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  1. #21

    Default Re: EKA - Eureka Energy

    hi homer, sandy and other oilers, what is your take on this announcement? doesn't mean a whole lot to me to be honest

    KOYUNLU-1 WELL REPORT 12 DECEMBER 2006
    Since our last report on the 4 December 2006 tubulars and other equipment arrived on site and swabbing operations commenced to test the 37 metre interval of fractured Garzan Formation carbonates between 1,215 metres and 1,252 metres. As reported previously, continuous oil shows were obtained during the drilling of this section, together with elevated total gas between 1,223 metres and 1,252 metres.
    The Operator reported that at midnight Eastern European Time on 11 December 2006, the well-head and associated equipment was being re-configured in preparation for resumption of swabbing operations.
    Test Procedure
    In this region it has been found that the most effective procedure for testing fractured carbonate formations is to swab drilling fluid from the well to attempt to induce the formation to flow any oil which may be present. Swabbing operations generally continue for several days.
    If swabbing shows that oil is present, even in small quantities, and no formation water is recovered, the next stage is to acidise the formation to clean out debris which may be inhibiting oil flow into the well bore. There are usually multiple “acid jobs”, each followed by swabbing to attempt to induce flow from the reservoir into the well bore.
    If swabbing and acidisation results in a commercial oil flow, a down-hole pump is installed and the well is placed on extended test production to monitor reservoir performance.
    To report time on the 11 December, swabbing has recovered drilling fluid with minor oil cut and about one barrel of black crude oil. No formation water appears to have been recovered. Swabbing is planned to resume within the next 24 hours followed by an acidisation program.

  2. #22

    Default Re: EKA - Eureka Energy

    ASX RELEASE
    18 December 2006
    Eureka Energy Limited (ASX:EKA, “Eureka” or “Company”)
    KOYUNLU-1 WELL- LOGS INDICATE OIL PAY
    Operations
    The Operator reported that at midnight Eastern European Time on 17 December 2006, the well was waiting on cement to set after a remedial cement job to seal the base of the 7 inch casing prior to flow testing.
    Since our last report on the 11 December 2006, swabbing operations to test the 41 metre interval of fractured Garzan Formation carbonates between 1,211 metres (depth adjusted after wire-line logging) and 1,252 metres (total depth) were terminated when water from an overlying formation was found to be entering the well-bore from behind the 7 Inch casing, thereby invalidating any test.
    While preparations were made to re-cement the 7 Inch casing, wire-line logs were run over the 41 metre Garzan Formation interval which had oil and gas shows during drilling.
    Interpretation of the logs by independent experts, indicated the full 41 metre fractured limestone interval was oil bearing, with net oil pay of 24 metres. There is no oil-water contact in the section logged. Reservoir characteristics, including porosity, are comparable to producing fields in the region.
    After wire-line logging, remedial re-cementing of the 7 inch casing was carried out and at midnight the crew was waiting on cement to set. If pressure tests show that the remedial cementing is successful, the well will be cleaned out and the reservoir section flow tested.
    The results of flow testing will be reported as they become available.
    Background
    Eureka has acquired farm-in rights to earn a 20% interest together with an option to increase its interest to 45%, in two adjoining exploration licences covering about 500 square kilometres in South East Turkey. This project is known as the Bismil Project. The Koyunlu-1 well is the first of two farm-in wells to be drilled in the licences.

  3. #23

    Default Re: EKA - Eureka Energy

    well done broadside,,

    the report looks great and the sp is running.. great reward i think..

    has there been calculations on reserves and value to sp on the well??

  4. #24

    Smile Re: EKA - Eureka Energy

    Quote Originally Posted by Agentm
    well done broadside,,

    the report looks great and the sp is running.. great reward i think..

    has there been calculations on reserves and value to sp on the well??
    thank you

    not that I can find AgentM, I really have no idea the implications for the share price, but Turkey is delivering all I could hope for it thus far...as you know I was in EKAO for exposure to Sugarloaf so this is a bonus...obviously they need to do flow testing but they also have another 100m drilling to TD so that might be a bit of fun too...would be good to see a great boost to the share price so that if they need to raise $ for Sugarloaf development they won't need to issue too many shares....as an option holder I want to see top dollar for any placement.

    ADI looking strong too, I think 2007 will be a great year for all of us!

  5. #25

    Default Re: EKA - Eureka Energy

    4 days straight of higher lows ! tommorow will be the test as the low today was 65 cents ( 5 cents higher than yesterday). Certainly been trending upwards albeit on low volumes. Would like to see it take a breather probably too late for a dbl bottom but it would be good to see some consolidation. Anyway just thinking out loud !
    have been holding for the last ten days.

  6. #26

    Default Re: EKA - Eureka Energy

    SP is generously undervalued currently. Looking at their Turkey and Sugarloaf prospects (gas shown in both wells) I say success is pretty much on their side, just a matter of time (trouble free/bad weather). I took a punt bought a small parcel today. Hold for upside.

  7. #27

    Default Re: EKA - Eureka Energy

    Hi Jus, Turkey looks like it could disappoint and the market has reacted savagely, but even on Sugarloaf prospect alone I think it has fantastic upside. Should know in the next month.

  8. #28

    Default Re: EKA - Eureka Energy

    Quote Originally Posted by Broadside
    Hi Jus, Turkey looks like it could disappoint and the market has reacted savagely, but even on Sugarloaf prospect alone I think it has fantastic upside. Should know in the next month.
    Hi Broadside, i agree on the Sugarloaf upside, very potential. As for Turkey, i think the market has over-reacted over delays, bad weather and some technical terms. My concern is flow/pressure testing which they're about to carry out if weather permits.

    My logic is... the Turkish company/operator knows what they are doing(home ground).. if the well doesn't stand a chance (for commercial productions) why would they continue wasting time/cost on this well. Instead they could just abandon this well and move to the 2nd the well perhaps they share the same thinking: High Risks, High Returns + patience.

  9. #29

    Default Re: EKA - Eureka Energy

    Another week full of hope for EKA holders. Will she holds around 0.38-0.40 mark?? Fingers crossed.

  10. #30

    Default Re: EKA - Eureka Energy

    IMHO it should hold 36c till some news is out hopefully this week getting sick of the wait

  11. #31

    Default Re: EKA - Eureka Energy

    Thank god! Ann. out. Turkey resumed.

  12. #32

    Default Re: EKA - Eureka Energy

    Quote Originally Posted by Jus
    Thank god! Ann. out. Turkey resumed.
    I have a feeling this is just the beginning of a sp returning to 70-80c Sl is getting closer.cheers

  13. #33

    Default Re: EKA - Eureka Energy

    Quote Originally Posted by stiger
    I have a feeling this is just the beginning of a sp returning to 70-80c Sl is getting closer.cheers
    Best of luck to all the holders including myself

  14. #34

    Default Re: EKA - Eureka Energy

    Quote Originally Posted by Jus
    Best of luck to all the holders including myself
    Beginning of the end maybe as the koyunlu well is knackered!(re ann.)
    who is the other guy trying to buy at .23????you leap frog me one more time i'll be most upset!

  15. #35

    Default Re: EKA - Eureka Energy

    Quote Originally Posted by constable
    Beginning of the end maybe as the koyunlu well is knackered!(re ann.)
    who is the other guy trying to buy at .23????you leap frog me one more time i'll be most upset!
    disappointing as I was hoping this would be the extra icing on the Sugarloaf cake...nevertheless Sugarloaf remains the main game for me and is why I hold EKA, EKAO and ADI.

  16. #36

    Default Re: EKA - Eureka Energy

    just a good buying opportunity I think. I bought a few extra ekao and eka. Once the Sugerloaf results start coming in then this should take off. This sell off because of Turkey seems a bit too much to me, even though I'm happy to buy more at these cheaper levels. The Turkey well would have only been a small percentage of the companies future profits compared to what we have around the corner at Sugarloaf.
    So just a very minor hiccup in my opinion, the big rewards are coming.

    Cheers

  17. #37

    Default Re: EKA - Eureka Energy

    Quote Originally Posted by wallave
    just a good buying opportunity I think. I bought a few extra ekao and eka. Once the Sugerloaf results start coming in then this should take off. This sell off because of Turkey seems a bit too much to me, even though I'm happy to buy more at these cheaper levels. The Turkey well would have only been a small percentage of the companies future profits compared to what we have around the corner at Sugarloaf.
    So just a very minor hiccup in my opinion, the big rewards are coming.

    Cheers
    it seems to have found support at 34.5c dam!! I was hoping it would tank a bit harder than that.

  18. #38

    Default Re: EKA - Eureka Energy

    Quote Originally Posted by Agentm
    *ramp of the year nominee removed*
    That's a big call agentm, $3 bucks! I have rebought small parcel @ 32c but what im interested in is why you seriously think $3 . Eka has done nothing but tank lately and yes it looks like it could have been oversold which is why ive bought back in but i'd love to know the rationale for your figure.
    thankyou c

  19. #39

    Default Re: EKA - Eureka Energy

    pretty easy mate
    Each BCF is the US is worth roughy 5mill in value
    Sugarloaf primary Target 800Bcf secondary 100bcf - Eka has 12.5% interest

    Even if it half this Size say 50bcf =250mill value to EKA (Mrktcap-27mill)
    this doesn't include any oil or the fact it could be alot higher than 800bcf

    A 10 bagger is very likley on major success 3.50

  20. #40

    Default Re: EKA - Eureka Energy

    that's why I have gone very long the options for the extra leverage, 10 bagger in head stock = 16 bagger in oppies at the moment (the options are trading at a premium to intrinsic value, convert at 20c in 2008).

    of course that is providing we get major success...no guarantees, do your own research yadda yadda, nevertheless for me it is a great risk/reward scenario.

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