Alexander David Share Discussion Threads

[hashbrown] 21/9/2005 10:43

Not worried here.

Roll on October.

[jumbo66] 21/9/2005 06:52

thanks dog. bit more of a wait but ok with me its down there imho[hd]




Adulis Resources Inc. ("Adulis" or the "the Company") - Colombian Operations Update
9/20/05

CALGARY, Sep. 20, 2005 (Canada NewsWire via COMTEX) --
Adulis Resources Inc. (TSX-V: ADE; AIM: ADS), the Colombian focused independent oil and gas exploration and production company, today announces an update on operations. Adulis operates in Colombia through Solana Petroleum Exploration Colombia Limited ("Solana"), Adulis' wholly owned subsidiary.


Operational Highlights

- Currently drilling Puma well and mobilizing rigs to drill
Guariquies and Balu wells.

- Current net production rate of 640 BOPD and 1.4 MMCF.

- Looking ahead: 11 exploration wells planned within the next
12 months on currently held acreage.

EXPLORATION UPDATE

Bucaro 1 Well Production Start-Up


The Bucaro 1 well, in the Guachiria Block, commenced production on September 15, 2005 and oil trucking operations have been initiated. This will allow for extended production testing to gather information on sustainable flow rates as well as allowing commercial production to begin. Sustainable flow rates will be announced once production has stabilized. Oil sales and trucking agreements have been finalized. Solana will be entitled to receive 68% of the gross production from this well after the deduction of various royalties and after the third party, which assumed the capital cost and risk of the Bucaro recompletion, has recovered double its current investment in this project. The Company expects to generate revenues from this well commencing January 1, 2006.

Puma Well

The Puma well, located approximately 10km south of the Orito field which has produced more than 230 million barrels of oil to date, was spudded on July 14, 2005 and has been drilled to approximately 12,000 ft. The expected ultimate total depth of the Puma well is estimated at 12,300 ft. with an associated cost to the Company of approximately US$ 3,000,000.

During the drilling of the deepest section of the well and prior to penetrating the full target reservoir section the drill string became stuck in the bottom hole section. The well has been plugged back and the bottom 600 ft. of the hole will be re-drilled. In the event that no further mechanical problems are encountered, the Company expects to have log and test results in early October, 2005.

The Puma well is the second well drilled under the terms of a Shared Risk Contract between Ecopetrol and Ramshorn International. Solana has a commercial agreement with Ramshorn whereby Solana pays 96% of Ramshorn's share of the initial well cost to casing point to earn 75% of Ramshorn's working interest. Since Ramshorn has a 30% working interest in the Puma project, the net Solana share of any production ultimately obtained from this block will be 18.75%.

Balu Well

The Balu well, located in the Middle Magdalena basin, spudded on September 16, 2005. This block is operated by Petroleos Colombianos Ltd. and Solana will receive a 42% working interest in any production derived from the Balu structure. This would be reduced to 30% in the event Ecopetrol exercises its contractual 30% back in right.

Under the terms of the agreement which governs the Balu project, Solana will spend up to US$750,000 to drill a well to test this structure. This well is expected to take approximately two weeks to drill with an additional 10 days required to conduct drill stem tests in the event that hydrocarbons are encountered.

The Balu prospect is based on a shallow (less than 3,000 ft.) structure of considerable size. This prospect is supported by modern reprocessed seismic data and the confirmation of thick and high quality reservoir facies as provided by a nearby previously drilled well which was located outside the limits of the Balu prospect. Risks in the Balu area derive primarily from the requirement for a fault seal to trap hydrocarbons.

Guayuyaco Field - Production Update

The Guayuyaco 1 and 2 wells continue to produce as previously announced. Together these wells are currently producing approximately 1,900 BOPD (gross) with more than 650 BOPD net to Solana. These wells provide cash flow to the Company in amounts sufficient to cover current general and administration costs and, in addition, make a contribution towards expenditures being incurred as part of its exploration drilling program.

Seismic acquisition operations have commenced in areas near the Guayuyaco discovery to define at least one prospect scheduled for drilling in late 2005 or early 2006.

This release may contain forward looking statements within the meaning of the "safe harbor" provisions of US laws. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward looking statements. Adulis does not assume any obligation to update any forward looking information contained in this news release.

The TSX Venture Exchange does not accept responsibility for the adequacy

or accuracy of this release.

SOURCE: Adulis Resources Inc.

[seadog2] 21/9/2005 02:35

news out tonite, drill bit stuck so they will re drill last 600 ft..

[tonester30ccfc] 20/9/2005 22:35

Hash,

Keep an eye open for CHP too. News is imminent (maybe tomorrow). Could provide a reasonable trading opportunity

Tone

[hashbrown] 20/9/2005 22:33

Evening Tone,

No idea mate.

We will opne lower though IMO

Still very happy with this, I have a feeling we will be in for a double whammy next week mate with this and EEN delivering big style.

[tonester30ccfc] 20/9/2005 22:32

Profit taking hash?

Rumour has it that the drill results are positive. A bit of a mystery then eh?

Tone

[hashbrown] 20/9/2005 22:31

Not a great night for us in Canada chaps.

[simonbroughton] 20/9/2005 22:01

I think the wide spread here is due to such low trading volumes this side of the pond. I've seen this on other companies such as NLG and reckon that the mms don't have the time to devote to any in depth research themselves and just go on the lack of interest seen on their monitors and when trading does pick up in volume you will see the spread narrow.

hash is right, all you've got to do is buy and wait.

[new2stks] 20/9/2005 21:24

Hash
Already in at 0.9485

[hashbrown] 20/9/2005 13:30

Mate, you wont get a good spread here, unless you are v lucky, just bite the bullet, buy and watch them rise...

[new2stks] 20/9/2005 09:00

MM taking the mikey with the spread or do they take a commission on the currency conversion?

[hashbrown] 20/9/2005 08:07

Wakey wakey MM's, up 8 % in Canada, were up errr 2.

[tonester30ccfc] 19/9/2005 21:19

Currently 7.4% up in Canada on 432k traded. Suggests to me that positive news is afoot...

Tone

[hashbrown] 19/9/2005 20:02

This stock is tremendously undervalued, £2 should come pretty quick IMO.

[simonbroughton] 19/9/2005 20:01

tonester, CUX looking good in Canada this evening too!

[simonbroughton] 19/9/2005 19:58

Glad I put a few in my SIPP today albeit a bit belatedly after Jumbos alert on the JKX thread a week ago or so. I got shot of my one remaining small cap mining speculation as this looks a much better bet.

Regards to all

Simon

[tonester30ccfc] 19/9/2005 19:32

Oh my word...

Now that was a timely buy wasn't it!!

[new2stks] 19/9/2005 19:25

Doing good in Canada as mentioned HB.
What might we expect from the test results?
Or moreso what of the share price depending on what they may have found?





TIA..........N2

[hashbrown] 19/9/2005 19:03

Big markup tommorow I think.

[hashbrown] 19/9/2005 19:01

News is leaking IMO.

[hashbrown] 19/9/2005 17:42

And so do our Canadian friends mate :-)

[tonester30ccfc] 19/9/2005 17:00

Extract from RNS dated 6th September follows:

'The Puma well, which is located approximately 10km south of the Orito field
which has produced more than 230 million barrels, was spudded on July 14 and is
currently drilling at approximately 12,000 ft. with a target depth of 12,200 ft.
which is expected to be reached shortly. Further information will be released
after the well is tested'

We are now 2 weeks on from this RNS. Target would have been achieved some time ago. From my experience with other oilers, dusters are announced immediately, and good news takes a bit of time to process.

I am feeling very comfortable that good news is just around the corner

Tone

[tonester30ccfc] 19/9/2005 16:32

Hash,

Been looking at the Canadian trades and wonder whether my SB was laid off over there?

There is certainly a 10k trade that fits the time, and it would make sense for IG given the greater volume there and the improved spread

Tone

[tonester30ccfc] 19/9/2005 16:09

Hash,

Yes. Took £100 a point spreadbet equivalent to 10,000 shares. IG Index confirmed that they would be going to the market to lay off this bet. Perhaps they have taken the risk...

Tone