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INP - Innamincka Petroleum

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The first hole started drilling today.....

Trefoil 2 Drilling commences in Bass Basin

Origin Energy Resources Limited (Origin), the operator of the T/18P permit, has advised that the Trefoil-2 gas appraisal well commenced drilling at 0800 hours this morning (October 6, 2009).

Trefoil 2 is planned as a vertical well with a total depth of approximately 3220m. The operator advises that the well is expected to reach the top objective in approximately 23 days. The primary objectives are the gas-bearing sands intersected in Trefoil 1 within the Paleocene and Cretaceous Eastern View Coal Measures.

For any who are holding or interested.
 
Yes, Mel.

Hopefully, better times ahead.

The Bass basin drilling gives holders one opportunity (given the drill is still less than 1000m down, we are still away from the interesting times at 2,400m +) while the CSG play does give another shot over the next 6 weeks. The CSG play does give some security for a duster at the Bass Basin.

Still happy to hold...

Holding INP at 22c
 
INP dropped to it's 6 month low today on higher than average volumes. Hopefully this doesn't mean that some less than positive drilling results are showing up this afternoon or tomorrow.
 
Hopefully it will be ok Mel, even so the 3 CSG holes have been started so some news should come out soon about the first of those which may bolster the SP somewhat on good news, holding 170,000 at 20.6c
 
Putty7 said:
Hopefully it will be ok Mel, even so the 3 CSG holes have been started so some news should come out soon about the first of those which may bolster the SP somewhat on good news, holding 170,000 at 20.6c
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Putty, I'd hope that we get an update very soon on the CSG well, as it has been two weeks since they spudded it... damn thing should be completed by now, since it's only 600m or something. As well, ORG has been consistent in putting out an update every Thursday afternoon, so we should see a Bass Basin update today, which would be interesting since they're in the 'money' part of the well now.

But I take the long-term holder's complaints of INP's lack of communication to heart...
 
Yes think they said six weeks for the drilling program of the 3 holes from memory so some sort of announcement should be due anytime on the first one I would have thought and yes ORG should throw one in today to.

I am still pretty confident we will get some positive movement soon, out of 4 holes being drilled one would assume something will go right, it's a down market this week with a bit of doom and gloom about so might just be a few getting out to safe guard some cash, it's anyones guess really, hopefully the lack of communication will be addressed with the amount of work they have on at the moment.
 
Although still positive about the SP, yesterdays announcement wasn't great with regards to drilling progress, lets hope they can get it sorted out and get back onto the job at hand.

Progress and Status:

Origin Energy, on behalf of the T/18P Joint Venture, advises that
as at 06:00 hours EDT on Thursday 29 October 2009 the Trefoil 2
well is at 2,520m. During the week the 9 5/8” casing was run
into the hole and became stuck 12m off bottom. The current
operation is attempting to retrieve the upper section of casing
and running tool.
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Two announcements last week, neither were sparkling but the fact Trefoil 2 is going forward again is something, 1st csg well Merninie-02 was a bust so onwards we look to the next 2 csg wells.....

Coal Seam Gas Drilling Programme Update

AGL Energy Limited (“AGL”), operator of the coal seam gas programme for PEL 103 and PEL 103A Joint Ventures, has advised Innamincka Petroleum that drilling has concluded on the Merninie 2 coal seam gas (CSG) exploration well. This was the first well in a three well programme. Merninie-02 was unable to reach planned total depth of 550m due to deteriorating hole conditions. Coring was terminated at a total depth of 518m. Gas was observed evolving from cores and samples have been placed in canisters to measure desorbed gas.

Merninie 2 has been plugged and abandoned and the rig has moved to the second well location, Merninie 3. Surface casing has been set and drilling is continuing ahead to core point.

The three core hole drilling programme is expected to be completed before Christmas. Updates of drilling progress will continue to be made in due course.
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Origin Energy, on behalf of the T/18P Joint Venture, advises that as at 06:00 hours EDT on Thursday 5 November 2009 the Trefoil 2 well is at 2,520m. During the week the upper section of the 9 5/8” casing and the running tool were retrieved and the casing successfully patched. The current operation is rig maintenance prior to drilling ahead.
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Putty7 said:
Two announcements last week, neither were sparkling but the fact Trefoil 2 is going forward again is something, 1st csg well Merninie-02 was a bust so onwards we look to the next 2 csg wells.....
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The thing that bothers me is that they didn't tell us anything about the CSG well. Like how much coal was intercepted - even if they didn't complete it to the planned depth, what did they encounter in the 500m+ that they did drill?
 
Mad Mel said:
The thing that bothers me is that they didn't tell us anything about the CSG well. Like how much coal was intercepted - even if they didn't complete it to the planned depth, what did they encounter in the 500m+ that they did drill?
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Not only that Mel the deteriorating hole conditions leaves us guessing as to the ground structure of the whole field and the competance of the drill crew they have in place to be able to deal with those conditions. I did 8 months on diamond drill rigs in my younger days to get some cash together, an experienced driller and crew can make or break a job when the going gets difficult, anyone can drill the cream. Anyway thats neither here nor there, if they find something let's hope they get a bit more involved, I don't expect to see a rampathon but some relevant and accurate data would be nice. The SP has slipped to 17c down from the 20c floor it had before drilling started, might have to start writing that speech thanking Explod for my Wooden Spoon Award :banghead:
 
Not a bad announcement today, good to see INP diversifying out within the same area, they have 2 wells to be sunk close by, one of which we should have some more news on tomorrow from ORG.

Innamincka enters into arrangement to acquire an interest in BassGas Project

The Directors of Innamincka Petroleum Limited ("Innamincka") are pleased to
announce that the company has entered into an arrangement to acquire a 7.5% equity interest in the BassGas Project (T/L1 and T/RL 1) which contains the producing Yolla gas and condensate field. The purchase price of the interest is A$40m.

The acquisition is consistent with the Company’s growth strategy of building an asset portfolio to provide immediate and long-term cash flow, and complements Innamincka's recent acquisition of a 5% equity interest in permit T/18P.

BassGas Highlights

The well known BassGas Project is a quality producing Australian asset. Key
features are:

• The BassGas Project includes the Yolla production platform, the Yolla gas
and condensate field, and all associated offshore and onshore infrastructure.
• The project will provide immediate and long-term earnings and cashflow for
Innamincka.
• Long field life expected to be at least 20-30 years.
• Expansion plans are being considered by the Operator and joint venture
partners to increase production from 2011 and improve efficiency.
• The Area of Interest contains an extensive exploration portfolio which includes gas, gas liquids and oil opportunities, most of which are in relatively shallow
water depths.
• Price reopeners exist in current gas contracts. Additionally there is potential
for sale of uncontracted gas reserves and resources at prices higher than
those existing contracts
• The Yolla infrastructure may be utilised for the commercialisation of nearby
discovered but undeveloped resources in T/18P. These resources include
Trefoil, White Ibis and potentially Rockhopper (to be drilled next month).

The Transaction

The transaction is in the form of:

• An option arrangement for Australian Worldwide Exploration Limited (“AWE”)
to acquire CalEnergy Gas (Australia) Limited’s (“CalEnergy”) 15% equity interest in the Project for $80m; and
• A participation agreement between AWE and Innamincka for Innamincka to
purchase half of the 15% equity interest (i.e. 7.5% equity interest) for $40m, on substantially the same terms as AWE's acquisition from CalEnergy.

The transaction is subject to usual conditions including necessary joint venture and regulatory approvals. Completion of the transaction is unlikely to take place until after 28 February 2010 but the effective date of the acquisition will be July 1, 2009.

Following completion of the transaction, the participating interests in the Project will be:

• Origin Energy Limited (Operator) 42.5%
• Australian Worldwide Exploration Limited 50.0%
• Innamincka Petroleum Limited 7.5%

As communicated by AWE in its announcement today, the transaction will add approximately 5.2 million barrels of oil equivalent (“BOE”) reserves for a 7.5% interest.

BassGas Background

The BassGas Project consists of an offshore, unmanned wellhead platform
connected by pipeline to the gas processing facility onshore at Lang Lang in south eastern Victoria. The Yolla platform is located approximately 147 kilometres offshore in a water depth of 80 metres. The project commenced gas sales in 2006, and has delivered consistent results since its commissioning.

In FY09, the BassGas Project delivered 17.6 PJ of gross sales gas, 726,000
barrels of associated condensate and 50,000 tonnes of LPG. Returns from the
project are enhanced due to the high liquids component of the gas, with
approximately 62% of sales revenue in FY09 derived from liquids.
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:)

Hi folks,

INP ..... nice hammer formed at recent lows, in a v-bottom and finished
last week positive, though not much volume, as yet.

Figuring on a minor positive cycle early in the week, with a positive spotlight
to focus on INP, around 19-20112009 ..... :)

have a great weekend

paul

:)

=====
 
Trader Paul said:
:)

Hi folks,

INP ..... nice hammer formed at recent lows, in a v-bottom and finished
last week positive, though not much volume, as yet.

Figuring on a minor positive cycle early in the week, with a positive spotlight
to focus on INP, around 19-20112009 ..... :)

have a great weekend

paul

:)

=====
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Thanks Paul,

INP is a very interesting stock techwise atm, with a recent sell off being met by buyers at some volume.

gg

gg
 
These guys have been cheesing me off with there lack luster results they put up not very exciting to the market:banghead:
 
capital raising yet again probably couldnt afford their part of the field they wanted off the yanks Really should concentrate omn getting some results on the board instead of trying to pretend they are a major player
 
Considering the recent fall in the share price, obviously news got out.
Thought it was possible Negative news re Rockhopper 1. Might be an oppurtunity to pick up some stock cheap?....... have to wait and see..........
 
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