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
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.
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.
How do you know this? I haven't seen any anouncement about that? Is there a web sight for texas energy advisors?
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?
has anyone heard, when MHL will resume trading?
im intersted to see if the SP will increase significantly
Perhaps an announcement will come soon about Tony Sage selling all their assets to pursue a new company direction...producing movies.
'Mining magnate plans his next role: Hollywood producer'
http://www.theaustralian.com.au/new...llywood-producer/story-e6frg9zo-1225949456459
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