ARC Energy Limited** 44.141%
Quote:
Originally Posted by
bermuda
Perhaps OMV may sell down 10% to NZO like they did at Permit 38401.
Maybe or maybe AWE will do a deal, AWE on the trail and they are a major holder of many stakes.
The next Woodside in the making.
They got ARC for a song :D
ASX Release
23 July 2009
Jingemia 12 Oil Development Well,
Northern Perth Basin, Western Australia
Jingemia 12
Progress and Status: Origin Energy, on behalf of the L14 Joint Venture parties, advises that the Jingemia 12 oil development well commenced drilling on 18 July 2009 with the Weatherford drilling rig 826. A 311 millimetre (12-1/4 inch) surface section was drilled to section total depth of 536 metres measured depth and 244 millimetres (9-5/8 inch) surface casing was run and cemented to a depth of 533 metres.
At 0830 hours Western Standard Time today, the well had reached 675 metres and was drilling ahead.
Well type and location: Oil development well, Jingemia field, North Perth Basin, Western Australia (L14)
Jingemia-12 is being drilled as a directional well to intersect the oil-bearing Dongara Sandstone in a crestal location in the Jingemia Oil Field at around 2550 metres measured depth. Jingemia 12 surface location is approximately 80m south of Jingemia 11 surface location. The target location is 150m NNE of the Jingemia 11 intersection with the Dongara Sandstone target horizon.
Surface location
Latitude: 29o 20’ 22.91" S
Longitude: 114o 59’ 18.83" E
Target location
Latitude: 29o 20’ 10.488" S
Longitude: 114o 59’ 44.235" E
Initial Interests: Origin Energy Developments Pty Limited* 49.189%
ARC Energy Limited** 44.141%
Victoria Petroleum Offshore Pty Ltd 5.00%
Norwest Energy NL 1.278%
Roc Oil (WA) Pty Limited 0.25%
John K Geary 0.142%
*a wholly owned subsidiary of Origin Energy Limited
**a wholly owned subsidiary of Australian Worldwide Exploration Limited
For further information contact:
Angus Guthrie
Manager, Investor Relations
Origin Energy
Phone: +61 2 8345 5558
Email: angus.guthrie@originenergy.com.au
How many oil companies have 300, plus millions sitting in the bank.???
WE will revise AWE, net cash $356 million and no debt, outstanding. Value on my simple calculation, $5.99 a share, and that does not include elephants.
And they are Elephant hunting, great reading.
http://www.stocknessmonster.com/news-item?S=AWE&E=ASX&N=561685
Quote:
Originally Posted by
tricha
How many oil companies have 300, plus millions sitting in the bank.???
How many airlines have any money in the bank ??
Highlights
• Oil and gas production of 1.94 million BOE for the quarter, with annual production reaching 8.75 million BOE.
• Revenue of $87 million, for the quarter, with full year sales revenue of $590 million.
• Net cash reserves of $340 million at the end of the quarter (excluding joint venture cash).
• Gross oil production from the Tui fields was 1.51 million barrels (AWE share 0.64 million barrels) in the June quarter with full year production to 9.1 million barrels.
• Farmed-in to earn a further 5% interest in T/18P in the offshore Bass Basin, containing the Trefoil gas discovery.
• High impact drilling programme in 5 basins in 4 countries involving 6-months of continuous offshore drilling, set to begin. • Yesterday marked the second anniversary of the start of the oil production at Tui. In 731 days, 23.8 million barrels of oil has been produced.