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davidcod: NEW PROJECT!: Acquisition of 6% working interest in the Sugarloaf Hosston Prospect, South Texas • Multi trillion cubic feet gas target - 0.97-2.3 TCF • Farm-in agreement with Texas Crude Energy, Inc (Operators) • Drilling scheduled for Q3 2006 Some info. on the new project thanks to other posters (I have not had time to veryify this information): a couple of highlights from the above - "the presence of source rock and seal is considered to be low risk." and "Mean potential reserves at Sugarloaf are estimated to be approximately 800 BCF of gas. However, given the large size of the prospect area, there is upside potential of several TCF if geological factors such as porosity, net sandstone and permeability combine favourably." Texas Crude Energy PETER J. FLUOR CHAIRMAN AND CHIEF EXECUTIVE OFFICER Biography: PETER JAMES FLUOR Mr. Fluor became Chairman and Chief Executive Officer of Texas Crude Energy, Inc. in 1990. He has been employed by Texas Crude since 1972 and took over the responsibilities of president in 1980. Texas Crude is a private, independent oil and gas exploration company based in Houston, Texas. Texas Crude has operations in the United States, Canada, China and Australia. Mr. Fluor received a Bachelor of Science Degree in Finance from the University of Southern California in 1970 followed by a Masters in Business Administration in 1972. Mr. Fluor serves on the Board of Directors of JPMorgan Chase Bank in Houston, Texas and on the Board of Devon Energy Corporation in Oklahoma City, Oklahoma. He has been a member of the Board of Directors of Fluor Corporation in Irvine, California since 1984, and assumed the responsibilities of Chairman in January 1998 through July 1998. In February 2003, Mr. Fluor was elected Lead Independent Director of Fluor Corporation. Mr. Fluor is also a member of the All American Wildcatters, the American Petroleum Institute and the Council of Overseers of the Jesse H. Jones Graduate School of Management at Rice University. Formerly, he was an Advisory Director of DLJ Merchant Banking Partners, served on the Executive Board of the Sam Houston Area Council, Boy Scouts of America, as a Director of St. Joe Gold Corporation in St. Louis, Missouri, as a Director of the Capitol Legal Foundation in Washington, D.C., and on the Boards of St. John's School and the University of St. Thomas in Houston, Texas and Robert Louis Stevenson School in Pebble Beach, California. Mr. Fluor enjoys golf and is a member of The Augusta National Golf Club, Cypress Point Club and River Oaks Country Club. Mr. Fluor and his wife have three children. The Sugarloaf Prospect is a world class exploration prospect. It is a robust four-way dip closure covering about 80 square kilometres at 5,200m depth, which makes it one of the largest undrilled structures in the onshore US. The primary target reservoirs are thick sands of the Cretaceous age Hosston Formation which are major producers elsewhere in the Gulf Coast region. Sugarloaf Prospect – Onshore Texas (Adelphi 12.5%) During the Period Adelphi acquired a 12.5% interest in the large Sugarloaf Prospect in the onshore Gulf Coast basin of southern Texas, USA. Sugarloaf is a world-class exploration prospect with significant reserves potential. It is a large 4-way dip closure with an area of some 80 sq km or 20,000 acres, which makes it one of the largest undrilled structures in the onshore US. The farm-in well will target mean potential reserves of approximately 800 BCF of gas in a deep (5,200m+) growth fault structure with upside potential of several trillion cubic feet of gas. The growth fault structural setting is a prolific producer in the Gulf Coast region. The target Lower Cretaceous Hosston Formation is a significant producer in other geological environments but has yet to be tested in a growth fault environment. There are also a number of independent shallower secondary targets which will also be tested with the farm-in well, thereby providing additional attractive upside potential. Drilling of the Sugarloaf-1 well is likely to commence during the second quarter of 2006 but the timing is ultimately subject to rig availability. The main technical risk to the Sugarloaf prospect is the preservation of porosity at a depth of greater than 5,200m (17,000 ft). At these depths in most basins of the world, reservoir quality porosity and permeability is usually too low to be productive. However, in the Gulf Coast Basin of the USA (especially Texas and Louisiana) there is abundant production from fields at these depths. Published data indicates that in excess of 21 TCF of gas has been produced to date from approximately 350 "deep" onshore fields in the Gulf Coast Basin area at an average well depth of 5,200m. The explanation for this is that reservoir porosity and permeability tend to be preserved when hydrocarbons are entrapped in early formed structures. At Sugarloaf seismic sections show clear evidence of early structural growth, thus enhancing the possibility of reservoir quality preservation within the structure. A secondary target at the Sugarloaf prospect is the overlying carbonate Sligo Formation where there are indications of a reef build-up on the reprocessed seismic data. Note that Aurora does not hold lease rights to targets shallower than the Sligo Formation over the majority of the prospect area but in those areas where shallower rights are included, additional targets may be identified. The initial well is expected to be drilled in mid 2006. It is programmed to take 110 days to drill at a cost of approximately US$6 million on a dry hole basis. If successful, well completion costs are expected to be in the order of US$2 million and given the existing nearby pipeline infrastructure, any commercial quantities of gas should be able to be sold within a very short time frame into the strong US gas market (also refer below). Mean potential reserves at Sugarloaf are estimated to be approximately 800 billion cubic feet ("BCF") of gas. However, given the large size of the prospect area, there is upside potential of several TCF if geological factors such as porosity, net sandstone and permeability combine favourably. Aurora upped its interest on the 14th feb from 12.5% to 20% at sugarloaf prospect (ASX: AUT) "Robin_of_Loxley - 7 Apr'06 - 00:05 - 15963 of 16002 edit More info re Sugarloaf, no advice intended. RoL >>>>>------------------------> Production outlook AUT has indicated that Texas Crude will drill the Sugarloaf Hosston-1 well as soon as a rig that can reach the target depth of 21,000ft (6.4km) becomes available, which Tricom believes will be in April 2006. It will take around 110 days to drill the well and the dry hole cost of the well is estimated at US$6.0M. AUT will earn its 12.5% stake in the well by contributing 15.625% of the total costs or US$0.9M (A$1.25M). Should the well be successful, the additional cost of brining it into production is estimated at US$2.0M, AUT's share of which would be US$0.3M (A$0.4M). Tricom notes that one lessor has the right to participate to 43.5% of approximately 9,000 of the 20,000 acres. If this right was exercised. AUT's interest would be diluted. We have assigned a value of A$26.7M ($0.20/share) to AUT's stake in the Sugarloaf Hosston-1 well. Our valuation is based on an in ground value of US$4.0M/Bcf on the resource potential estimate of 800Bcf and then discounting the in ground value by 95% to reflect the very high level of risk associated with not only drilling the very deep hole, but also the variability of the geological factors. About 150 km from Flour Bluff, AUT has taken a 12.5% interest in an exciting deep play at 17,000 feet depth. The Texan partners have identified a 20,000 acres four way dip closure with potential for up to 10 TCF, though the risk weighted assessment suggests that the most likely outcome is 800 BCF – smaller, but still very significant. Although there has been production from shallower levels a blanket of Edwards limestone overlays the target. This masked its presence until recently developed seismic processing techniques, which enable assessment of porosity in limestone, revealed the deeper target. Drilling to 17,000 feet is no quick and easy task. It requires expensive rigs and up to 10-12,000 psi well-head equipment. It could take three months to drill, and cost US$6m (including $2m for completion). The Company believes that the biggest risk with this well is the porosity. It needs to be at least 8%, and even at 8% it will need to be fracced. At 12% it could flow wonderfully. The Numbers Could be Huge If everything works according to the game plan, and there is 1 TCF of recoverable gas, then AUT suggests that at US$3/Mcf it could be worth $3.36 a share. With the shares at 44¢, it could be one for the punters. In Texas, Adelphi has teamed up with Aurora Oil & Gas to test a deep gas prospect with potential to hold several Tcf of gas, but a stated mean reserves target of 800Bcf. In this part of the world, there is little risk of source, seal or structure, the main risk is reservoir quality at a depth of around 5,500 metres. The company's consultants are giving the prospect an 18% chance of commercial success, which StockAnalysis ranks as a moderate risk. Drilling is expected at Sugarloaf in H1 2006 and discovery of 800Bcf of gas, with an insitu value of A$3.6/Mcf, would be worth over $4 per share for ADI and over $3 per share for Aurora. Wilcox 47 BCF Field at 4400 ft on same fault that sets up Hosston structure at 17400 ft ( "Aurora announced its farm-ln agreement at Sugarloaf (also operated by ICE) in September, claiming it had the potential to host several trillion cubic feet of gas. 'By any standard In the prolific Gulf Coast hydrocarbon production region, this is a major undrilled structure and represents an outstanding opportunity for Aurora to participate in a company-making prospect in onshore USA,' Stewart said. A well to test the prospect Is anticipated be spudded by January X006 when long lead time items such as high-pressure casing and a suitable rig are available, "That well is predicted to take about three months to reach target depth (5200-6400m) and will cost US$5.8 million dry hole and a further US$2 million to complete the well for production," Stewart said. Aurora's share will be just under $US1.242 million but has the potential to add "dollars rather than cents' to the share price. Stewart said Aurora would be patient with future acquisitions and make sure they met the company criteria but was doubtful whether an opportunity of Sugarloaf's size and quality would present Itself again." RS November 2005" ---------------- Empyrean Energy PLC 06 April 2006 Farm-in Agreement for Gas Exploration - Texas, USA • Acquisition of 6% working interest in the Sugarloaf Hosston Prospect, South Texas • Multi trillion cubic feet gas target - 0.97-2.3 TCF • Farm-in agreement with Texas Crude Energy, Inc (Operators) • Drilling scheduled for Q3 2006 AIM quoted Empyrean today announces that it will participate in the Sugarloaf Hosston Prospect, South Texas, USA ('the Project') following a farm-in agreement with local Houston based operator/explorer Texas Crude Energy, Inc. The Sugarloaf Hosston Prospect (Cretaceous) is a 20,000 acre 4-way closure with multi trillion cubic feet ('TCF') gas potential in one of the most prolific hydrocarbon provinces in the world. An independent expert has estimated that the Sugarloaf Hosston Prospect could contain a P50 (probability 50%) reserve of 0.97 TCF gas, with the P10 assessment estimated at 2.3 TCF gas. Texas Crude Energy will be the operator of the project and plan to have an initial well drilled to a total depth of 21,000 feet commencing during Q3 2006. The large anticlinal structure is well defined by some 24 lines of re-processed 2D seismic data. The target Hosston Sands are in the lower cretaceous and are predicted to occur at 17,000 feet. Drilling is estimated to take 110 days to this depth. The terms of the agreement with Texas Crude Energy are for Empyrean to pay 7.5% of the costs of the initial well (including lease costs and operating expenses) until payout after which Empyrean's working interest reverts to 6.0% (4.26% NRI). The initial well is expected to cost a total of US$6 million with lease costs and completion costs a further US$4 million. Empyrean's share of this expenditure is estimated at US$750,000. Commenting today Tom Kelly, Executive Director states 'The participation in the Sugarloaf Hosston Prospect allows Empyrean exposure to a potentially massive gas resource. The profile of this prospect is in line with our strategy to develop high value energy projects in politically stable countries with high levels of infrastructure and healthy domestic energy markets. We look forward to seeing results from the Project later this year once drilling commences in Q3 of 2006. This is an exciting and busy time for our company with horizontal completion at our Eagle Oil Pool Development Project in California underway and testing at the Glantal Gas Project in Germany commencing soon and drilling at the Sugarloaf Hosston Prospect enhancing the portfolio.' The information contained in this announcement has been reviewed by the Technical Director of Empyrean Energy Plc, Mr Frank Brophy BSc (Hons) who has over 40 years experience as a petroleum geologist. Laurence Read Toby Howell Conduit PR plc HB Corporate Tel: +44 (0) 207 429 6666 Tel: +44(0) 207 510 8600 Mob: +44 (0) 7979 955 923 Mob: +44 (0) 7775 895 579 Empyrean Energy Tel : +44(0) 207 932 2442
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