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Gold/Mining/Energy : Adda Resources -- Ignore unavailable to you. Want to Upgrade?

To: Hickory who wrote (566)	9/16/2000 6:24:32 PM
From: LowtherAcademy	Respond to of 571

Hickory, wow. Glad you caught the tail end of it, anyway. I'll sit tight for another 150 to 200 days on this one. Heck, that's a walk in the park. If it proves out to be as originally expected, I'm placing my bets that ADA will be north of $2.00 CDN. Here's it current situation: Completion: It will be almost a week before the rig commences operations as there are few parts that need to be inspected and replaced on the rig as it has not been operational for over a year. Initially, they will have to mill out approximately 1,000 feet of 5" tubing both inside the 7" casing and below the 7" in order to get free rock to continue the whipstock. That will require the grinding of around 17 tons of steel pipe! No estimate yet on how long that will take but we are guesstimating two to four weeks. Then, once they start drilling they will drill to TD within 150 feet of the x/y coordinates of the existing TD and having cut through 1100 feet +/- 100 feet of the Ellenburger formation), a week to set casing and cement the bottom hole. So at best we do not see TD for approximately four or five months. We will be getting daily drill reports but have not been notified yet if Weatherford is going to class this as a tight hole or how they will manage it. We have (or shortly will ) turned operatorship of the well over to Weatherford and, as such, they have complete control of the operation and the flow of information. The current operator Baytech, and the Working interest owners will be paying for the mud logging from a certain point so that we have complete access to the pertinent information as we approach the Ellenburger. There are still a number of operational points to be resolved but I have no concerns on those issues. I would be nice to catch a ride on a whale, instead of ending up underneath one. Best regards with your investments, Lew