The VPE $18.5 million multi-well farmin continues the prospects for the company: http://www.asx.com.au/asxpdf/20071017/pdf/3155qm1044x523.pdf
We have gas flowing from the first well at Don Juan, more than a tad promising this time: http://www.asx.com.au/asxpdf/20071112/pdf/315rh3zfz97t90.pdf
I have done a little bit of research on BOW the JV partner (see bow thread) I think the CSG project is a great step forward for all companies involved, BOW is a spin off company from Arrow energy so these guys know their CSG and are also wanting to fast track the Don Juan project, sales could be as early as next year.
ASX Announcement12 November 2007
First well of the Don Juan CSG Project flows gas at 370,000 cfd
The directors of Bow Energy Limited (Bow) are pleased to announce that the first exploration well of the Don Juan CSG (Coal Seam Gas) Joint Venture (Bow 45% and operator), Taringa South-1, is at a depth of 188 metres. A test at 145 metres over the open hole section of the well flowed methane gas to surface at a stabilised rate of 370,000 cfd with 57 psi flowing pressure using a ½” orifice. Post gas flow testing water rate was estimated at 407 barrels per day.
The current operations are wireline logging and completion preparations.
Taringa South-1 is the first well of a planned three well (2 firm plus 1 optional) CSG exploration drilling program.
The Joint Venture plans to case and suspend the initial exploration wells as future pilot production holes in order to carry out flow and production testing. Assuming positive results of the initial pilot wells, a process of reserve certification should commence early in 2008.
The nearest natural gas pipeline is situated just 8 km east of the permit.
Bow’s Managing Director, Ron Prefontaine, commenting on the CSG exploration results stated:
“This an excellent result for Bow’s first CSG exploration well and is a very positive first step for the Don Juan CSG Project which has the potential to place the company on the fast track towards substantial CSG reserves as early as next year.
The Don Juan CSG Project is located immediately west of Sunshine Gas Ltd’s Lacerta CSG Project. The Lacerta Project currently has certified methane gas reserves of 469 PJ (2P) to 1097 PJ (3P).
Bow interprets the primary CSG fairway continues west from Lacerta extending into the Don Juan Project area where it overlies about 900 square kilometres of the interpreted fairway.
Bow’s Phase 1 exploration/appraisal program consists of flow testing the three initial pilot wells, and assuming positive results, coring and additional pilot wells as required to achieve commercial reserve certification over a target area of 463 sq km.
The planned timing for the commercialisation of the Don Juan CSG Project coincides with the projected increase in demand and resultant upward pressure on prices for natural gas in the Eastern seaboard.
19 October 2007
Company Announcements
Australian Stock Exchange Limited
Level 4, 20 Bridge Street
SYDNEY NSW 2000
VICPET ASSOCIATE GREENEARTH ENERGY LTD SIGNS WITH RMIT TOVictoria Petroleum N.L (“Vicpet”: ASX Code VPE) advises that its 16.33% owned associate, Greenearth Energy Ltd had signed a Memorandum of Understanding “MOU” with Royal Melbourne Institute of Technology “RMIT” to work towards a plan to develop and evaluate current and new technologies for geothermal energy resources utilization.
DEVELOP PLAN FOR GEOTHERMAL POWER
This landmark understanding between Greenearth Energy Ltd and RMIT will also investigate using geothermal resources for the production of electricity, fresh water and direct heating applications.
The general manager of Greenearth, Enrico Bombardieri said the MOU would allow Greenearth Energy Ltd and RMIT to work towards concluding a research contract to implement the geothermal project.
RMIT and Greenearth Energy Ltd would together enquire about the funding opportunities for the project, including applying for appropriate government grants.
Greenearth Energy Ltd is planning to list in December 2007 with an entitlement to the issue to Victoria Petroleum N.L. shareholders.
VPE are up 3.5 cents to 16 cents on the news, surely we haven't got a breakout. Some have waited four years for this and they deserve some money back. From memory, the stock peaked at the equivalent of 75 cents in 2003/4.
yes. Yet another good day for VPE, I think someone knows that this one might be ready to run. Should be interesting to see where they will go if they get a few more positive drills.
ASX ANNOUNCEMENT20 November 2007
NEW ISSUE ANNOUNCEMENT, APPENDIX 3B, PROSPECTUS
AND SHARE PURCHASE PLAN
The directors of Victoria Petroleum NL wish to announce that today 20 November 2007 they have resolved to issue up to 32,500,000 ordinary full paid shares in the Company at 13 cents per share payable in full on application. The issue will be made to clients of member organisations of ASX.
The issue will be made pursuant to a prospectus lodged with the Australian Securities and Investment Commission today 20 November 2007.
The Company will pay member Organisations of ASX a commission equal to five (5) percent of the funds received pursuant to applications bearing the stamp of the Member Organisation. The issue is not underwritten and does not require shareholder approval.
The purpose of the issue is to provide funds for appraisal and development of oil and gas projects located in Australia and the United States of America held by the Company and it’s controlled entities and to provide additional working capital.
The Company also announces a Share Purchase Plan (“SPP”) to be offered to all Shareholders of the Company. Ordinary fully paid shares will be offered to VPE shareholders at an issue price of 13 cents each, which represents a 25.7% discount to the closing price for VPE shares on the ASX today.
The SPP enables shareholders at the record date to purchase from $1,000 up to $5,000 worth of shares in VPE at 13 cents per share with no associated brokerage costs. Eligible Shareholders may apply for shares to a value of any one of the following amounts of shares in the Company:
Offer A - $1,000 for 7,692 shares (minimum amount)
Offer B - $3,000 for 23,077 shares
Offer C - $5,000 for 38,461 shares (maximum amount)
I agree.
We have an announcement out today about a SPP, see below.
Will anyone be taking this up? the offer of $0.13 is ok but what will this mean for the price of the current shares, will they reach for 13c?
Cheers
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