No idea! I haven't been following it either, but noticed earlier this evening that it was up .07 today. Then I pulled up a chart and started scratching my head. No news to be found recently, I checked at Carlson. But volume is up, and price is way up from earlier this month. Here's the latest from their website; note the drilling date on the St. Martinville field property. Should have started Jan 15th, and the North Barataria Prospect is to start drilling sometime in March.
The properties that are under contract are in Louisiana and are summarized as follows:
A. North Barataria Prospect
Location: Jefferson Parish, Louisiana, USA 310 acres
Operator: Euro Asia Capital Management
Interest: 20% W1
Objective: Three-well development oil production only. Production from 6,500-foot, 6,600-foot and 7,300-foot sands. Well to be drilled to 7,800 feet to test the projected 7,800-foot sand.
Reserves: P90 to P10 range
147.5 BO-737.3 BO
Flow rate 400 barrels/day
Expenditures: 3 wells
Exploration well US$625,000
Development US$658,000
Pallaum initial share US$150,000
Operating Costs $5,000/well/month
Anticipated Drill Date: March 2000
B. St. Martinville Field
Location: St. Martin Parish, Louisiana, USA
282 acres on south flank of St. Martinville Field
Operator: Apache Corporation
Interest: 15%
Objective: Initial exploration drilling is Ssmedes Sand. Secondary objectives include the 4,600-foot, 4,900-foot, Shoal River, G-2 and H-2 Sands. The planned well is an updip offset to the Smedes #17 well which produced 96 MBO and 43 MMCFG and good oil shows from sidewall cores in several additional potential reservoir sands.
Reserves: P90-P10 range
80 MBO-840 MBO
Mean 400 MBO
Projected flow rate 400 barrels/day
Expenditures: Exploration well US$250,000
Completion well US$450,000
Pallaum initial contribution US$87,500
Drill Date: January 15, 2000
Operating Costs: $1,000 per month per well
I guess we better be careful, or we'll make the Hot Subjects list. Thread hasn't seen this much posting in a year. |
