Another Trading Halt, another Cap Raising. I suspect after drilling the two holes they will be a little shy of cash and if they are successful with them they need to be brought online quickly, not going to do the SP any favours but as long as the shareholders get a look in will have to live with it, should be announced before Thursday.
Another one of these speccy oilers who only ever seem to drill the odd hole here and there and never bring anything online, yet the management still rake in a few hundred k each year. Tough life...
Should look into starting one of these companies Prawn
I have seriously thought about it.
After a few years work and some time to build up some contacts perhaps that can be my 'retirement' plan. Peg a few tenemants in a foreign country. Float the co, bring in 250k a yr and then just use shareholders cash to fly around the place 'evaluating' new prospects that will somehow never require much work but always be close to being the next big thing...
I have seriously thought about it.
After a few years work and some time to build up some contacts perhaps that can be my 'retirement' plan. Peg a few tenemants in a foreign country. Float the co, bring in 250k a yr and then just use shareholders cash to fly around the place 'evaluating' new prospects that will somehow never require much work but always be close to being the next big thing...
Cape Lambert takes cornerstone stake in Monitor as part of A$2M Placement
Key points:
• Monitor Energy completes A$2M placement to fund fast-tracking oilfield development in the Cooper Basin, including testing and tieback of Fury-1 for production and if successful Airacobra, and
• Cape Lambert Resources Limited subscribes to A$1.5M of Placement (will hold approx 10.3% of issued capital post placement).
Australian energy company Monitor Energy Limited (ASX: MHL) (“Monitor” or “the Company”) has successfully raised A$2M to fund a fast-track development in PEL 115, Cooper Basin. This includes testing and tieback of Fury-1 for production and if successful Airacobra, which is currently being drilled (please see company announcement dated 15 December 2009).
The capital raising was completed by way of a placement, with a total of 500 million shares issued at 0.4 of a cent per share to raise A$2M (before costs). The placement does not require shareholder approval, as this was received at the Monitor Energy AGM on 19 November 2009.
Leading Australian resources company, Cape Lambert Resources Limited (ASX: CFE), applied for A$1.5M of the placement total, giving it an interest in the Company post placement of approximately 10.3%, with the remainder applied for by financial institutions and sophisticated investors.
The company has exciting assets in the prolific Cooper Basin in PEL 115 and is encouraged by the recent new oil discovery in the Fury-1 well, in both the Cretaceous Murta Formation and a new oil sand in the Permian Epsilon Formation. The area surrounding this discovery has enhanced prospectivity for the Joint Venture partners and will lead to near term exploitation opportunities.
“Due to the results at Fury-1 and the de-risking of several identified and new emerging prospects, the JV is looking at fast tracking the block and is reviewing either a second Fury well or an additional exploration well subject to rig and equipment availability and JV discussions,” said Monitor Energy
Managing Director Mr Jon Roestenburg.
“We are pleased to have secured such a strong cornerstone investor in Cape Lambert Resources, a company we feel can greatly assist Monitor in its significant growth plans moving forward,” Mr Roestenburg added.
Sold out half of my MHL at .009c this morning after open, in hindsight should have gotten rid of the lot and picked up at .008c after the scalping of the fast rise on close yesterday, but you can't have everything, free carried with 5 million shares, shouldn't be to long now until they announce a drill report on Airacobra-1 if they have found anything, wouldn't think they are far off the primary target zone. Topped up my NGE
Sold out the last of these Tuesday at .005c, in hindsite the whole lot at .009c when I got rid of the first lot would have been the smart thing to do but CTP and others dumping their shares was unforeseen by me, either CTP was looking for a quiet accumulation (maybe takeover) and didn't like CPE poking their nose in or they saw a quick cash opportunity (or both), Airacobra-1 has a slight chance of a find at depth but the primary zones have yielded nothing, still a good chance of another run when they look at adding wells to Fury prospect and they have other prospects earmarked, might look into these at a later date either when more wells are to be drilled or they release some actual figures for Fury-1.
Yes I agree with you Putty7. Definitely a disappointment for now and plenty of fun and games left there. Just watching it with interest.
Paul
ASX Announcement
8 January, 2010
Oil Confirmed at Airacobra‐1
Highlights:
● Airacobra‐1 oil shows confirmed by wireline logging and core samples
● Two live oil zones have been established in the Epsilon and Patchawarra Formations
● Testing at Airacobra‐1 to follow testing at Fury‐1 ‐ commencing later this month.
Monitor Energy Ltd (ASX:MHL) is pleased to announce that logging and sampling of its Airacobra‐1 well confirms oil in the Epsilon and Patchawarra Formations. The well reached total depth of 2163m at midnight January 6th, 2010. The basement unconformity was intersected at 2122m, thereby completing the drilling operation on the well.
Wireline logging and sidewall core (SWC) sampling between 2016‐2018m, 2117.5‐2119m respectively, confirm the presence of light crude oil within the Epsilon and Patchawarra Formations. Further formation evaluation and the testing results will be used to establish the exact hydrocarbon column in the well.
Significantly an oil water (OWC) has not been established at the Airacobra location and may indicate a potential for further drilling targets. The SWC sample at 2119m with oil is from the lowest sandstone in the well immediately above at the basement unconformity at 2122m suggesting that the oil water contact (OWC) is deeper (on the structural flanks) than the lowest sand at the bottom in the well.
The well has been cased and suspended for flow testing and completion as a future oil producer. Final formation evaluation and technical work will be fast‐tracked to develop the testing program which will coincide with the testing and completion at the Fury‐1 discovery a few kilometres south. This is anticipated to commence later in January 2010.
Mr Jon Roestenburg, Managing director, said; “The success of the Permian objective at Airacobra‐1 is extremely encouraging for the company and its joint venture partners. The composition of the oil at the depth of these reservoirs is likely to be close to that of diesel, or very light crude which attracts a price premium. Volumetrics of the structure will be fine tuned with the existing 3D seismic data the JV has in‐house. The two well drilling program at both Fury‐1 and Airacobra‐1 has been extraordinarily successful for the company and has opened several near term exploration, production and development opportunities.”
What's MHL's market depth like atm, am I likely to pick up any at $0.004 or am I just dreamin'?
Stevie
Seems pretty unlikely unless you're willing to risk a 0.5c buy and try queue jumping on the pre-open manipulators? (not sure its possible - just spotted someone posting about it on HC yesterday I think).
Market depth has 100m buyers at 0.4c and daily volume won't get through there in a hurry. You're more likely to pick up MHLO at 0.1c it seems (I grabbed 4 million MHLO at 0.001 last week to add to my exposure).
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