back into the 30s, page-105

mir

the arrival of the second rig at the morgan site and the spud of that well imho only fits the natural progression that i have always anticipated

and by no means is the arrival of this rig the last!!

mir, i think many loud critics of you on this thread have no clue what undertaking this patch of turf requires. and i think they also are unwilling to actually learn and understand what a forward plan would entail. ( btw i have had them on ignore for a long long time).

i think it worries some who demonstrate a lack of maturity and make personal remarks at you mir.. its a very immature reaction to suddenly lash at you after seeing a road block ahead on their investments into various jvp partners as they realise that having the spare capital is a very very necessary requirement right now.. sour grapes i think and i dont agree you deserve the criticism your getting for posting on a thread and discussing the play as an interested investor.


http://www.adelphienergy.com.au/files/annual/Adelphi_AnnualReport_2009_WEB.pdf


Looking forward, the Sugarloaf Project will be central
to our strategy. Areas on trend with the Sugarloaf AMI
have gone through a metamorphosis of late with the
emergence of the Eagle Ford shale play. This Eagle
Ford play is now being described as the next big
thing in Texas and a recent headline in E&P Magazine
proclaimed New Shale Play Takes Flight. These
headlines are primarily a reference to significant
discoveries and economic breakthroughs being made
by a NYSE company named Petrohawk. The new shale
play being referred to is the Eagle Ford shale, an oil and
gas saturated shale, effectively a mature source rock,
which is present right across the Sugarloaf area (and
beyond) and from which we currently produce oil in our
Kennedy 1H horizontal well. Given the stratigraphic
rather than structural nature of this play, it has the
potential to be very large


A word on the oil and gas revenue stream from Sugarloaf
and US gas prices. The revenue stream from Sugarloaf
is made up of some 80% condensate (a light oil) and
20% gas. This will be a crucially important factor for
Sugarloafs underlying economics as there is a view that
US gas prices will remain depressed for some time yet,
whereas oil prices are expected to continue their recent
steady recovery.


With Yemen Block 7 now sold, Sugarloafs appraisal
program to recommence before 2009 year end on a freecarried
basis to Adelphi, and with solid cash reserves in the
bank, we are optimistic that we can build on our currently
modest levels of production and look forward to creating
some real value for Adelphi and our shareholders.




an important part of the sugarkane express is capital.



some cant deal with that reality..