Cloudbreak Discovery Share Discussion Threads

[bb44] 08/9/2010 20:12

ok well thank you
square it with rob?
he's annoyed with me
again

[xenawarriorprincess] 08/9/2010 19:57

no worries bb44 everything is cool, our deep and meaningful friendship has not been affected :-)

[bb44] 08/9/2010 19:07

yeah well xena i'm not that happy with you
bensh just yelled at me
ok look what he meant or i meant is this
they have pay - a lot of it
but until it tests and they can value the size of the well - we should all be keeping our mouths shut and not hoping for anything.

[xenawarriorprincess] 08/9/2010 18:17

bb44 you say -

"Their real concern is - they have a significant amount of pay and it's non productive"

Are you saying it is actually non-productive or simply that Brownstone are concerned that it may be non-productive.

Surely they wouldn't bother testing if they felt it was likely to be non productive, or if inferences drawn from the quality of the oil obtained during drilling were poor?

If they have a significant amount of pay then do the chances increase that it will be productive?

[bb44] 08/9/2010 18:04

nabor needed the rig back
condor contracted for a completion rig
testing will happen in a few weeks - saved a lot of money doing it this way - yes the time is frustrating waiting. This is what Brownstone have told me and I called Bensh and he confirmed it. Their real concern is - they have a significant amount of pay and it's non productive

[karlzberg] 08/9/2010 14:49

Thanks for the response Xena & BB44.
Hope Bensh can get us something back after all this time - better then nothing!

[xenawarriorprincess] 08/9/2010 14:42

Hi Karlzberg,

We're as dead as it gets, bb44 is right.

The receiver owns all the shares, but there is some hope. Once production testing has been done in Colombia, we will have a clearer picture. In fact, we should have gone under a few months ago, I'm intrigued as to why we didn't. My own thoughts on this are that it was stalled, perhaps because of the oil prospect in Colombia, I don't know - as usual I'm guessing.

Xena

[bb44] 08/9/2010 13:14

well we are dead
we're in the hands of a receiver in London
Bensh told me that he would walk away of colombia was a dry hole
if not, then he intends on getting the shares back from the receiver and having them reissued(?)
He admits that he doesn't have a clear plan - as this is not usually done...the never ending saga of Cardinal - nothing is easy

[karlzberg] 07/9/2010 21:56

Thanks for the update Xena!

Bit confused thou ... you say
"The good news is that Cardinal/Taurex is out of intensive care, the bad news is that we are now on the mortuary slab, awaiting dissection"

If we are out of intensive care .. then we should be on the mend.
If we are on the mortuary table awaiting dissection ... then the "company" is dead!

Don't quite follow the logic, or maybe I have misunderstood something?

[xenawarriorprincess] 07/9/2010 18:54

Maybe this Canaguaro oil find will change everything.

The good news is that Cardinal/Taurex is out of intensive care, the bad news is that we are now on the mortuary slab, awaiting dissection.

I think that probably almost everyone had written off Cardinal/Taurex some time ago.

But this Canaguaro oil find may just put the company back in business again, or if things have gone too far for that may return some decent value to shareholders. Quite how, I'm not sure as we are in the hands of the receiver, but where there's oil, there's money; and where there is money there is hope.

From the last Annual Report, dated October 2008, Condor owns 78% of Canaguaro, Cardinal/Taurex owns 55% of Condor.

In January 2010 it appears that Condor farmed out 50% of its interest in Canaguaro - 25% to Quetzal Energy, 25% to Brownstone Ventures. I'm not sure whether any money changed hands but it looks like Quetzal and Brownstone paid most of the money to drill Canaguay-1.

So I guess now Condor owns around 39% of Canaguaro, Cardinal/Taurex owns 55% of Condor, ie Cardinal/Taurex has effectively 21% of whatever is down there, although in addition Cardinal/Taurex gets a couple of $M on good drilling results.

In this presentation



dated April 2010 Quetzal indicates that they expect (pre drill) to get production of a net 500bpd+ from their 25% share of the well - presumably Cardinal/Taurex can expect roughly the same.

In this presentation dated July 2010



Quetzal details other discoveries nearby and within a few tens of km of Canaguay-1 these being Cusiana (BP 18,300 bopd & 621MMbo), Corcel (Petrominerales 20,000+ bopd & 7.5 MMbo), Belay (Petroamerica / Petrobras new discovery) and Cupiagua (36,900 bopd & 482 MMbo)

This bulletin board is also interesting -



the most informative posts are shortly after the Quetzal discovery announcement on 9th August - but later there is speculation as to what 100ft of oil pay could ultimately produce from just this one well.

Of course at the moment it is all speculation, (apart from the fact we have 100ft+ of oil pay) and until the testing takes place in around 60-90 days from the discovery (so I guess we're looking around end October/beginning November for results there) we don't know the flow rates, quality of the oil etc.

Since the discovery Quetzals (QEI:TSX) shareprice has been flat, although that may be because they're on their third fund raising in 12 months, whilst Brownstone (BWN:TSX) is up 60%. Quetzal has been tipped as a buy on Canadian Business News Network soley on the basis of the Canaguaro discovery.

But I'm sure, as bb44 says, if there is value there, then Rob Bensh will try his hardest to make sure existing shareholders get a return from that.

All IMHO, DYOR etc.

Xena

[bb44] 07/9/2010 16:25

go to the quetzal energy website for updates

[theshareguru] 07/9/2010 13:16

wouldn't it be funny if it was a good find ?
anyway at least we have somthing to read, after all this time, it would be
nice to have the BP find 12.5k away, 18k bopd

[bb44] 05/9/2010 14:56

he needs to get off the chat...he can't answer why. He has said a credible thing in four years.
we all lost money on this stock because ukraine passed a law that forced lowered gas sales and cardinal had a senior lender that called in their debt. period. bensh couldn't control that. he used the 2mm left to go to colombia where the group thinks they may have a discovery that would restore value to shareholders. Actually david can stay - he adds nothing to the chat and i'm sure people see that. It's been three years, you can't stay that hostile and the mere fact that the guy hasn't walked away should mean something.

[crazy russian] 03/9/2010 17:57

he is not the only one to have lost money on this stock!

however

do you want him to 'get off the chat'

or respond to your question...'why?'

[david brent] 31/8/2010 21:54

guy should be in jail.

[crazy russian] 31/8/2010 11:49

will believe it when I see it

past performance and actions of directors doesnt provide much comfort or offer confidence for the future

shame FSA hasnt managed to see any problems!
(as usual)

[bb44] 23/8/2010 17:51

i sent him an email and asked - yes - in his mind
the business is in insolvency so the receiver owns the shares - bensh has said he doesn't give a damn...if there's equity value in a sub, he's going to make sure it goes back to cardinal/taurex shareholders

[karlzberg] 23/8/2010 12:45

Is Bensh still a director or involved with the company?
Not showing him in any postion as in this link:

[p@] 23/8/2010 12:33

Did anyone get a Taurex certificate or are they still cardinal?.....TIA.

[pomp circumstance] 23/8/2010 06:23

9mm shouldnt be too hard. thats nearly a cm!

[bb44] 23/8/2010 02:00

ive also noted by doing a google of quetzal, that they plan to raise 9mm to pay for costs associated with the well

[bb44] 23/8/2010 01:59

QUETZAL ENERGY TO CASE CANAGUAY-1 AS A POTENTIAL OIL WELL
Calgary, Alberta August 9, 2010 - Quetzal Energy Ltd. (TSX VENTURE: QEI) ("Quetzal" or the "Company") is pleased to announce that Canaguay-1 will be cased as a potential oil well.
Canaguay -1 is the first well to be drilled on our Canaguaro exploration drilling program. The well began drilling operations on June 3, 2010 and was successfully drilled to a final total depth ("TD") of 15,850 feet on August 4, 2010. Well logs indicate in excess of 100 feet of potential net oil pay in several oil zones including the Mirador, Barco, Gacheta and Une, with the Mirador zone containing the majority of the indicated oil pay. The well was terminated at a shallower depth than planned as the prospective oil bearing formations were encountered in a structurally higher elevation than originally prognosed.
As part of the agreement to borrow the Nabors Rig 119 from Petrobras, Quetzal agreed to return the rig no later than August 15, 2010. Quetzal plans to release the Nabors rig by August 15 as per the agreement.
Quetzal has commenced sourcing a suitable service rig and initial testing is expected to begin in approximately 60 days.
Quetzal CEO Bob Szczuczko stated "The successful drilling of this well in Colombia is a major turning point for our Company and it is unfortunate that we cannot keep the Nabors rig to conduct our testing program. In the future we need to share drilling rigs of this depth capacity with our neighbors and returning the rig on time should ensure continued cooperation".
Quetzal has a 25% working interest in the Canaguaro Block and is the operator. Partners in the project are Brownstone Ventures (Barbados) Inc. 25% WI (a wholly owned subsidiary of Brownstone Ventures Inc) and Condor Exploration Inc. 50% WI.
FOR FURTHER INFORMATION PLEASE CONTACT:
Quetzal Energy Ltd. Robert Szczuczko Chief Executive Officer [phone] [e-mail] www.quetzalenergy.com