WBE - Whitebark Energy
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psychic,
SP dropped 50% cos the well was a "production" failure.
Water spoilt the party.
On the upside the last ann said..
"Upon completion of the final technical review of Warro 3, the presence of these natural fractures that have produced water
will be addressed in two ways in the planning and drilling of future appraisal wells. Firstly, large areas of the field appear
unaffected by existing fault structures and the future evaluation work will now be focussed on these areas. This work is
expected to comprise the acquisition of a 3D seismic survey in conjunction with further drilling. The 3D seismic data will
provide a high fidelity image of the faulting in the field.
Secondly, many tight gas fields produce water along with the gas and handle this mix effectively through the appropriate
completion design. The Warro 3 completion was not of this type but future wells will use the Warro 3 experience and ensure
any water can be efficiently removed from the well, to not inhibit the gas flows achievable from the reservoir."
The section .."Firstly, large areas of the field appear
unaffected by existing fault structures and the future evaluation work will now be focussed on these areas. " indicates the next well will be placed in a more favourable position.
I do wonder why they didnt do a more comprehensive "cement squeeze" job tho, perhaps they may in the future.
SP dropped 50% cos the well was a "production" failure.
Water spoilt the party.
On the upside the last ann said..
"Upon completion of the final technical review of Warro 3, the presence of these natural fractures that have produced water
will be addressed in two ways in the planning and drilling of future appraisal wells. Firstly, large areas of the field appear
unaffected by existing fault structures and the future evaluation work will now be focussed on these areas. This work is
expected to comprise the acquisition of a 3D seismic survey in conjunction with further drilling. The 3D seismic data will
provide a high fidelity image of the faulting in the field.
Secondly, many tight gas fields produce water along with the gas and handle this mix effectively through the appropriate
completion design. The Warro 3 completion was not of this type but future wells will use the Warro 3 experience and ensure
any water can be efficiently removed from the well, to not inhibit the gas flows achievable from the reservoir."
The section .."Firstly, large areas of the field appear
unaffected by existing fault structures and the future evaluation work will now be focussed on these areas. " indicates the next well will be placed in a more favourable position.
I do wonder why they didnt do a more comprehensive "cement squeeze" job tho, perhaps they may in the future.
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yes.
the market is a strange beast.
I bought in a couple of years a go @3.9c....they didnt have anything then!!
Cant see they will start the next well till 1st qtr 2010.
All good LT tho....I hope.
the market is a strange beast.
I bought in a couple of years a go @3.9c....they didnt have anything then!!
Cant see they will start the next well till 1st qtr 2010.
All good LT tho....I hope.
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2 million shares in one hit..$32k investment!! Iwould have thought thats a fair size bet on a (still) speccy.
Wouldnt mind a few more myself,but no funds.
Wouldnt mind a few more myself,but no funds.
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Thats what I thought when I bought in at 3.9c lol
I could be a while before the next drill if they are using Weatherfords rig 826 again.
Empire Oil and Gas are about to spud Gingin West 1 using that rig,with an option to follow up with Gingin West 2 and are stating 35 days to drill and test each one. Thats a min 3 months before the rig would be available...so late Feb is the earliest they could get that rig on site imo
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up 36% on 15.7mill sales($262K) to 6 months high.
No anns to market as I could see, anybody got any thoughts
Another 2c rise and I am square!!
No anns to market as I could see, anybody got any thoughts
Another 2c rise and I am square!!
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psychic,
Looks like its you and I mate.
Any feel for when we may get some kind of update?
Looks like its you and I mate.
Any feel for when we may get some kind of update?
psychic,
Looks like its you and I mate.
Any feel for when we may get some kind of update?
Hey, DATZ49 and psychic the update came today and I brought a chunk of TSV today on the back of the announcement that Alcoa would commit $20m into Warro 4 and some seismic survey.
There has been some good progress in the USA in relation to fraccing especially in the Eagleford [I also hold AUT] it is important that TSV seek out the professionals to maximise the results.
With you all the way
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philly,
great news imo
TSV should be able to be a stand alone company in the future, and not be tied to Latents apron strings.
great news imo
TSV should be able to be a stand alone company in the future, and not be tied to Latents apron strings.
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Highlights
Consolidation of the Warro Gas Project
•
Increase in participating interest to 35% and Operatorship ...yeehaa
•
Increase in free carry to $100 million in expenditure by Alcoa...great!!
•
$9 million of farm‐in cost savings for Transerv...love it
•
Drilling of Warro 4 and 3D seismic program now both confirmed for 1H 2011 ...bit slow with this but i like CONFIRMED
50% interest in new Alberta Project .....oooga booga!!
•
New Canadian oil, gas/condensate project .....love the canuks!!
•
Play analogous to highly successful Cardium and Bakken plays located nearby....inkydinky
•
Proven hydrocarbon reservoir with production history ...comon 2011!!
•
Drilling to commence in Q1 2011...I am getting dizzy...could be too much xmas pudding
Benefit of Amazon well retained for existing shareholders OMG!!
Highly regarded management team to join Transerv...hmmm regarded by whom??
Share dilution to Transerv (2 to 1) is less than the increased interest in Warro (2.5 to 1) before allowance for the improvement in the free carry...If you believe the maths ...I do !!
Alberta Project is being paid for by Transerv options which are conditional upon success (a 2m boe C2 resource being achieved) ...thank you Santa:
Consolidation of the Warro Gas Project
•
Increase in participating interest to 35% and Operatorship ...yeehaa
•
Increase in free carry to $100 million in expenditure by Alcoa...great!!
•
$9 million of farm‐in cost savings for Transerv...love it
•
Drilling of Warro 4 and 3D seismic program now both confirmed for 1H 2011 ...bit slow with this but i like CONFIRMED
50% interest in new Alberta Project .....oooga booga!!
•
New Canadian oil, gas/condensate project .....love the canuks!!
•
Play analogous to highly successful Cardium and Bakken plays located nearby....inkydinky
•
Proven hydrocarbon reservoir with production history ...comon 2011!!
•
Drilling to commence in Q1 2011...I am getting dizzy...could be too much xmas pudding
Benefit of Amazon well retained for existing shareholders OMG!!
Highly regarded management team to join Transerv...hmmm regarded by whom??
Share dilution to Transerv (2 to 1) is less than the increased interest in Warro (2.5 to 1) before allowance for the improvement in the free carry...If you believe the maths ...I do !!
Alberta Project is being paid for by Transerv options which are conditional upon success (a 2m boe C2 resource being achieved) ...thank you Santa
:I think that management has looked after us well in providing that only existing TSV shareholders will benefit from any success in the Amazon.
As was stated last Friday
"The terms of the Transaction preserve the interest of existing Transerv shareholders in the Amazon well, which is expected to be drilled in January 2011. Latent vendors will not participate in the distribution of any benefits from success at the Amazon well, i.e. the converting shares being issued to the Latent vendors will convert to ordinary shares only after Transerv is able to distribute the proceeds from sale of the Amazon project to its shareholders (if the well is successful)."
With the well expected to spud in early January there may be a run on the SP before the spud date Further good news during drilling should also stimulte the SP And ultimately if the well is successful I would anticipate that one of the JV partners would acquire TSV's interest and lead to a distribution of the proceeds of sale to the existing shareholders. IMHO all good news but DYOR. I am a holder.
As was stated last Friday
"The terms of the Transaction preserve the interest of existing Transerv shareholders in the Amazon well, which is expected to be drilled in January 2011. Latent vendors will not participate in the distribution of any benefits from success at the Amazon well, i.e. the converting shares being issued to the Latent vendors will convert to ordinary shares only after Transerv is able to distribute the proceeds from sale of the Amazon project to its shareholders (if the well is successful)."
With the well expected to spud in early January there may be a run on the SP before the spud date
Further good news during drilling should also stimulte the SP And ultimately if the well is successful I would anticipate that one of the JV partners would acquire TSV's interest and lead to a distribution of the proceeds of sale to the existing shareholders. IMHO all good news but DYOR. I am a holder.two announcements today which IMHO are at odds with each other.
First this morning:
Transerv Energy Ltd is pleased to announce the Warro Joint Venture has received formal funding approval from Alcoa of Australia for up to $22million of expenditure to undertake the drilling and testing of the Warro 4 well and a 3D seismic program over the Warro Project area. The seismic work is expected to commence in February and be followed immediately by the drilling of Warro 4 which is expected to start in April, 2011. Preliminary works for both projects are well advanced.
Pursuant to the announcement on 24 December 2010, detailing the merger of Transerv with Latent Petroleum Pty Ltd, the combined entity will hold a 35% interest in the Warro Gas Project and is free carried for the first $100m of expenditure on the project as funded by Alcoa. Alcoa is earning a 65% interest in Warro by funding a $100m staged evaluation and construction programme that includes drilling wells, constructing production infrastructure, and conducting a seismic survey.
Secondly after the market closes:
TSV requests a trading halt pending an announcement regarding a capital raising
OK so my take interpretation is that Alcoa is putting in $100m before TSV need to contribute anything.
And remember there is currently a rights entitlement offered to existing shareholders which will also add to the coffers.
So on one view there are sufficient funds available to progress the Warro project.
In relation to the Amazon project I believe that is fully funded
So why the need for a capital raising now?
Can anyone offer any plausible explanation for these 2 announcements? Thanks
First this morning:
Transerv Energy Ltd is pleased to announce the Warro Joint Venture has received formal funding approval from Alcoa of Australia for up to $22million of expenditure to undertake the drilling and testing of the Warro 4 well and a 3D seismic program over the Warro Project area. The seismic work is expected to commence in February and be followed immediately by the drilling of Warro 4 which is expected to start in April, 2011. Preliminary works for both projects are well advanced.
Pursuant to the announcement on 24 December 2010, detailing the merger of Transerv with Latent Petroleum Pty Ltd, the combined entity will hold a 35% interest in the Warro Gas Project and is free carried for the first $100m of expenditure on the project as funded by Alcoa. Alcoa is earning a 65% interest in Warro by funding a $100m staged evaluation and construction programme that includes drilling wells, constructing production infrastructure, and conducting a seismic survey.
Secondly after the market closes:
TSV requests a trading halt pending an announcement regarding a capital raising
OK so my take interpretation is that Alcoa is putting in $100m before TSV need to contribute anything.
And remember there is currently a rights entitlement offered to existing shareholders which will also add to the coffers.
So on one view there are sufficient funds available to progress the Warro project.
In relation to the Amazon project I believe that is fully funded
So why the need for a capital raising now?
Can anyone offer any plausible explanation for these 2 announcements? Thanks
two announcements today which IMHO are at odds with each other.
First this morning:
Transerv Energy Ltd is pleased to announce the Warro Joint Venture has received formal funding approval from Alcoa of Australia for up to $22million of expenditure to undertake the drilling and testing of the Warro 4 well and a 3D seismic program over the Warro Project area. The seismic work is expected to commence in February and be followed immediately by the drilling of Warro 4 which is expected to start in April, 2011. Preliminary works for both projects are well advanced.
Pursuant to the announcement on 24 December 2010, detailing the merger of Transerv with Latent Petroleum Pty Ltd, the combined entity will hold a 35% interest in the Warro Gas Project and is free carried for the first $100m of expenditure on the project as funded by Alcoa. Alcoa is earning a 65% interest in Warro by funding a $100m staged evaluation and construction programme that includes drilling wells, constructing production infrastructure, and conducting a seismic survey.
Secondly after the market closes:
TSV requests a trading halt pending an announcement regarding a capital raising
OK so my take interpretation is that Alcoa is putting in $100m before TSV need to contribute anything.
And remember there is currently a rights entitlement offered to existing shareholders which will also add to the coffers.
So on one view there are sufficient funds available to progress the Warro project.
In relation to the Amazon project I believe that is fully funded
So why the need for a capital raising now?
Can anyone offer any plausible explanation for these 2 announcements? Thanks
TSV announced this morning that it had raised $6.08m by issuing 380m shares at 0.016 cents to the institutions and "sophisticated" shareholders. The funds are to be used for general working expenses.
I am still confused as to the need for this capital raising at this time. TSV is free carried the first $100m by Alcoa in relation to Warro and you would think that it has sufficient funds for the Amazon project which according to earlier ASX reports should be near the spud date.
What is of concern to me is that the share dilution caused by the issue of a further 380m shares for a modest sum of $6m [in terms of exploration costs] will have a detrimental effect on the SP. Unfortunately, it seems the ordinary "unsophisticated' shareholder cops it again. Not so happy ATM
The ASX listed partners in the Amazon prospect, Tango Petroleum Ltd (ASX:TNP), Quest Petroleum NL (ASX:QPN) and TRANSERV ENERGY LTD (ASX:TSV), are pleased to confirm that the Marian Baker #1 well commenced drilling on Sunday, 16 January, which is the initial test well on the large Amazon Prospect.Amazon is regarded by the Operator, Caza Oil and Gas, Inc. (TSX: CAZ) (AIM: CAZA), to be a multi-segment prospect, with prospective reservoirs supported by AVO data within a proven play fairway. The Marian Baker #1 well is expected to encounter multiple, potential, hydrocarbon bearing reservoir sections and take approximately 50 days to reach total depth. The Amazon prospect is a large exploration target assessed by independent consultants ISIS Petroleum to have a 35% probability of success. The Amazon Prospect has an estimated mean recoverable potential of 375 billion cubic feet of natural gas and 37 million barrels of oil.
You gotta be in it to win it
Good luck to all holders
You gotta be in it to win it
Good luck to all holders