,
Holding with interest..
 



Hi folks,

DLS ... market has punished DLS, after Marina P&A ... so, looking to take a
new position in this one, ahead of a significant and positive time cycle,
due on Friday 05102007 ... may be a quick trade here, as market is
caught by a surprise announcement ... only negative side to the
timing of this cycle will be those wanting to unload their holdings,
into any rally, after the demise of Marina.

These DLS guys put a positive spin on everything ... see headline for
last P&A announcement on Marina, so it will be interesting to see what
they come up with next ... !~!

have a great day

paul



=====
 
In my quest to find an undervalued Oil company, I came across Drillsearch.

Story at present

They have their 15 year oil production to fund their exploration.

They have quality joint venture partners. Santos and Exon.

Worth doing your own research. There are no fancy broker reports, but they have an audio presentation on www.brr.com.au, just search for DLS.

Mariner discovery could be company making, similar to a cooper energy play possibly.

Any views on DLS?

I think they are good value trading on a low PE.
 

I'm out now but will look to get back in a few months, the next marina well won't be drilled for till at least December from memory.

The cooper play looks great, but Marina has potential which will send skywards upon a discovery..

DLS has been getting a hammering lately .115 may be a new support....
 
I red something interesting in todays Financial Review (17/10/07).
It stated that a director in DLS, Daryl Dixon, accumulated 6.5Mil DLS shares over the past week for $640k. Possibly some inside play going on?
Any thoughts?
 
At that price it must of had something to do with their recent share purchase plan, might of got a extra entitlement or something due to being a director.
 
Whats happened to DLS?


Seems down and down. Any news lately?

But chart wise, it looks like a good price to buy in....
 



Got my bogey board in tow and loading up at dirt cheap prices. When the wave comes it will carry me along too.

cheers
 
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