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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Alexander Dav. | LSE:ADS | London | Ordinary Share | GB0009530188 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 1.45 | - | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
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23/2/2005 07:45 | Nice one - If only we could see FPL go up 5% | assagai | |
23/2/2005 07:11 | RNS Number:9190I Adulis Resources Inc. 23 February 2005 ADULIS RESOURCES INC. NEWS RELEASE COLOMBIAN EXPLORATION PROGRAM UPDATE February 22, 2005 Calgary, Alberta Trading Update ______________ Adulis Resources Inc., the oil and gas exploration and production company which listed on AIM in November 2004 with the primary objective to explore and develop prospective oil and gas properties in Colombia, announces a drilling update. Adulis Resources Inc. announces the results of the first two wells of its ten well drilling programme in Colombia, the spudding of its third well, the Sirruma well, and the signing of the Guachiria Norte contract. Adulis was listed on AIM in November 2004 and has a portfolio of ten independent exploration properties within Colombia to be drilled this year. Adulis' exploration programme is being funded from existing resources following its #22.7m fundraising in November 2004. KEY POINTS: o Guayuyaco 1 well, in the Putumyo basin of Southern Colombia o Oil successfully tested from three separate zones o First test results in the Caballos formation flowed at a rate of 270 bopd over a ten hour flow period. Following analysis Caballos zone expected to produce in excess of 1,000 bopd once pumping facilities have been installed. o Second test results in the T Sand of the Villeta formation flowed at a rate of 145 bopd over a ten hour flow period. Wells located in the analogous Mary field produce in excess of 1,000 bopd from the T Sand formation once pumping facilities have been installed. o Third test results in the Guayuyaco 1 well in lower U Sand of the Villeta formation produced approximately 600 barrels of fluid per day with a 15% oil content from two perforated intervals. Subsequently, the upper interval was tested separately to yield 300 bopd of dry oil. It is currently estimated that the installation of appropriate pumping facilities would result in the production of approximately 500 bopd from the Lower U Sand. o Production from the Guayuyaco discovery is expected to commence within two months. o Plans to drill a follow up well ("Guayuyaco - 2") within three months and undertake an exploration seismic and drilling programme on other prospects defined within the block. o The Guayabillas 1 well, in the Upper Magdalena basin of Southern Colombia o Drilled to a depth of 7470 ft. with two tests conducted o The second test recovered several barrels of emulsion and traces of heavy oil o Produced oil and test results currently being evaluated o Well suspended and rig released o Sirruma well, the first of two planned exploration wells on this block located in the Guajira in the Northern coast of Colombia, spudded on 20 February 2005. This well is targeted at a large gas prospect interpreted to exist in a seismically defined turbidite deposit. o Guachiria Norte Contract, a 41,000 hectare block located to the north of the currently held Guachiria Contract, was signed with the National Hydrocarbon Agency on December 22, 2004. Stephen Newton, President of Adulis Resources Inc. commented: "Our ten well drilling programme in Colombia has started well with first production expected to commence within the next two months from existing infrastructure." "Aside from our high impact exploration programme which is underway we are continuing to evaluate further opportunities within Colombia in order to build a material Colombian oil and gas business." Drilling Update _______________ Adulis Resources Inc. is pleased to provide this update for its ongoing Colombian exploration program. All of Adulis' operations are conducted in Colombia through its wholly-owned subsidiary, Solana Petroleum Exploration Colombia Limited ("Solana"). The Guayabillas 1 well, in the Upper Magdalena basin of southern Colombia, a well operated by Ecopetrol, the Colombian state oil company, was drilled to a depth of 7470 ft. measured depth, 7118 ft. true vertical depth, at a cost of approximately US$ 4.5 MM. Two tests were conducted over the Montserrate Formation in this well. The first recovered essentially no reservoir fluid and the second recovered several barrels of emulsion and heavy oil traces, with an estimated gravity between 5.7 and 8 deg API. The produced oil and the test results are currently being evaluated in the Ecopetrol laboratories. The well has been suspended and the rig released. Solana has participated in the well through a commercial agreement with Ramshorn International, a wholly owned subsidiary of Nabors Industries, whereby Solana pays 96% of Ramshorn's costs to earn 75% of Ramshorn's interest. Solana has applied for Ecopetrol approval to be a party to the shared risk contract governing, among others, the Guayabillas prospect. The Guayuyaco 1 well, in the Putumayo basin of southern Colombia, is operated by Argosy Energy International in which Solana has a commercial agreement with Argosy to earn a 50% interest in the Guayuyaco Association Contract, subject to Ecopetrol approval which has a 30% back-in right. In order to earn the 50% interest, Solana must participate in the drilling of two exploration wells of which Guayuyaco 1 is the initial well. Adulis announces that oil has been successfully tested from three separate zones. Solana paid 66.7% of the Guayuyaco 1 well costs, which is estimated to be US$ 4.4 million (gross), including completion and tie-in. The first test was conducted in the Caballos formation and covered a perforated interval from 7,882 ft. to 7,904 ft. (22 ft.). This section contained 25 ft. of net oil pay based on log interpretation. The test flowed clean 29 deg. API oil at a rate of 270 bopd under stable natural flow conditions on a 10 hour flow period. Test derived permeability in the tested Caballos zone is approximately 180 millidarcies and log derived porosity is in the range of 12 to 15%. Previous wells in this area, including those in the Mary oil field located 3 km. to the east, have tended not to flow naturally due to very low gas-oil ratios in the region. It is the expectation, based on engineering analysis, that the Caballos zone is capable of producing in excess of 1,000 bopd once pumping facilities have been installed. The second test was conducted in the T Sand of the Villeta formation and covered a 36 ft. interval from 7,754 ft. to 7,790 ft. of which 31 ft. were perforated. This perforated interval was located at the top of a section of interpreted oil pay, which is 75 ft. thick based on log analysis. This test flowed 28.2 deg. API clean oil at a rate of 145 bopd over a 10-hour flow period. Based on log evidence, no water leg is believed to exist in this interval in the Guayuyaco wellbore. The T interval contains sands with log-derived porosities in the range of 10 to 15% with test-derived permeabilities of 400 to 700 millidarcies and minor formation damage. Wells located in the analogous Mary field typically produce in excess of 1,000 bopd from the T Sand formation once pumping facilities have been installed. The third set of tests in the Guayuyaco 1 well was conducted in the Lower U Sand of the Villeta formation. The Lower U Sand formation is approximately 48 ft. thick at the Guayuyaco location and includes at least 10 ft. of oil pay based on log interpretation and test results. The Lower U Sand was tested over two perforated intervals covering 7,590 ft. to 7,599 ft and 7,604 ft. to 7,620 ft. respectively. The initial test was conducted with a hydraulic pump over both sets of perforations and produced approximately 600 barrels of fluid per day with a 15% oil content. Subsequently, the upper perforated interval from 7,590 to 7,599 ft. was tested independently on hydraulic pump and produced clean oil at a rate of 300 bopd. This part of the interval is characterized by sands with porosity in the range of 12 to 15% and test derived permeability of 280 millidarcies. While the implications of the two tests in the Upper U will continue to be evaluated, it is estimated that the installation of appropriate pumping facilities would result in the production of approximately 500 bopd from the Lower U sand. In addition to the three oil bearing intervals described above, a fourth potentially oil bearing interval of 6 ft. was found in the N Sand which was penetrated at approximately 6940 ft. This section appears to be oil pay based on log analysis and shows recorded while drilling and will be evaluated in a future well. The Guayuyaco structure is located within 7 km. of the production base in the Mary field, which has both production facilities with excess oil handling capacity and access to an export pipeline. Accordingly, production from the Guayuyaco discovery is expected to commence within two months. Oil well Mary 2, approximately 3.9 km. from Guayuyaco 1, is located in the analogous Mary oilfield and is the nearest producing well to Guayuyaco 1. It is anticipated that the Guayuyaco 1 well will be initially produced from the Caballos and the T Sands of the Villeta formation. The anticipated sales price is equal to the monthly average West Texas Intermediate price less a discount for quality adjustment, transportation, insurance and taxes. Argosy and Solana plan to drill a follow-up well named Guayuyaco-2 within three months with the same rig and undertake an exploration seismic and drilling program on other prospects already defined on this block. The Sirruma well, the first of the two currently programmed exploration wells to be drilled on the 100% held (subject to a 30% Ecopetrol back in right) Salinas Block located in the Guajira on the northern coast of Colombia, spudded on February 20, 2005. This well is targeted at a large gas prospect interpreted to exist in a seismically defined turbidite deposit. In addition, Solana signed the Guachiria Norte Contract on December 22, 2004. The contract area comprises 41,000 hectares located immediately to the north of the existing Guachiria contract area in the Llanos basin in the Department of Casanare. This is the first contract Solana has signed with Colombia's National Hydrocarbon Agency (ANH). The contracted area includes 130 km2 of 3D and approximately 700 kms of 2D seismic. The first year obligation includes the drilling of one well. Adulis also announces that Solana has contracted a seismic crew to acquire approximately 140 km. of new seismic data to further define planned drilling locations on several contract areas held as to 100% by Solana, including Guachiria, the recently acquired Guachiria Norte (held under ANH terms) and Gaviotas. 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. This news release includes statements about expected future events that are forward looking in nature and subject to risks and uncertainties. Adulis cautions that actual performance may be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what is currently foreseen by Adulis. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Enquiries: Adulis Resources Stephen Newton stephentnewton@solan Ray Antony rantony@telus.net + 00 403 266 7512 Pelham Public James Henderson james.henderson@pelh +4402077436673 Relations Charles Vivian charles.vivian@pelha | jumbo66 | |
17/2/2005 17:24 | Ram..u still in? | badtime | |
17/2/2005 17:18 | over £1 million quid has been put into this over the last 10 trading days.. not small change.. | dave le rave | |
17/2/2005 16:34 | i'd say that 25k listed at sell was a buy considering the time it was dealt | badtime | |
15/2/2005 09:43 | And on back of nice 10k buys | badtime | |
15/2/2005 09:41 | moving up on possible good news from EEN | cezary | |
15/2/2005 09:40 | O yum yum yum | badtime | |
15/2/2005 08:08 | Lovely start..10k buys ..moving up on each..cant have much stock around | badtime | |
14/2/2005 18:12 | Hi Assagai yes same old faces. I'm actually sitting this one out for a while, to my cost. In the words of Jim Bowen, "look at what I could have won". Just a bit uncertain about the immediate direction, though I anticipate getting back in eventually. | don bosco | |
14/2/2005 11:14 | bought a few first thing | badtime | |
14/2/2005 06:28 | I understand there is a possiblitiy of a new release shortly on the 2 wells they spudded earlier on.. | seadog2 | |
13/2/2005 09:11 | Don - So you crop up here. Have been hearing very good things about this and will be adding through the week. | assagai | |
28/1/2005 11:08 | gardenboy, for a columbian/lat am oil n gas play have you looked at ged. perhaps not as yet the most shareholder friendly co, but has v big upside from current mkt cap. | rambutan2 | |
28/1/2005 10:29 | nice rise again today - very quiet here - are there some drill results imminent? I notice from the prospectus that, "Adulis intends to achieve its objectives by participating in the drilling of at least eight and as many as 19 exploration wells in Colombia before the end of 2005." | gardenboy | |
12/12/2004 02:04 | don, Are you following this company? I have been in for several months and the locations and directors past intrigue me. I believe something is brewing here. Canaccord canada didn't offer any of the PP and they went quick. Be interested to hear the UK side..tia | seadog2 | |
10/12/2004 19:14 | Recent prospectus . | don bosco | |
08/10/2004 16:26 | Today I reckon I have had about 400 adverts or pop ups blocked by my security system. Surely this is getting out of control and those who regulate the internet need to do something very drastic about these, many of them are extremely rude and unpleasant for the majority of people, discuss. | eastbourne1982 | |
22/11/2002 10:31 | +5.5, (149.5) at 09:10pm 22.11.02 :Minerva announces that further to the announcement made by Allders on 21 November 2002, the Boards of Allders and Minerva have reached agreement on the principal terms of a possible recommended offer to be made for Allders at a price at or around 160p in cash per Allders share. Allders shareholders would also be entitled to receive the final dividend for the year to 30 September 2002, expected to be 4.4p per Allders share. It is expected that Allders shareholders would therefore receive, in aggregate, approximately 164.4p per Allders share. It is intended that any offer would be made through a new company ("Newco"), which, although majority owned by Minerva, would be financed predominantly by a significant financial institution, such that Minerva's own financial exposure would be modest. Minerva's investment in Newco would be financed out of existing cash resources and all financing provided to Newco would be non-recourse to Minerva. Discussions are at a very early stage and no assurance can be given that any offer will be made for Allders. A further announcement will be made when appropriate. | washbrook | |
22/11/2002 10:26 | I agree , this is a bit cheeky isn't it. 1.90 would be more like it. Tuco. | tuco 1 |
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