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[tonester30ccfc] 01/10/2005 10:52

Hash,

I don't buy the comment from Chief0 above. How can a comment like 'At this depth, i don't expect to see any good stuff. It is no surprise Adulis did not mention this earlier until now when the bad news is coming out. Don't have high hope on this. If you don't believe me, check with other companies work in Colombia' be taken seriously??

You and I are into a number of oil companies operating in Columbia, and that sort of comment does not correspond to the results obtained by those companies. Sounds like a deramp to me

Tone

[tonester30ccfc] 01/10/2005 10:42

Hash,

Thanks mate.

[hashbrown] 01/10/2005 10:41

It was issued post close mate.

[tonester30ccfc] 01/10/2005 09:59

Hash/Dalesman,

Thanks for the info. Just to put this news into context, can you help me with whether this was issued pre- or post-market close in Canada. On the basis that Canada finished on an intraday high, if this were issued pre-close, then it speaks volumes for market confidence there

Tone

[dalesman1] 01/10/2005 09:00

A few more Canadian Comments:

Posted by Jose Pires on Stockhouse

My interpretation:
1."The top of the objective Caballos was encountered at 11,910 feet, and the well is currently being logged." ACHIEVED OBJECTIVE AND FOUND THE TARGET SUCCESSFULLY
2." Once logging is completed, casing will be set at the current total depth to isolate the Villetta section." EXCELLENT TO BE THINKING ABOUT CASING AND THE NEXT STEP ESPECIALLY ISOLATING THE PROBLAMATIC VILLETTA ZONE THAT CAUSED THE FISH AND SUBSEQUENT REDRILL.
3." Drilling will then be resumed through the target Caballos sands. It is currently anticipated that the well will have penetrated the objective sand and the logging of that unit will be complete in the next few weeks." THIS IS EXCELLENT NEWS TO WANT TO DRILL THROUGH THE WHOLE HORIZON AND RETRIEVE CORES ETC, THE RIG WILL NEED SPECIAL TOOLING ETC. GOOD THEY WOULD NOT PROCEED WITHOUT OIL SHOWS, WHICH THEY HAVE AND GOT INTO PROBLEMS AS A RESULT. REMEMBER THE VILLETTA AND THE CABALLOS ZONES ARE ONLY METERS APART.
4. "Subsequently, a decision will be made as to whether the running of completion casing and drill stem testing is warranted." NORMALLY WHAT IS WHAT IS DONE.
I PERSONALLY BELIEVE ITS EXCELENT NEWS, REMEMBER WE CAN'T LET THE CAT OUT OF THE BAG UNTIL THE UPSIDE PLAN IS ON HAND. TO REDRILL THE WELL AFTER HITTING TARGET IS HARD BUT THE PRIZE IS HUGE, MY UNDERSTANDING THEY COULD NOT CONTROL THE WELL ON THE FIRST TRY AND THE WELL KICKED REALLY HARD THAT THEY LOST THE FIRST WELL AND HAD TO REDRILL.
LADIES AND GENTLEMEN, THIS IS BIG. REMEMBER LEDUC BURNED FOR ALMOST A YEAR AND CREATED A LAKE THAT ENGULFED THE TOWN OF DEVON ALBERTA. SO DID DRAYTON VALLEY AND THE GAS FIELDS OF MEDICINE HAT.


And then there's this posted by cheif0

I did lots of Colombia projects and know Caballos is a very poor quality rock in many areas. At this depth, i don't expect to see any good stuff. It is no surprise Adulis did not mention this earlier until now when the bad news is coming out. Don't have high hope on this. If you don't believe me, check with other companies work in Colombia.
God bless you all...

Still very difficult to get a clear picture on this one

[jumbo66] 01/10/2005 07:37

lads i am expecting some sort of comment mid end of nexed week on p info only dyor jumbo[hd] happy to hold my core holding re j[hd]

[dalesman1] 30/9/2005 23:11

Further interesting Canadian Post by Undertaker000

Just got off the phone....
I'm not worried one bit....everything is right on track....The Balu well is chimp change...don't forget these guys raised $50 million on the one financing...do the math..it's no big deal...if it had something it would have been a bonus...Puma results end of next week, they apologize for the release being too technical, it was coming from the VP of exploration...They're still very excited about PUMA !!!

If we shake a few people out Monday it's their loss, use it as a buying opportunity,

Have Good Weekend,

UT
more encouragement?

[dalesman1] 30/9/2005 22:58

Posted in answer to the above by Thebeak

Bad news: A dry hole on a relatively inexpensive well. Not a very big deal
Other News: We are measuring (logging) the rock and fluid qualities of the top layer of the reservoir formation in Puma which could be a Big Deal. This takes a few days (not weeks) after which time, given promising downhole rock and fluid measurements, we will drill through the remaining thickness of the reservoir formation rock layer to prepare for casing and/or further testing.
thebeek

Sounds more promising!

[dalesman1] 30/9/2005 22:32

Further confusion comes from the reply to Undertaker000

This is what Scott Hamilton (Adulis IR person) wrote in an email a few moments ago...
I asked him id Puma was a dry hole ??? this is what he said:
Sir;

The Puma well had a fish so we had to go back up the well bore. After
sidetracking, we are at TD again. We will be logging the well over the next
couple of days. We anticipate having certain results on the well shortly.

I trust this helps,

Scott

How does this square with:
Drilling will then be resumed through the target Caballos sands. It is currently anticipated that the well will have penetrated the objective sand and the logging of that unit
if we are at total depth already?

Now very confused




Cheers Dalesman

[dalesman1] 30/9/2005 22:24

Agreed HB, but why are they logging the well before total depth, that is they say that they have yet to penetrate the Caballos sands. Am I right in interpreting the Villetta as a posible oil bearing formation in its own right with more to come from lower formations? It seems a bit premature to log before the total planned depth has been reached unless significant oil shows are present in the hole as drilled so far.

Comments welcome

[hashbrown] 30/9/2005 22:18

You dont log a dry well so im taking the report as positive, if it was water, why log it?

[dalesman1] 30/9/2005 22:12

As a novice I am having difficulty in interpreting the well data contained in this RNS; can I imply that there are two possible pay zones, the Villetta and a second as yet un-penetrated zone, the Caballos sands. The update mentions testing, can we take this to mean the Villeta contains hydrocarbons, which are currently being tested, or is this a leap in the dark? The update mentions casing. Is this synonymous with production casing, which would be encouraging or am I way off the mark? I would much appreciate a more experienced interpretation of the content of the update if any experts in drilling are out there.

Cheers Dalesman

[tonester30ccfc] 30/9/2005 21:55

Canada seem to like it....up 3.2% on close on 340k buys against 100k sells. That alone, should see us open 1p up on Monday

[burger king] 30/9/2005 21:41

How good is this news? it seems ok, shame about Balu, but Puma should be massive shouldn't it?

[burger king] 30/9/2005 21:36

News!! really HB! mental, how do u view it?

[hashbrown] 30/9/2005 21:23

New out in canada.

Looks like Pumas good, Balu isnt.

[hashbrown] 30/9/2005 17:11

Look at the chart.

beautiful.

[hashbrown] 30/9/2005 16:20

This is brilliant and Canada just keeps rising.

The "shaq" attack seems to have given the rise even more momentum than before.

Could be looking at 5 bucks v soon IMO.

[jumbo66] 30/9/2005 15:34

afternoon lads took two bits of profit this afternoon in 2 trades still have a lump in and will stick it back if news gose well, keep an eye after the close re j[hd]

[tonester30ccfc] 30/9/2005 14:03

...and still no announcement

The longer this goes on, the more the likelihood of a positive strike(s)

Canada seems to think so, and the share price in the UK is responding accordingly

Tone

[norman the doorman] 29/9/2005 19:57

here's hoping puma and balu announced next week.. the wait has allowed some of the big boys to get on board. i expect this to be £2.50+ by end of october.

[jumbo66] 29/9/2005 19:53

:-))[hd] blue am

[jumbo66] 29/9/2005 15:11

thanks going very well for us at the mo very nice:-))[hd]