Adsure Services Share Discussion Threads

[tonester30ccfc] 06/10/2005 16:17

Norman,

LOL!!

[norman the doorman] 06/10/2005 16:07

position your chips ladies and gents !

[dalesman1] 06/10/2005 15:10

Hi Jumbo

Your post when placed against my own which talked about Adulis testing both pay zones is an interesting one. Testing can be a lengthy process, and I am just a little concerned that an imminent announcement is just a tad early for good news, given that two zones, the Villetta and the Cordoba sands were said to be being tested. Your views along with any others would be appreciated.

As you know, over on Stockhouse there is a suggestion that good news is being held back to coincide with Josef Schachter on Rob TV. An interesting if a little far fetched theory! Again views invited.

Dalesman

[jumbo66] 06/10/2005 14:44

tone just recived mail saying results will be out by monday at latist info only re jumbo[hd]

[tonester30ccfc] 06/10/2005 09:08

jumbo,

LOL!

Taking a pasting all round this morning!

It would be nice for Canada to wake up to the fact that the disaster of a dry 'baby' well is about to be superceded by a far more significant position. That market is definitely not for the faint hearted.

Tone

[jumbo66] 06/10/2005 09:05

tone i was told in good faith it would be mid end of this week for data to be analized so we could have a rns at anytime i am waiting an update as soon as i get it i will post re jumbo[hd]im not to worried about the swings its part of this game in oils imho :-))

[tonester30ccfc] 06/10/2005 08:49

jumbo,

What's your take on the estimated timescale for Puma news?

Tone

[jumbo66] 06/10/2005 08:21

Meanwhile, Solana has drilled the Puma well to a depth of 3,639 meters and the results are now being studied. This well is the second under the shared risk contract between Ecopetrol and Ramshorn.

[jumbo66] 06/10/2005 08:17

Adulis Spuds 3rd Well Under Ecopetrol, Ramshorn Contract
Business News Americas (BNamericas.com) Wednesday, October 05, 2005


The Colombian subsidiary of Canadian company Adulis Resources (TSX-V: ADE; AIM: ADS), Solana Petroleum, has spudded its third exploration well under a shared risk contract between Colombia's state oil company Ecopetrol and Ramshorn International, Adulis said in a statement.

Solana spudded the Guariquies well on September 28. The cost of the well to Adulis will be an estimated at US$4.6mn and is scheduled to take two months to complete. The well is targeted at reservoirs 3,048 meters deep. Related Products

Drilling Technology for the Man on the Rig

Formulas and Calculations for Drilling, Production and Workover, 2nd Edition




Solana has a commercial agreement with Ramshorn whereby Solana pays 96% of Ramshorn's share of the initial well cost to earn 75% of Ramshorn's working interest. Ramshorn is an affiliate of US drilling contractor Nabors Industries.

Since Ramshorn has a 45% working interest in the Guariquies project, the net Solana share of any production ultimately obtained from this block will be 33.75%.

Meanwhile, Solana has drilled the Puma well to a depth of 3,639 meters and the results are now being studied. This well is the second under the shared risk contract between Ecopetrol and Ramshorn.

Since Ramshorn has a 30% working interest in the Puma project, the net Solana share of any production obtained from this block will be 18.75%.

Meanwhile Solana has decided to abandon the Balu exploration well, which is in the Middle Magdalena valley, after drilling it to a depth of 541 meters. Solana found only "traces" of hydrocarbons in the two primary objectives. Adulis invested approximately US$750,000 in this well.

PRODUCTION UPDATE

Solana has tested its Bucaro 1 well on Colombia's Guachiria block at a rate of 480 barrels of 27 degree API oil over a three-day period, Adulis said.

The well will now be brought into commercial production. Produced liquids will be treated on site and oil will be transported 140km by truck to the sales point, the statement said.

And finally the Guayuyaco 2 well on the field of the same name was re-completed and is producing at a rate of 720 barrels a day of 27.5 degree API oil. Solana receives a net share of 32% from this well, the statement said.

[jumbo66] 04/10/2005 13:32

mid to late week i here dyor happy holding [hd]

[tonester30ccfc] 04/10/2005 08:08

Typical over-reaction in Canada on the back of a small potential. Traders paradise over there.

Putting things back on track and in perspective, Puma is the biggie, and news is expected soon.

Expect to see a realisation of this in Canada. Note that in Canada the share price finished much higher than it's dip. Expect also further rallying of share price as the news of Puma gets closer.

Very happy holding

Tone

[jumbo66] 04/10/2005 05:44

thanks simon same to you[hd]

[simonbroughton] 03/10/2005 20:35

likewise and good on you jumbo

[jumbo66] 03/10/2005 16:11

still in looking forward to end of week [hd]

[dalesman1] 03/10/2005 15:58

I contacted IR who confirmed that they are testing the Villetta sands and the Cordoba sands seperately. The fact that they are prepared to say this does seem to say that there is something to test on both pay zones.

Cheers Dalesman

[hashbrown] 03/10/2005 15:35

Tone,

You have to use the realtime graph and not the ticker for the latest price.

Will call you tonight mate.

[stefield] 03/10/2005 14:08

if you follow grv, they always put rns out at 2.30pm to give both markets a fair chance. not complaining as i sold at 123 this morning, but it is a bit naughty !

[tonester30ccfc] 03/10/2005 14:02

Hash,

Have you noticed the ADVFN TSX ticker?

It actually sits 15 minutes behind the real time UK ticker. The fact that we are ticking back up strongly now suggests that Canada sold off strongly at the outset and is in the process of getting things back into a bit of perspective. There is no outcome on the Puma well yet. Patience required methinks

Tone

[tonester30ccfc] 03/10/2005 10:48

Interesting comment from an oiler on the PVR board on a duster:

"Why wasn't it tested for a flow rate?"

They could not test for gas because of the reservoir characteristics..they did not test for oil or gas because the MDT results [which can now be analysed within hours] gave an accurate PVT..they knew that to test would not only be extremely costly but fruitless..hence they did not flow test..there is little need to do so these days unless you intend to go into production..


Interesting to put this in context with Puma eh?

Tone

[stefield] 03/10/2005 10:26

i sold out first thing this morning, will wait and see what happens when tsx opens.

[tonester30ccfc] 03/10/2005 10:23

Interesting trading in the UK this morning....

Is it good...must be, the price is up....oh, the price is going down, it must be bad....well, these look like good prices, and the news may be good...

Indecisions, indecisions!!

[new2stks] 01/10/2005 18:37

An good laymans summary from BOX927

SUBJECT: RE: IR got back to me... Posted By: Box927
Post Time: 10/1/05 06:11
« Previous Message Next Message »

Sorry TomVu11 but you are wrong.
The drill string got stuck in the hole. When this happens you either do what they call a back off or you shoot off the pipe above the point where it is stuck. The pipe that is left in the hole is called a fish. At this point you have 2 options. They are to go fishing and see if the drill string can be pulled loose or side track the well right away.
To fish you add an overshot, bumper sub and fishing jar to the drill string then go back in the hole and reconnect to the stuck pipe and see if the drill string can be jarred loose. You will probably do this for as long as it takes to orgainize the cement and pumper truck plus a directional drilling package. It all depends on the cost of the stuff that is being left in the hole. Now if it is just some drill collars with a bit that is not much $$$ but if it is a directional drilling package with MWD/LWD capability (ie worth millions) then you may try for a longer amount of time to free the stuck pipe.
If the stuck pipe could not be jarred free you disconnect and pull out and set a cement plug on top of the fish (stuck pipe). Then you will have to run in with a directional drilling package and use the cement plug to kickoff of and sidetrack the wellbore around the fish and continue drilling.

It sounds like the well is at an intermediate casing point. Whether it was planned or they were forced into it by well bore conditions I do not know. As stated they will log it for info and then set casing to isolate the upper sections. This may be done for various reasons. Obviously they were having hole stability problems or they would not have gotten stuck. This may be the reason to set this casing. Another reason is they are going to use a different type of drilling fluid for the bottom section. If it is a highly porous sand keeping the porousity of the sand clean is very important. Plugging it by using the wrong type of mud is not good for production.

If I were to take a guess and I say again GUESS. I would think that there is a good reason why they are going to the expense of setting casing here. They went 30 feet into the sand. If they are catching cutting samples every 10 feet this would give them 3 samples of the target sand. Or however many samples they caught. The wellsite geologist would be able to see any oil staining on these samples plus the instrumentation in the drill logging (not wireline logging) unit would be able to pick up any increase in background gas. Plus the driller would surely have noticed if when he hit the sand there was a drilling break (the penetration rate increased). There may even have been some oil come across the shakers. We do not know any of this but all of this basic real time indicators give the people on site some info on things before any wireline logs are even run. 30 feet is hardly enough room to get a logging string down past the top of the sand. I find it very strange that they did not drill more unless they know what they have. BUT that is just a guess. I do not want to come across as a pumper. I am just hoping that is the case.

Good Luck.
Regards

[hashbrown] 01/10/2005 13:26

Happy to hold here mate.

Im very confident on Puma.

They have been roughly at target depth now for ages, they are just having some technical diffculties IMO, apparently the drilling company are excited by recent information - we shall see.