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MHL - Monitor Energy

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MHL should have an announcement out soon, apparently the Santos roads are open and VPE and MHL are negotiating a drill rig, Fury-1 flow rates are to be production tested and according to VPE the Starfighter prospect is the next in line to be drilled. They think the flow rates from Fury will be akin to the nearby Mirage field but testing will prove if its hype or fact.
 
FURY-1 WELL TEST UPDATE

Monitor Energy Limited (“Monitor” or “the company”) on behalf of its wholly owned subsidiary Komodo Energy Limited is pleased to announce that the Easternwell Rig 4 is due on location today (Monday 7 June 2010) for the commencement of the Fury-1 well test.

As previously announced by the Company the testing program has been delayed due to abnormally high rains that have seen large parts of the Cooper Basin under water for several months. The flood waters have receded and repairs to main roads have been completed allowing the movement of equipment required by many Operators in the region.

Over the past week the roads into the Fury location have been repaired and equipment deliveries have commenced.

The forward program on Fury-1 will be to complete the well as an oil producer on the Murta Formation (refer to the company’s previous announcement, dated 7 December 2009 that Fury-1 would be cased and suspended as a future oil producer). The rig will be used to run a completion string, install a pressure wellhead and with underbalanced TCP guns perforate the well. Additionally the rig will be used to run downhole pump, rods and a
pumping wellhead. The Murta Formation will be tested under natural flow for cleanup and benchmark flow rate determination. Following which, should results allow, a 10 day test under pump will commence to determine the well productivity using a test tank and temporary truck loading facilities.

Plans are advanced in the success case for an extended production test and for a pipeline tieback to the Mirage facilities, which are located 5.3kms away. The Mirage facilities have the volume capacity and processing and offtake facilities that would be required by the PEL 115 Joint Venture
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Announcement out regarding Fury-1 testing, shares still in pre nr, good to finally have things moving again.
 
does anybody know what the acquisition is? or capital raising details, suspended at the moment after trading halt.

it could be that santos wants to take over monitors acerage hahahaha :banghead:

views? its a little bit concerning it has halted for so long
 
i dont think you should be concerned, but certainly has felt like ages since they have traded, when its only been a week LOL

either going to be a cracker of an announcement or a nice big flop....

CMON MHL...... give us something.
 
has been a slow week lol
maybe they are just going over calculations of oil volumes, and they are that large that it takes ages :D
 
Sold out MHL yesterday at cost, they have acquired a good project but look to be issuing a cap raising with 2 billion shares, assumingly to raise 60 million dollars so with a vwap of .004 and then a discount could be 2 billion shares at .003c around soon (2,000,000,000 shares x .003c = $60,000,000).

These are just my thoughts, very good project going forward but the further dillution is a worry and where the shares are going to be allocated and at what price remains to be seen.
 
solid volumes again today for MHL, has shifted the price with no announcement, not sure what for though? news on its way?

Trade of MHL occuring on Tuesday, 26 Oct 2010
Time Price Volume Value
01:03:54 PM 0.004 1,000,000 4,000.00
12:35:12 PM 0.005 140,000 700.00
12:33:02 PM 0.004 333,350 1,333.40
12:29:22 PM 0.005 300,000 1,500.00
12:24:52 PM 0.005 1,400,000 7,000.00
12:21:56 PM 0.005 54,150 270.75
12:21:56 PM 0.005 945,850 4,729.25
12:16:29 PM 0.005 625,850 3,129.25
12:12:07 PM 0.005 374,150 1,870.75
12:12:07 PM 0.005 20,850 104.25
12:12:07 PM 0.005 500,000 2,500.00
12:12:07 PM 0.005 2,500,000 12,500.00
12:12:07 PM 0.005 250,000 1,250.00
12:12:07 PM 0.005 400,000 2,000.00
12:12:07 PM 0.005 3,955,000 19,775.00
12:11:02 PM 0.005 45,000 225.00
12:11:02 PM 0.005 375,000 1,875.00
12:11:02 PM 0.005 400,000 2,000.00
12:11:02 PM 0.005 180,000 900.00
12:10:06 PM 0.005 250,000 1,250.00
11:35:37 AM 0.005 180,000 900.00
11:24:52 AM 0.004 590,000 2,360.00
11:21:34 AM 0.005 500,000 2,500.00
11:21:16 AM 0.005 1,250,000 6,250.00
11:21:02 AM 0.005 250,000 1,250.00
11:19:56 AM 0.005 1,750,000 8,750.00
11:19:32 AM 0.005 3,250,000 16,250.00
 
time to stop flogging the dead horse bryos

what sane ceo would sell their company for 2 billion MHL shares? Trinidad will not happen unless a JV partner is found.

where is the FURY-1 well volumes???

It would seem that fury is a low priority for VPE. If they had a decent amount of oil in well wouldn't we have heard something?

where are the updates from the company regarding the opening of roads, the transport of rigs to fury and ?airocobra?

I feel a bit dirty of funding this f-wit management team to fly first class to the Caribbean.

How do I become part of their management team?
 
Putty7 said:
Sold out MHL yesterday at cost, they have acquired a good project but look to be issuing a cap raising with 2 billion shares, assumingly to raise 60 million dollars so with a vwap of .004 and then a discount could be 2 billion shares at .003c around soon (2,000,000,000 shares x .003c = $60,000,000).

These are just my thoughts, very good project going forward but the further dillution is a worry and where the shares are going to be allocated and at what price remains to be seen.
Click to expand...


Munchy "what sane ceo would sell their company for 2 billion MHL shares?"

2bil shares at 0.3c is only $6mil.

The 2bil shares is in addition to US$59mil.

The "sane" company will get $59mil cash and $6mil (script)

Thats my take?
Cheers
 
The trading halt and now voluntary suspension are to do with the capital raising for the Trinidad deal. Forget not being able to raise a smile at a funeral, this deal is attractive particularly to overseas investors who do not seem to be shy of taking a position in an significantly undervalued or rather underperforming asset.

The core team who will be operating this venture are Texas Energy Advisors and they are no slouches when it comes to this kind of knowledge. Importantly they have exposure to and have the nose (noses?) for sniffing out deals like this. Expect to have more similar deals offered by the association with these experts.
 
prozac said:
The core team who will be operating this venture are Texas Energy Advisors and they are no slouches when it comes to this kind of knowledge.
Click to expand...

How do you know this? I haven't seen any anouncement about that? Is there a web sight for texas energy advisors?
 
how is a broke company going to get someone lending them $59M? The world will be over before they pay it back. I read somewhere that the oilfields that they will be taking over produces <1000bopd.
 
gordon2007 said:
How do you know this? I haven't seen any anouncement about that? Is there a web sight for texas energy advisors?
Click to expand...

gordon have a look at this report http://www.monitorenergy.com.au/images/monitor---zeeha.pdf . On Page 22 are the names of Mark Patterson and Greg Smith who are the faces of Texas Energy Advisors. Both clever boys who have a knack for finding these sorts of deals and have years of O&G operational experience between them. They will be running the show.

TEA have been instrumental in getting Range Resources into the Texas North Chapman Ranch and east Cotton Valley investments which will be very high yielding plays for the company once more wells are drilled and come online.

Edit. - BTW, Texas Energy Advisors do not have a website.
 
munchy, if you have read the ASX Announcement of 25 August 2010 you will see that Monitor have entered into a "binding Heads of Agreement" to purchase up to 90% of SOCA in Trinidad. There is no talk of backing out.
 
man i got into this stock for day trading only on the swings back in january... got stuck with 500,000 shares @ 0.006 $3000~

been waiting to get rid of them ever since...

barely been watching the stock at all (my fault asleep at the wheel) recently noticed the price starting to move and finally had a sell order in at cost

then got an email today saying my order was cancelled due to corporate action


so whats the go? anyone got any projections or ideas on price after the raising is done?
 
The suspension is an extension of a trading halt they requested pending an announcement about a potential oil purchase (company/acreage/rig deal) in Trinidad, which they've been doing due-diligence on for a while.

The latest info on their request for suspension indicates there's also an announcement about capital raising - they need to somehow raise $90m to buy Trinidad, based on previous info.

Thats about all we know at the moment.

This has been a bottom-drawer stock for me - I sold last Dec for a good profit and bought back in to be free carried at 0.004c late Dec. with some of the profit. Almost sold the remainder at 0.003 a few weeks ago, but its suddenly looking interesting, if a bit desperate.


zerolimit said:
man i got into this stock for day trading only on the swings back in january... got stuck with 500,000 shares @ 0.006 $3000~

been waiting to get rid of them ever since...

barely been watching the stock at all (my fault asleep at the wheel) recently noticed the price starting to move and finally had a sell order in at cost

then got an email today saying my order was cancelled due to corporate action


so whats the go? anyone got any projections or ideas on price after the raising is done?
Click to expand...
 
c'mon Monitor, please open back up above 0.6cents :p:

does anyone know what is the hold up, Im tempted to ring them :drink:
 

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