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|RNS from reef
Reef Resources Ltd. Announces Ausable # 5 Update and Progress on Production Optimization
Date : 31/08/2011 @ 21:00
Source : MarketWire Canada
Stock : Reef Resources Ltd. (REE)
Quote : 0.12 0.0 (0.00%) @ 16:48
Quote Chart Financials Trades Level2
Reef Resources Ltd. Announces Ausable # 5 Update and Progress on Production Optimization
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NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES.
Reef Resources Ltd. (TSX VENTURE:REE) ("Reef" or the "Company") announces that
the Company plans to install a hydraulic venturi downhole pump in the Ausable #
5 well. This proven oilfield technology, replacing conventional bottomhole pumps
with venturi units, is currently being installed and tested on the Ausable #1
well. The hydraulic unit is designed to operate efficiently with the light oil
and condensate currently being produced from the Ausable reef and will provide
optimum production flow rates. It is anticipated that the hydraulic pumping
units will also be installed in Ausable # 2 and Ausable # 4 over the course of
the next two months.
Following the installation of the venturi pump in Ausable # 5 the Company will
be in a position to accurately report production flow rate in addition to
production potential with the previously announced Enhanced Oil Recovery (EOR)
and cyclic natural gas liquids (NGL's) program. Under the EOR program, reservoir
analysis and design work to date indicates re-pressurization of the reservoir
will have a significant positive impact on overall field production and recovery
factors. Results and updates of the Company's optimization program and
implementation of the cyclic gas EOR program will be released once fully
Reef is also pleased to announce that two of the three frac tools from the
Ausable #2 horizontal well have been successfully recovered. Approximately 75%
of the productive zone is now open. Additional fishing operations are not viewed
as cost effective and the Company will be moving forward with wellbore clean up
and flow testing. A further announcement will be made once the well is on
Arnie Hansen stated, "We continue to view Ausable # 5 very positively and the
Company's engineering and operations team is working diligently to increase
production by implementation of the venturi pumping system followed by the
re-pressurization of the reef and commissioning of the EOR and NGL program.
There are numerous analogous fields where these types of optimization efforts
have successfully yielded significant increases in production once in
Footnote: The Company's Ontario asset has gas storage rights, gas re-injection
permit for gas recycle, NGL recovery, enhanced oil recovery and arbitrage. A key
component of Reef's Ontario strategy is to identify and exploit undervalued
prospects in the Ontario basin by utilizing the company's 23,500 acres of
proprietary 3D seismic. In addition to its Ontario Properties, Reef has
identified multiple oil and gas acquisition and development opportunities
The term barrels of oil equivalent ("BOE") may be misleading, particularly if
used in isolation. In accordance with NI 51-101, a BOE conversion ratio of six
thousand cubic feet per barrel (6mcf/bbl) of natural gas to barrels of oil
equivalence is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency at the
wellhead. All BOE conversions herein are derived from converting gas to oil in
the ratio mix of six thousand cubic feet of gas to one barrel of oil.
Forward Looking Statements - This news release contains certain forward-looking
statements, which include assumptions with respect to the valuation of Reef's
reserves, funds raised from a financing and future capital expenditures. The
reader is cautioned that assumptions used in the preparation of such information
may prove to be incorrect. All such forward looking statements involve
substantial known and unknown risks and uncertainties, certain of which are
beyond the Company's control. Furthermore, the forward-looking statements
contained in this news release are made as at the date of this news release and
the Company does not undertake any obligation to update publicly or to revise
any of the included forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required by applicable
|off topic .niche group/ngp. ely properties group/emo/heads on beds.
|NEW THREAD from 17 August.|
|Further to the adoption of the Investing Policy as announced on 17 July 2009,
the Company's name has changed to Solo Oil PLC (AIM: SOLO) and trading in the
shares under the new name will commence on August 17, 2009. The new website
which contains the information required under AIM Rule 26 is available at:
|Damn, I thought these would drop before they'd go up. Oh well.|
the black spanner
|Spangle93, thanks for heads up on the fund annual fees, I too am thinking of ISA money.
You may be right about some sporty investments in SOLO, but I doubt if T W or his colleague Robert Sutherland-Smith would have agreed to such a strategy.
correction :Perhaps the really adventurous ideas will go into TMP.|
|Thanks UJ - I missed the footnote. I have no probs with the small cap fund, I actually considered investing in it in an ISA, cos most small cap companies are exempt from ISA qualification, but it has quite stiff annual fees, I think. Of course, if they could outperform as they have to date, that wouldn't be an issue.
It will be interesting to see what assets they elect to invest in, and how they raise the dosh. My impression was that this would be less mature, more exploration/development focused than LGO.|
|UK-Analyst today which circulated the note.
Their declaration is at foot of page initalics.
"The SF t1ps Smaller Companies Growth Fund owns shares in Immersion. The Fund is managed by a subsidiary of RSH, the ultimate owner of GE&CR."
I know there is criticism of TW but Small Cap Fund is going well.
There are probs with DLenigas, esp the relationship between Lonrho and Lonzim, some directors have resigned I think. But I reckon first year or so here should be OK before it gets too complcated. They always get complicated.|
|Hey - Spangle. Fireworks today!|
|Uncle john - I'm not aware that T-W's fund has bought a stake of this into their fund? This just reads as a broker note, and in any case, doesn't say a whole lot more than the announcement last month to the market. Do you know that they've bought?
I thought that their intention was to continue with the speaker business until the world is ready for high end articles again.|
|Seriously could you back these guys after what they did with ITI ?|
|Monday's free recommendation on UK-AnaIyst.com is from GE&CR
Immersion Technologies* about to go Solo
On 17th July, a General Meeting of Immersion Technologies approved two resolutions which will transform this company from a small, sub critical, manufacturer of high-end loud speakers into an international oil and gas explorer and producer. With an experienced management team in control, investors should expect news on the first oil investment shortly at which point the company will be changing its name to Solo Oil.
The legacy business of Immersion is an Australian producer of Electrostatic and Conventional Cone Loudspeakers. In the six months to 31st December 2008 the company generated sales of £24,000 and gross profits of £10,000 but after administrative and corporate costs the reported pre-tax loss was £307,000. On May 6th 2009 the company raised £535,000 at 0.1p and we believe that its current net cash position is £500,000. The legacy business is clearly sub-critical but its maintenance has avoided Immersion being classified as a shell, something which can cause problems for AIM listed companies.
The management team that controls Immersion is headed by David Lenigas who has a successful track record in Australia and on AIM of creating and growing companies, notably in the resource sector. Lenigas runs, inter alia, Lonrho PLC, LonZim and Leni Gas & Oil and Immersion, as Solo, will be his next hydrocarbons play. While Leni Gas & Oil has a focus on Europe and North America, Solo will look at all continents although it is unlikely to operate in areas where Leni Gas already has an established presence. The management has gained approval for a broad investment approach:
The Company's new Investing Policy is to acquire a diverse portfolio of direct and indirect interests in exploration, development and production oil and gas assets which are based in the Americas, Europe or Africa. Both on-shore and off-shore interests will be considered. The intention is to acquire a widely distributed mix of oil and gas development and production assets.
The Company may invest by way of outright acquisition or by the acquisition of assets, including the intellectual property, of a relevant business, partnerships or joint venture arrangements. Such investments may result in the Company acquiring the whole or part of a company or project (which in the case of an investment in a company may be private or listed on a stock exchange, and which may be pre-revenue), and such investments may constitute a minority stake in the company or project in question. The Company's investments may take the form of equity, joint venture debt, convertible instruments, licence rights, or other financial instruments as the Directors deem appropriate.
The Company will be both an active and a passive investor. The Company intends to be a long-term investor and the Directors will place no minimum or maximum limit on the length of time that any investment may be held. There is no limit on the number of projects into which the Company may invest, nor the proportion of the Company's gross assets that any investment may represent at any time and the Company will consider possible opportunities anywhere in the world.
At this stage Immersion/ Solo must be viewed as a highly speculative investment. If one assumes that the legacy assets have a largely nominal value and are likely to be divested shortly, the company is valued at a substantial premium to its net cash position. However David Lenigas and his team have a proven track record of creating value in this sector. We will publish a more detailed note as the company's strategy starts to evolve.|
|tbs - a little longer than 6 months:
As an investing company, Immersion will be required to make an acquisition or acquisitions which constitute a reverse takeover under the AIM Rules or otherwise implement its Investment Policy on or before 17 July 2010, failing which, the Company‟s Ordinary Shares would then be suspended from trading on AIM. If the Company‟s Investment Policy has not been implemented on or before 17 January 2011 the admission to trading on AIM of the Company‟s Ordinary Shares would be cancelled and the Directors will convene a general meeting of the Shareholders to consider whether to continue seeking investment opportunities or to wind up the Company and distribute any surplus cash back to Shareholders.
|Well done steel, let's hope this is a belter.|
the black spanner
|ok - too soon to say, but it is thought Solo will adopt a more high risk profile.|
|Thanks for the new thread SierraWhiskey,can you shed some light on this from how you see it going,is this a new vehichle for DLenigas and how will it differ from LGO ? thanks/regards|
|Temporary new thread:
Now to be "Solo", as proposed.
good luck to all holders|
|Lenigas made a lot of money with an oil company in the past. I was sold these by Cornhill - on the basis that the people that brought Lenigas the deals were behind this trying to get a piece of the action themselves. Clearly the speaker business ain't happening and the other 3 shells that Cornhill put me into on the same basis aren't either. So these guys can't seem to replicate what they bought to Lenigas in the past. I am all for this there is not much more downside left on these shares and to be honest I'd written them off - so to my mind Lenigas getting involved is a good thing.|
|David Lenigas buys 2,850,000 shares...good luck to him...|