Alexander David Share Discussion Threads

[hashbrown] 12/9/2005 14:40

Anyone got a link to live prices in canada?

[hashbrown] 12/9/2005 07:35

Thanks dalesman,

Blue morning I would imagine.

[dalesman1] 11/9/2005 22:41

Hi Hashbrown

To quote the website

Oil in this area is of high quality and ranges from 32 to 40 deg. API.

Lets hope it's down there at Puma

Dalesman

[hashbrown] 10/9/2005 09:08

So much for a pullback,

Canada finished up from being down!

Blue start monday.

[hashbrown] 09/9/2005 14:06

I am under the impression that PUMA is a hit,

what API oil can we expect?

[jumbo66] 09/9/2005 13:15

looks like will have bit of a pullback which imho is good for the longer term share price just my opinion re jumbo[hd] long term holder

[hashbrown] 08/9/2005 15:27

Just got 6k odd,

These look ready to blow.

[hashbrown] 08/9/2005 15:22

Just put in an order for some of these

Theres no stock about though....

[jumbo66] 08/9/2005 06:21

thanks for the info, yes the clues are in the rns "i thinks" keep smiling dalesman re jumbo[hd]

[norman the doorman] 07/9/2005 22:44

excellent find. Puma has 60 million barrels recoverable could be worth $5. Other high impact wells like Guariquies may have 175 million barrels. Could push the share price even higher.

[dalesman1] 07/9/2005 21:55

Hi Jumbo66

LOL err..... I deserved that!

Up almost 5% in Canada tonight. Should open around 105p

The drilling update was a little strange. Why put out an update with only 200m to TD on Puma to go? Seems premature unless its flagging good news? Who knows!



P.S JS on Rob TV still available until SAT on the link below




Click on :

8:00 PM ET
Market Call Tonight with Howard Green
Canadian Energy Companies

Adulis coverage starts about 8mins 30secs in.


There is an institutional roadshow going on in the UK for Adulis. It will be interesting to see the share price moves over the next few weeks.

Cheers Dalesman

[jumbo66] 07/9/2005 07:58

:-0))[hd] banj

[banj] 07/9/2005 07:55

Well done All. ;-))

[dalesman1] 06/9/2005 20:05

Hi all.

Bought in at 81.55 after Josef Schachter on Rob TV flagged them up. My subsequent NAV gave an upside of over 50% in the near term. Subsequently there has been a very nice 11% gain today. With 9 well to come in quick succession this is an interesting punt!

[jumbo66] 30/8/2005 21:26

thanks banj,sbr vvvery nice [hd] j

[seadog2] 27/8/2005 06:17

appears after a period of no news , it seems activity is picking up, according to the drilling sced, looks like a lot of news in next 6 weeks. Share volumne has sure moved up..

[banj] 26/8/2005 14:05

Hi Jumbo - couldn't get any on my Sbet account (Cantor) despite £50m cap. ;-((

Pity, I like the look of!! Good luck fella. Keep the recommendations coming, I value them. ;-))

[jumbo66] 26/8/2005 12:18

hello dog nice to see you still in these since you put me on to them some months ago, been waiting for this, they look good for the run i will see you on the other bb across the pond re jumbo[hd][some ones been buying big in canada as well]

[m5artin] 28/7/2005 07:14

New here
Is this good bad indifferent or expected

[seadog2] 02/7/2005 18:20

not necessarily, lots of volumne recently after a period of hardly any, somebody likes, besides they still have lots of cash to drill..

[norman the doorman] 30/6/2005 14:41

still talking to myself.

[norman the doorman] 30/6/2005 10:49

ADULIS RESOURCES INC.

Preliminary Results for the Year Ended 31 December 2004

Adulis Resources Inc. [TSX-V:ADE; AIM:ADS], the Colombia-focused independent oil and gas exploration and production company, today announces its preliminary results for the year ended 31 December 2004.

The Company also announces that it has posted the Annual Report for the year ended 31 December 2004 to shareholders. A copy of the Annual Report is available from the Company's offices at Suite 920, 706-7th Avenue SW, Calgary, Alberta, Canada T2P 0Z1 or from its website at www.adulisresources.com.


HIGHLIGHTS


In the first six months of 2004 the Company's focus was obtaining the environmental permits covering the proposed drilling locations in the Salinas Block, and acquiring interests in several blocks in the Llanos basin.


November 2004 saw the culmination the Company's corporate and fund raising activities with the purchase of Solana Petroleum Exploration Colombia ("Solana") and the raising of $ 50 million, bringing the total raised in 2004 by Adulis to approximately $80 million.


The purchase of Solana added five large to medium potential targets and a number of smaller, low-risk projects, to the Company's existing assets.


The Company expects to be the most active exploration company in Colombia in 2005 in terms of the number of exploration wells in which it is participating.


The drilling programme comprises of at least 12 wells at a cost of $US 37 MM within 18 months on mature prospects already identified and mapped and as many as 20 additional wells on exploration acreage already held by the company.


Drilling in early 2005 resulted in two dry holes and one discovery. This discovery has led to one near-term development location and one additional exploratory well location planned for late 2005


PRESIDENT'S REPORT
Adulis Resources is well established and funded to meet its objective to build a substantial Colombian-based oil and gas exploration and production company through Solana Petroleum Exploration Colombia ("Solana"), a wholly owned subsidiary. The Board of Directors believes that significant opportunities exist within Colombia due to its favorable investment environment and abundance of oil and natural gas opportunities. Management has implemented a cohesive strategy to realize on the exciting potential that this country offers.

The opening up of large areas of Colombia previously reserved for the state oil company and improved contract terms is reflected in the number of new contracts signed: 38 in 2004 and 24 to date in 2005 versus 5 in 2003, the last year under the previous policies. The number of exploration wells is forecast to approach 25 in 2005 versus 17 in 2004 and 12 in 2003.

To fully exploit this opportunity, Adulis has implemented a focused exploration strategy based on maintaining an evolving portfolio with higher risk, higher return projects balanced by medium to smaller targets with commensurately lower levels of risk.

In adhering to this strategy, Adulis has made considerable progress since the acquisition of Bayford Investments Ltd. and the associated interest in the Salinas Block in late 2003. The first six months of 2004 were dedicated to obtaining the environmental permits covering the proposed drilling locations in the Salinas Block, and acquiring interests in several blocks in the Llanos. November 2004 saw the culmination of intense corporate and fund raising activities with the purchase of Solana and the raising of $ 50 million. In 2004 the Company raised in total approximately $80 million.

Investors, which were comprised largely of United Kingdom and European institutional fund managers, recognized the quality of the Adulis portfolio. The fund raising in late 2004 was significantly oversubscribed. The latter means that we are amply funded for all currently contemplated activities for 2005, including analyzing the many new and exciting exploration and production projects that are being offered to our Bogotá office.

Adulis began 2005 with a ten well exploration program. Three of these wells have been drilled to date with the first well being successful. This success will result in the drilling of at least one development well and an additional exploration well in 2005. Consequently, at least eight exploration wells remain to be drilled during the next 12 months. Based on currently forecast drilling plans, Adulis could be the most active participant in exploration drilling in the country.

The Guayuyaco 1 well was drilled in a partnership with Argosy, a limited partnership based in Houston, on the Guayuyaco Block in the Putumayo. Adulis will earn a 50% interest by paying 67% of the cost of this and one other exploration well. Oil flowed from three zones and it is expected that the ongoing long term tests will allow the field to be declared commercial. This is important and highlights that this well could be a repeated play concept with the potential to become a core area for the Company. A seismic program is being initiated to convert several higher impact leads into drillable structures and negotiations are under way to obtain an exploration contract for an adjacent area.

Adulis' purchase of Bayford Investments Ltd. provided access to two large exploration plays in the Salinas Block on the Caribbean coast. The first of these plays, Sirruma, was drilled earlier this year. Unfortunately, while the play proved to be valid with turbidite sediments, a good seal and an abundance of trapped gas being identified, the sands that would have provided a commercially viable reservoir were not present.

In early April, drilling commenced on the second well on the Salinas Block, Molino de Viento. The forecast gas reserves in this structure would complement existing reserves in the Guajira and target the domestic market and proposed export markets to Venezuela and Panama that are currently being discussed by the respective governments.

Adulis' purchase of Solana in late 2004 added five large to medium potential targets in addition to a number of smaller, lower risk projects. The first of the wells, Guayabillas, was drilled in early 2005 in partnership with Ecopetrol, the state oil company and, although several zones were tested, only traces of heavy oil were detected.

Activities have been initiated on three of the four remaining structures in the portfolio of projects with Ecopetrol. While the four wells are still scheduled to be drilled this year, an unusually wet winter has delayed the construction of some of the locations.

In April of this year, an 88 km seismic program was recorded in the Guachiria block in the Llanos basin to more precisely define the sizes of a number of leads and the optimum drilling locations. Based on this interpretation, the drilling program for the upcoming dry season will be finalized.

In Colombia, with the improvement in the contract terms and the opening up of new tracts for exploration, we are seeing the advent of a class of geological entrepreneurs, who have detailed backgrounds in specific Colombian basins and play concepts that have been nurtured for many years. As a result of Adulis' aggressive approach to exploration and our ability to make quick decisions, a significant number of these projects are being offered to us preferentially. While, many of the projects do not fit our strategy careful evaluation of a number of the play concepts has resulted in the recommendation to contract several new areas.

Given our commitment to build a material oil and gas exploration and production company within Colombia, we continue to review potential acquisition opportunities, which could give us immediate production and increase our presence within the country.

The Adulis organization is efficient, experienced and focused on a well defined value adding strategy. Targeted exploration is key to our success and we have a very competent in-house team and consulting support composed of professionals with considerable Colombian and international experience. However, it is also necessary to drill the exploration wells and to operate producing fields in a safe, environmentally aware, cost effective manner and to be participative, effective partners in those areas where we do not operate.

We have a core group of Colombian professionals who ensure that we are successful in achieving these operating goals and actively supervise the outsourcing of the non-core activities. To ensure this occurs, the Company has adopted health, safety, environmental and community relations standards and policies that are well proven in the industry. Management is now focused on training and monitoring performance in all critical areas to ensure that the standards we aim to achieve are fully adopted by all employees and contractors.

The Colombian economy continues to recover, growing 4% in 2004 versus an average of 2.9 % over the prior three years. There is continued concern by the Colombian authorities related to the 17% revaluation of the Colombian Peso against the US$ over the last two years. In general, while this cushions the effect of increased energy prices and the cost of other imported products, there is a net negative effect on the export industries and employment in the export sector. The oil industry in Colombia has seen the US$ value of the goods and services it purchases locally increase commensurate with this revaluation.

It is also anticipated that the availability of equipment and services will be severely tested in the time of high oil prices. Such scarcity can be expected to cause increases in costs, as has already been observed in the price of tubulars. In order to minimize these effects, the company is forging alliances with the service providers and looking well ahead in the contracting cycle to ensure equipment is available when required.

The security situation continues to improve with all problem area key indicators down compared to the prior year.

In summary, we believe that our portfolio of projects holds the promise of significant upside. We understand that despite the best efforts to reduce the risks associated with exploration drilling, there will be dry holes. However, we firmly believe that the Company's exposure to several very prospective basins in a country with attractive terms and a stable legal environment will be successful.


STEPHEN T. NEWTON, President



REVIEW OF OPERATIONS

Adulis holds a 100% interest (subject to a 30% back-in right by Ecopetrol, the Colombian state-owned oil company) in the Salinas Block of northeast Colombia. In addition, Adulis holds additional acreage by virtue of its 100% ownership of Solana. Solana is a private Cayman Island registered company with a branch in Colombia. All of Solana's production and exploration assets are in Colombia, where it operates the Guepaje Gas Field, presently producing 5MMCF/day and participates in the producing Inchiyaco oil field, which produces approximately 250 Bopd gross. Solana has varying interests in three company-operated exploration areas totaling 66,000 hectares in addition to its participation in the Ramshorn (Nabors) / Ecopetrol Shared Risk Contract ("Ramshorn Package"). Solana also has a 35% net participating interest in an exploration/development block in southern Colombia operated by a partner, Argosy Energy LLP. A recent discovery which has been made on this block, Guayuyaco 1, is now on a long-term test for production. The exploration areas held by the joint Adulis / Solana entities are located throughout Colombia and are focused in the Guajira, Magdalena, Llanos, Catatumbo and Putumayo Basins and are all close to producing fields and infrastructure.


Alamo Prospect, Alamo Area, Catatumbo Basin

The Alamo prospect is located in the Catatumbo basin in the east central part Colombia. The Catatumbo basin, unlike the basin to the west, belongs, in a geological sense, to the Maracaibo basin system of Venezuela. The Maracaibo basin has produced an estimated 37 billion barrels of oil to date, with 20 billion barrels estimated to remain to be produced (The Canadian Society of Professional Geologists, 2002).

The well proposed to test this prospect is expected to penetrate to 4,800 feet. Adulis will bear 38.4% of the cost of the initial well and 30% of the cost of subsequent wells and will, in return,

earn a 26.25% interest in production subject to a sliding scale royalty in any discovery made on this prospect.


Guariquies Prospect, De Mares Area, Upper Magdelena Basin

The Guariquies Prospect lies immediately to the east of several shallow fields including the Peroles and Tesoro, which have been in production for many years. In addition the Lisama Field to the north contains 70 MMbo of recoverable oil and the Provincia Field also to the north contains 160 MMbo. This prospect lies in the Middle Magdalena Basin, which currently contains 23 oil fields with recoverable reserves of three billion barrels of oil (American Association of Petroleum Geologists Bulletin, 1996).

As a result of the large number of older fields in the basin, the production and pipeline infrastructure in this part of Colombia is among the best developed in the country. Major pipelines connect this area of Colombia both to the Pacific Coast, thereby providing export capability, and to the large refinery complex at Bucaramanga nearby. The well proposed to test the Guariquies prospect is scheduled to be drilled to approximately 11,500 feet and to require approximately 60 days to drill and approximately 25 days to test.

Adulis will bear 48 % of the cost of the initial well and 37.5 % of the cost of subsequent wells and, in return, earn a 33.75 % interest, subject to a sliding royalty in production in any discovery made on this prospect.


Guayuyaco Prospect
Guayuyaco is a recent discovery in which Adulis holds a 50% gross interest (35% net). This structure is one of several identified on the block and it lies in an area which already holds the producing; Mary, Linda, Toroyaco, and Miraflor fields.

The Adulis share of the Guayuyaco 1 discovery well drilling cost was US$ 2.9 million. A follow-up well to the Guayuyaco discovery is expected to be drilled in mid-2005.

An additional prospect on the block has been scheduled for drilling before year end 2005 and seismic data is planned prior to the commencement of drilling and another four prospects remain unevaluated.


Molino De Viento Prospect, Salinas Block

The Molino de Viento prospect is located in the southern part of the Salinas block of northeastern Colombia.

This area is south of the large Chuchupa and Ballena gas fields, which produce more than 80% of the gas consumed in the country. To the southeast of this prospect, across the Venezuelan boundary, are found a number of large oil fields which produce from fractured formations.

The prospect is formed by structural dip to the north, east and west and by counter regional faulting to the south.

The Molino de Viento well spudded in April of 2005. A well to test the Molino de Viento prospect is expected to cost approximately $ US 2.2 million on a dry-hole basis and $ US 3.8 million tested and completed. Adulis would bear 100% of the cost of the initial well and 70% of the cost of subsequent wells in the event that Ecopetrol, the state oil company, exercised its 30% back in right.

Adulis would receive 70% of the production after the deduction of royalties under such terms.


Malabares Prospect, Guachiria Block

The Malabares Prospect is located on the Guachiria Block which contains three existing discoveries. These are: Guacamayo, Guahibos and Bucaro. The Guahibos and Guacamayo discovery wells, each of which tested approximately 2,000 Bopd, together produced approximately 1.1 million barrels of oil between 1988 and 1996, before being abandoned.

A third discovery, Bucaro, tested oil at 770 barrels per day; however, it has not been commercially produced to date. Adulis has recently entered into an agreement with a Colombian company whereby that group will incur the cost of a re-entry and re-completion at Bucaro and will, in return, recover twice its costs and subsequently retain a small royalty position, with Adulis retaining the balance of the profits.

Adulis holds a 100% interest in this block, which has recently been converted from an Association Contract to a modified new style ANH contract. Under the terms of this latter agreement, Ecopetrol has relinquished its previously held 30% back in right in right and profit share in return for a royalty position. A well drilled in this prospect is expected to cost $US 1.3 million on a dry-hole basis and $US 2.8 on a tested-and-completed basis. Adulis would bear 100% of the cost of this well and would, if it was successful, receive 100% of the production, subject to the sliding scale state royalty and the Ecopetrol oil royalty. Solana drilled a well on this prospect in mid 2004; however, this well encountered mechanical problems and no valid tests were possible for the primary objectives. Adulis has recently acquired the block immediately to the north of the Guachira Block. This is known to contain prospects on the same fault trend which defines the Malabares Prospect. The development of infrastructure at Malabares would have a positive effect for the new recently acquired acreage.

Adulis has recently acquired the block immediately north of the Guachiria Block, on the basis that the same structural elements which create the Malabares discovery continue to the north, into new acreage.


Puma Prospect, El Pital Area, Putumayo Basin

The Puma prospect is located in the Putumayo basin of southwestern Colombia. This area is known for its high quality reservoirs and generally good seismic data quality and it is part of a larger basin which is centered in Ecuador to the south, where a number of very large fields are found. The area has an export pipeline leading to the offshore loading terminal on the Pacific coast.

The Puma prospect is among the first slated for drilling under the terms of the joint Ecopetrol/Ramshorn/Solana Risk Sharing Agreement and the location is now under construction. The Puma well is currently expected to spud in the second quarter of 2005.

Adulis will pay 28.8% of the cost of the first well on the prospect and 22.5% of any subsequent wells. In the case of a discovery, Adulis will be entitled to receive 18.75% of the oil produced subject to a sliding scale royalty.


Zeus Prospect, Rio Horta Area, Middle Magdalena Basin

The Zeus prospect is one of the largest undrilled prospects in Colombia and represents an attractive exploration target with a considerable amount of well control. It is a deep prospect (18,000 ft.) and is expected to take 135 days to drill, with a further 40 days for testing. The well proposed to test the Zeus prospect is the deepest, largest target and most expensive well planned to be drilled among the Solana/Ramshorn Prospects. Adulis will pay 48% of the cost of the first well on this prospect and 37.5% of the costs of subsequent wells. In the event of a discovery Adulis will obtain 33.75% of the production subject to a sliding scale royalty.

[norman the doorman] 29/6/2005 16:36

Jun 28/05 Acquisition in the public market Common Shares 5,200 $1.120

Jun 15/05 Acquisition in the public market Common Shares 126,000 $1.030

Jun 09/05 Acquisition in the public market Common Shares 6,800 $1.020

Jun 09/05 Acquisition in the public market Common Shares 13,200 $1.020

Jun 09/05 Acquisition in the public market Common Shares 10,000 $1.170

Jun 09/05 Acquisition in the public market Common Shares 20,000 $1.100

Jun 09/05 Acquisition in the public market Common Shares 1,000 $1.100

Jun 08/05 Acquisition in the public market Common Shares 354,700 $1.100

Jun 08/05 Acquisition in the public market Common Shares 100,000 $1.300

lots of director purchases too here..

[seadog2] 12/6/2005 17:28

been away for awhile, need time to check out news? voulumw sure picked up big time..