EMR - Emerald Resources

[chicken8]

Re: EMR - Emerald Oil and Gas

I don't think EMR would sell out at a time like this when theres so much news coming.

Unless they get an extremely good offer.

It is possible though, since EMR only has a market cap of $15mill.

 

[greggy]

Re: EMR - Emerald Oil and Gas

Agree it is not a funding issue, but it could be a funding opportunity to capitalise on recent increase in shareprice. I would be very disappointed if that was the case, however these 'mates rates' deals are quite common.

You've got me thinking (and speculating) here. Maybe they are arranging for someone to underwrite the options expiring in May 08, just a wild thought of course. Still I'm hoping that its related to the US drilling program.
DYOR

 

[moneymajix]

Re: EMR - Emerald Oil and Gas

Apparently, positive report on Valentine in this morning's West Australian.

Anyone able to post?

 

[zt3000]

Re: EMR - Emerald Oil and Gas

Note the date stamp at the bottom left corner of Trading Halt announcemnet. Looks like it was written this morning. Thus maybe some news out from US last night?

Could it be more permits in Canning Basin or elsewhere? Surely not a capras, oh well wait n see

 

[greggy]

Re: EMR - Emerald Oil and Gas

Note the date stamp at the bottom left corner of Trading Halt announcemnet. Looks like it was written this morning. Thus maybe some news out from US last night?

Could it be more permits in Canning Basin or elsewhere? Surely not a capras, oh well wait n see

It must be quite a significant announcement for the company to request a trading halt. Could work both ways, but I'm an optimist.
DYOR

 

[jtb]

Re: EMR - Emerald Oil and Gas

Note the date stamp at the bottom left corner of Trading Halt announcemnet. Looks like it was written this morning. Thus maybe some news out from US last night?

Could it be more permits in Canning Basin or elsewhere? Surely not a capras, oh well wait n see

EMR always go into trading halt on drilling news be it good, bad or otherwise.
I imagine its delayed to Thursday for it to cover both US wells.

Moneym,

I'm about to read the paper so I'll post anything of interest shortly

 

[jtb]

Re: EMR - Emerald Oil and Gas

Article in todays West too long to re-write.

ARQ quoted

"We were drilling right on the edge of where we thought we may see some gas in this shallow horizon, and the fact that we've seen so much of it is very
encouraging"

"Main target should be intersected in 4 or 5 days"

"300Bcf considered viable"

"Alumina giant Alcoa has pledged $40 million .. and has promised to buy gas worth over $1 billion if a major discovery is made."

yadayaddayadaa

 

[MS+Tradesim]

Re: EMR - Emerald Oil and Gas

So Pandura well non-commercial. Not sure what the selling down is about though considering plenty more on the go right now.

 

[chicken8]

Re: EMR - Emerald Oil and Gas

theres always going to be a sell down on the back of bad news

is this what the trading halt was for or is there more news?

 

[UPKA]

Re: EMR - Emerald Oil and Gas

So Pandura well non-commercial. Not sure what the selling down is about though considering plenty more on the go right now.

dunno why the sell orders r pilling up when we r in trading halt, not like it'll make any difference...
like chicken said, there's more news to be followed, otherwise we wouldnt be on halt till Thursday

 

[MS+Tradesim]

Re: EMR - Emerald Oil and Gas

Halt's over. Trading resumes at 1:30 today. Should be more news later in the week for Texas and then I guess next week for Valentine.

 

[chicken8]

Re: EMR - Emerald Oil and Gas

this was very strange

why would you put a trading halt on for 3hours?

perhaps they knew something was leaked?

 

[chicken8]

Re: EMR - Emerald Oil and Gas

trading resumed

seems like alot of people are taking this announcement as the perfect opportunity to top up or buy in

there was a 160k sell order at 26.5c that just got taken out in seconds

 

[greggy]

Re: EMR - Emerald Oil and Gas

Its not the end of the world by any means. Valentine looks promising going by today's newspaper article. A gas interval of 160m is potentially very huge with more news to come.
DYOR

 

[chicken8]

Re: EMR - Emerald Oil and Gas

i don't know why they abandoned pandura

they could've sold the hole as part of a golf course

very appealing prospect

 

[zt3000]

Re: EMR - Emerald Oil and Gas

i don't know why they abandoned pandura

they could've sold the hole as part of a golf course

very appealing prospect

Shoulda kept drilling ... maybe hit something in China ... they would never suspect a thing! lol

1 down .. 2 to go ... lol wasnt that the well they were most confident about?

 

[greggy]

Re: EMR - Emerald Oil and Gas

Shoulda kept drilling ... maybe hit something in China ... they would never suspect a thing! lol

1 down .. 2 to go ... lol wasnt that the well they were most confident about?

Its actually 3, 1 in the US and 2 here (Valentine 1 and Stokes Bay). Valentine 1 is looking more promising as its already significant gas levels in a secondary target. It will be interesting to see if they find something deeper below.
Oil and gas exploration is a risky business. You get more losers than winners. Its just part of the game. All is not lost. Both Valentine and Stokes Bay are potential company makers.
The market seems to have over-reacted to today's news IMO.
DYOR

 

[jtb]

Re: EMR - Emerald Oil and Gas

Release Date: 12 September 2007
To: Australian Stock Exchange Ltd No of Pages: 1
From: Eric Streitberg
Re: Completion of Major Gas Sales Contract with Alcoa
PERTH, Western Australia: ARC Energy Limited (ASX:ARQ) is pleased to advise that formal
documentation of its gas sales agreement (GSA) with Alcoa Australia for the delivery of up to 500
petajoules of gas from future discoveries on ARC’s interests in the onshore Canning Basin has now
been completed. ARC has now received the A$40 million prepayment from Alcoa. These funds will be
used to accelerate ARC’s regional Canning Basin exploration program. Details of the GSA are set out
in ARC’s ASX release made on 11 July 2007.
ARC’s Canning Basin exploration program has now commenced with the drilling of the Valentine 1 well
with strong gas shows being observed in the secondary objectives of the Anderson and Laurel
Formations.
The GSA has established a powerful commercial alliance between Alcoa, Western Australia’s (and
Australia’s) largest domestic gas consumer and one of Australia’s leading industrial and resource
companies, and ARC, Western Australia’s largest onshore oil and gas producer and most active
onshore explorer. In addition to the commercial benefits to both ARC and Alcoa, the GSA promotes the
exploration and development of Western Australia’s onshore hydrocarbon resources and represents an
innovative and timely response to the Western Australian Government’s concerns regarding the
security of domestic gas supplies.
ARC’s Managing Director Eric Streitberg commented:
“We are delighted to have completed the documentation of the GSA and received the $40 million prepayment.
The GSA provides numerous benefits to both Alcoa and ARC, most notably the flexibility to
develop Canning Basin gas discoveries quickly and flexibly and with maximum commercial benefit to
both parties. The agreement will also underpin the infrastructure needed to deliver gas from the
Canning Basin. The wide ranging benefits to both Alcoa and ARC of this agreement for the
commercialisation of Canning Basin gas (C-Gas) are becoming even more apparent as work continues
on the operational and commercial framework for the project. We look forward to a long and fruitful
relationship with Alcoa and the success o ARC’s C-Gas program.”

 

[moneymajix]

Re: EMR - Emerald Oil and Gas

Alcoa must be confident to be pre-paying $40m.


Large buying in ARQ this morning.


EMR back to 28.5c (up over 7%) after the glitch yesterday.

 

[jama_kj]

Re: EMR - Emerald Oil and Gas

some relatively big buying seems to be going through, yet while i say that many nervous sellers are selling into their bids.

should we be expecting an announcement today or was the update earlier in the week the only one they will be releasing this week?