Adda Resources (v.ada) looks like it is getting poised for positive movement with its aggreements for joint venturing in the comming six months. I think there is an opportunity for a 4 bagger before the end of 97, and here's why: They have agreements with BayTech to work BayTech's South Fort Stockton Gas Prospect; a farmout with Ultra Petroleum on Ultra's Green River Basin propect in Wyoming; a participation agreement with Eurogas Corp to participate in the drilling of the Sud Nefta Number 1 well of the Sud Nefta Alpha Drilling prospect in West Central Tunisia.... "The intriguing aspect of the Alpha prospect is that it has three major stacked objectives,i.e., one over laid over the other. The Tagi sandstone of the Lower Triassic age (33,700 acres of closure and 70 meters of vertical relief) sits at approximately the 4160 metre depth and is oil prone, while the Hamra quartzite's and El Atchane sandstone of Lower Ordovician (also 33,700 acres of closure and 70 metres of vertical relief) rest abourt 4311 metres below the surface and the Cambrian quartzite (44,700 acres of closure and 125 metres of vertical relief)lies at the base of the proposed well and has either
oil or gas condesate potential. Based on studies to date there is a srong possiblility that one drill hole will encounter all three sands."....using reservoir parameters from nearby analogous oil and gas discoveries east of the Sud Nefta in the western portion of the Ghadames Basin, Algeria, it is estimate that the recoverable oil reserves for the three main objectives in the Alpha prospect are in the order of: Most Likely Case mmstbo (million barrels) 694. Similarly, possible recoverable gas and condensate reserves have been calculated for the Ordovician and Cambrian objectives in the Alpha prospect as Condensate (mmstbo) (million barrels) 333 to 1114....
plans call for drilling operations to start in early August....drilling will take four months and reach total depth of approxiamtely 4900 metres." Note material taken from Adda Resources Ltd 1996 Annual report and auditied financial statements, dated May 09, 1997. |
