G'day all - heres a new thread!!
I have wondered why there is not much talk about Adelphi. I've been watching for a while, but not holding (yet!! )
ADI Seems to be an oil/gas exploration play with good potential with good backing from ARQ (Arc Energy). They have just started drilling the Sugarloaf prospect in Texas.
The following is condensed from ADI website - some info here could be slightly dated?
Sugarloaf Prospect: ...." Mean potential reserves at Sugarloaf are estimated to be approximately 800 BCF of gas. However, given the large size of the prospect area, there is upside potential of several TCF if geological factors such as porosity, net sandstone and permeability combine favourably.
Note that the above reserve estimates ....do not include the gas and oil potential from the shallower Sugarloaf horizons."
Overview of ADI
Petroleum exploration company, Based in WA.
Aiming to identify and acquire a well balanced portfolio of Australian and international oil and gas exploration assets. Focus on frontier exploration areas which have the potential to add significant value for shareholders.
Has approximately $10 million in cash - well funded to pursue its exploration strategy.
During 2006 Adelphi will participate in two high impact onshore gas exploration wells in Texas , USA . These comprise of the Sugarloaf Prospect, a major international quality exploration play with potential reserves of several TCF, and the lower risk New Taiton Prospect with multiple well-defined reservoir targets.
During 2005 Adelphi also successfully bid for two onshore exploration blocks in Yemen as part of an international joint venture group led by Oil Search Limited. Exploration activities on these blocks are expected to commence during 2006, with an extensive drilling program comprising at least seven exploration wells to kick off in 2007.
Strategic alliance with ARC Energy Limited ("ARC") via ARC's approximately 25% shareholding in Adelphi and access to ARC's technical, financial and administrative expertise.
Fully Paid Shares: 70,346,908
* 8,750,000 - 11 January 2007 ($0.25)
* 8,550,000 - mid-June 2008 ($0.36)
Cash ~ $10 million Bank Debt ~ None Net Assets ~$12 million
USA: Sugarloaf, Texas (20%) & New Taiton, Texas (25%)
Yemen: Exploration Blocks 7 & 74 (8.5%)
Timor Sea: AC/P32 (23.1%)
Big potential here i feel - is anyone holding this one?? Anyone interested??