shasta,
I will wait and see what AED does tomorrow before I make a move....
:cool:
.^sc
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shasta,
I will wait and see what AED does tomorrow before I make a move....
:cool:
.^sc
AED having a great run - up 20% ! - but it hasn't rubbed off onto NWE - yet. :confused:
AED Oil LimitedACN 110 393 292
PO Box 18199
COLLINS STREET EAST VIC 8003
AUSTRALIAASX Announcement22 February 2008
Well Performance and FPSO UpdateWell Performance ReviewThe Company is pleased to provide an update on the well performance review
presently being undertaken.
As you will recall from the December quarterly report AED has appointed a world
leading and independent technical advisor to provide three reports to the Company on
the following issues:•Phase 1 - identification and analysis of existing production well issues. (A
summary of which was released to the Market on 31 January2008)
•Phase 2 - advise on remediation procedures for existing wells, Puffin 7 and
Puffin 8 and potential for improvement in oil production rates
•Phase 3 - detailed advice on optimal implementation of procedures for future
wells including Puffin 11 to ensure avoidance of future production as seen in
Puffin-7.
The Phase 3 report has now been received and concludes the following;
•“Improved drilling and completion design are feasible and readily achievable to
ensure better long term productivity for future Puffin North East wells. These
improved drilling, completion and cleanup practices should ensure avoidance of
the localized well production problems encountered by Puffin-7”.
Further, the independent technical advisor’s draft Phase 2 report has now been
received and confirms that there is a high likelihood of effective remediation of the
Puffin 7 well, with the prospect of an initial increase in oil production by a factor of 2
- 3 times existing production levels. The Company believes a remediation program
could be implemented on a cost effective basis within an 8 week timeframe subject
to procurement schedules.
To recap on the previously announced Phase 1 report findings;
•Production impairment at Puffin-7 is due to drilling and completion factors. (It is
noteworthy that the consultants modeling required no change in reservoir volumes
to simulate the reported production rates, i.e. the production issues are localised
to the current wells rather than reservoir-related).
ProductionWe have been advised by the FPSO - Front Puffin that local weather conditions have
improved following the weakening of TC Nicholas during the week. It is likely that
reconnection to the Puffin production well will occur over the weekend. Work hasPage 2 of 2been progressing on repairs to the compressor on board the FPSO over the past week.
The compressor should be back in full operation mid next week. In the meantime
crude oil production will commence once the FPSO is reconnected.Trevor Slater
Company Secretary
General Manager, MarketingContactsTrevor Slater – Company Secretary/General Manager, Marketing (03) 9656 7800
Good news for a change. . .
So hopefully next week we get Cobra spud? Surely got to be sometime soon.
Looks like the down trend has broken on NWE and we are (fingers crossed) about to start a nice extended uptrend.
It closed at 17.5 cents today on good volume. With a bunch of news expected this is hopefully just the start of a nice run. AED seem to have restarted production at Puffin a couple of days ago, and provided that continues royalties should begin trickling in again. AED currently in a trading halt, possibly going to announce a deal to seriously ramp up Puffin production, and that could see the royalties become a solid flow. Expecting Cobra to spud within a couple of weeks. Manuel being drilled right now and the possibility of a nice announcement in a few weeks time. After completion of Manuel we'll be waiting for completion of Cobra. . .
Share price is already stirring and it is quite a full schedule from here. Given the stream of news to come this one has to be heading back into the upper 20s at least.
I dunno Tricha. There may be no reason at all for the run up besides the information that is already out there. NWE is long overdue for some recognition of the potential offered by the coming weeks and months.
If you think about it the volume on Friday was not that special. If it was insider trading then the insiders involved don't have particularly deep pockets. I reckon it was just a few investors impatiently building positions ahead of AED coming out of its trading halt.
I dunno either Seaosh, but to get a 12.9% gain on a down market day with no known news ?
If they wanted another 1 million shares they would have had to pay dearly as very few sellers, probably pushed the price to 21 cents.
Anyway it's all good which ever way u look at it, pinched this off sharescene.
.................................................. .................................................. .
Yes, it does look very exciting. Lets speculate for a moment. The three ST prospects that could imflame the NWE SP are:
A. Manuel well - TD during March
B. AED Puffin - Assume a quality JV partner with serious $$$$ to take over operatorship
C. Cobra drilling - result mid - late April
Now what would be SP come end April under this scenario asumming ASX doesn't seriously tank:
A only - $0.40 ?
B only - $0.25 ?
C only - $0.45 ?
A + B - $0.50 ?
B + C - $0.60 ?
A + B + C - $0.80 ?
Not much science went into these hypotheticals.