Cloudbreak Discovery Share Discussion Threads

[crazy russian] 27/1/2011 14:01

letters received today from broker advising Taurex Resources has been disolved and that no cash distribution will be made

therefor a total loss.

so much for all the confident chat!

[karlzberg] 17/12/2010 19:11

Looks like some good and some bad news ........



CALGARY, ALBERTA--(Marketwire - Dec. 16, 2010) - Quetzal Energy Ltd. (TSX VENTURE:QEI) ("Quetzal" or the "Company") has initiated the process of obtaining permission to commence a long term testing program for the Canaguay – 1 well oil discovery on the Canaguaro Block in Colombia.

Long term production testing of a 5 foot perforated interval of the Lower Mirador sandstone from 14,297 – 14,292 feet, is expected to begin as soon as permission is granted by the Colombian Ministry of Mines and Energy. This interval averaged 2,225 bopd of 20.7 degree API oil during DST #5. The oil producing sandstone is interpreted as being approximately 30 feet thick.

It is anticipated that permission to conduct the long term production test will be granted in 60 to 90 days. In the intervening period work will begin to the source and install the required production equipment, contract the trucks needed to haul the oil to the delivery point and negotiate an oil sales contract.

At this time it is expected that during the long term production test the well will be produced at rates in excess of 2,000 bopd, with actual rates being determined by actual well performance and good engineering practices. It is planned to install an electrical submersible pump in the well so as to have the ability to control production rates during the long term test and afterward during sustained production. Pressure information, obtained during initial testing, indicates the well may be capable of producing at rates in excess of 4,000 bbls per day.



Canaguay-1: Cased hole Drill Stem Test Summary

DST #6, Upper Mirador, perforated 14,229 – 14,249 ft and 14,256 – 14,262, 26 ft: The perforated interval produced 100% very fresh water, with an average salinity of 516 parts per million, at rates in excess of 2,000 bbls per day. The presence of very fresh water in the Upper Mirador exemplifies the challenges of well log interpretation; both fresh water and oil are electrically resistive.

[david brent] 16/12/2010 11:11

we should be over a quid by now with all the oil we have!

instead we're not even listed.

[turbotrader2] 14/12/2010 21:29

im getting relatively excited here

[david brent] 08/12/2010 08:27

rob, have we relisted yet? when can we sell our shares?

[nicky21] 04/12/2010 06:57

if anyone is short of CASH.
RPT has plenty.

get the CEO JOB OF RPT.
and use the cash wher ever you like.

[david brent] 01/12/2010 23:09

bb44, are you american?

[turbotrader2] 01/12/2010 22:59

bensh told me that there would be or he expecs $30m from a sale so how much per share?

[bb44] 01/12/2010 19:28

afraid so. I know we've waited a long time, but this is agonizing

[karlzberg] 01/12/2010 19:17

Thanks bb44 .. so we will wait and see how this unfolds then.

[bb44] 01/12/2010 19:09

I honestly don't know. Medley loaned the money. So that has to be repaid. Once it's repaid, we own what's left. Makes sense?

[karlzberg] 01/12/2010 18:44

Hi BB44/Xena ... thanks you for the informative posts.

You say "Bensh has spent 2 mm of Cardinal money and another 50 from Medley"
Does that mean Cardinal/Taurex only get 4% of this potential find?
Sorry - just a little confused of what % Cardinal may be left with?

[bb44] 01/12/2010 18:24

Hello Mr. Beeks. Brenty is ok. A nob at times, but ok. He was quite upset with Robert for a long time. I was too. However, he has built a quite substantial business in the US and in Colombia and his intention is to relist cardinal in 2011. So it's hard to remain upset.

Personally, I think him quite the fool to move on to Regal. He was in London last week to meet with Mr. Henry and we saw each other when he was in town. Henry cancelled the meeting at the last minute and essentially stated that Bensh and Timis would have to call an egm to remove him (Keith Henry). Timis I'm told has the support of Pope, Hedron, Capital and others and they have asked Bensh to step in as ceo. I'm not sure what is going now and Bensh is back in America.

[beeks of arabia] 01/12/2010 18:06

You'll have to excuse our Brenty. He's a complete berk*




*nob

[david brent] 30/11/2010 21:20

bb44,
you seem to be close to Bensh, why don't you ask him to post on here sometime?. I'm sure he's not got much else to do with his time.

[xenawarriorprincess] 30/11/2010 14:30

Thanks bb44, it still looks good.

turbotrader2, I'm quite sure we'll get something back.

Quetzal are flow-testing the Upper Mirador in Colombia later this week, so we should hear about that in the next week or so. The Upper Mirador is more prospective than the Lower, but nothing is ever guaranteed or certain.

I think whatever we get back, will be better than nothing, and you know what I'm like - the eternal optimist!

Regards,

Xena

[bb44] 30/11/2010 13:11

Xena dear.

The 1600 bopd of production combines the current net 1100 in colombia and 500 in oklahoma.

They have 60% of teh deal in okalahoma. Email Bensh at [e-mail] for the presentation on Oklahoma.

[turbotrader2] 30/11/2010 12:42

xena

do you think it is relly likely we will regain anything here?

[xenawarriorprincess] 29/11/2010 18:39

Hi bb44,

You seem to know a bit about what is going on with Cardinal in Oklahoma.

That 1600boepd - is it all Cardinals? From memory Oklahoma (Northfork) was a 60%/35%/5% venture with Cardinal having the 60% - so is the 1600bpd 60% of production or 100%.

I know we owe a lot of money to Medley - about $50M - but with that sort of production we should at least be keeping pace with paying off the interest and maybe some of the capital as well. Would you think this is right?

I suppose how much we are getting cashwise depends on whether it is mostly gas or a mixture of gas and condensate - I believe the condensate price per barrel is not far off the crude price. If there was a lot of condensate then that should be good for us.

That's just Oklahoma.

In Colombia Canaguay-1 has 2500bpd from just the Lower Mirador - so that's about another 1000bpd to Cardinal/Taurex.

Once we get the Upper Mirador (assuming it is successful) the figures go a fair bit higher. As I said before on the Stockhouse Quetzal thread they're talking of total Canaguay-1 production of 10,000bpd! Thats about 5,000 to Cardinal/Taurex.

The latest Quetzal presentation says that at $80 WTI they would expect a netback on Canaguay-1 production of $56pb, before company taxes. Even at 1,000bpd to Cardinal/Taurex (and the well already has produced at that) that's a netback of almost $20M per year.

At the potentially higher levels of production, plus Oklahoma, the figures look great. If Rob Bensh pulls this off, it should be good for Cardinal/Taurex shareholders.

Cardinal owns 55% of Condor, Fourth Third own 27% but I seem to remember, there was a deal whereby Cardinal could buy back Fourth Third's shares at a set price of around $30 - but there is an expiry date on that, can you remember what the expiry date is - I'm guessing but is it June 2011?

Xena

[bb44] 29/11/2010 13:08

apparently it's easier to wind cdl up, issue shares to share holders and list the new business.

[david brent] 29/11/2010 08:31

BB44, was there any mention of relisting cdl or the new company (whatever its called)? on the aim?

[camelot5] 28/11/2010 23:25

bb44

Thanks for your reply.

[bb44] 28/11/2010 21:59

I hate to say it, but they should lock up shareholders - don't you think? At least the large shareholders and while you say immediate sell, there is an underlying business there with continuing production increases. It's a different business, and yes i know you hate Bensh, but isn't he the one bringing the deal to market?

A lot to happen, but it does look possible.