Anyone into SAE they are now producers.
I plan to buy in tomorrow morning.
Their news seems impressive
STRONG OIL PRODUCTION RATES FROM NORTH SAN ARDO HORIZONTAL WELL
Salinas Energy is pleased to advise that initial production testing of the Lombardi 4-27H horizontal production well has, during two separate two hour production periods, achieved rates of 500 bopd and 1,000 bopd respectively. The latter test was accompanied by as yet unmeasured quantities of gas prompting the well to be temporarily shut in while surface equipment is modified to handle the higher than expected gas content.
ANNOUNCEMENT TO THE AUSTRALIAN STOCK EXCHANGE: 14 MAY 2007 GOOD OIL PRODUCTION RATES CONFIRMED FOR HORIZONTAL PRODUCER AT NORTH SAN ARDO
Salinas Energy is pleased to advise that production testing of the Lombardi 4-27H
horizontal well has been concluded, demonstrating the well's capacity for pump-
assisted, primary production rates of 500 bopd.
Current plans are to suspend the well pending completion of the permanent production
facilities which are in fabrication and due to be commissioned in August.
Commenting on the latest results, Salinas Managing Director John Begg said:
"The successful production testing of our first horizontal producer at NSA means we
have achieved another key milestone for the project. We can now focus on delivering the
permanent production facilities on schedule and fully developing the field."
With SAE though i think some investers can't wait until August when they will have this particular well producing Oil. They would jump onto something else for know and then get back on board when it is closer to the production time
Yes, I jumped out yesterday for that very reason. Not sure if it was the right choice as this was announced a short while ago...I'll be keeping a very close eye on it.
ANNOUNCEMENT TO THE AUSTRALIAN STOCK EXCHANGE: 15 MAY 2007 SALINAS SECURES ADDITIONAL OIL FIELD IN THE SAN ARDO AREA
Salinas Energy is pleased to announce that it has secured the right to develop another oil field in
the San Ardo area. Subject to completion of due diligence, Salinas will acquire 100% and
operatorship of the McCool Oil Pool in return for carrying out a pre agreed work program. The
transaction also includes a first right of refusal over the nearby Brinan Oil Pool.
Schematic of the San Ardo area oil fields
Commenting on the transaction, Salinas' Managing Director John Begg said:
"Our strategy is to leverage the skills and facilities we are building in the San Ardo area to increase
our reserves, production and cash flow. The McCool field is in line of sight from our NSA facilities
and our evaluation so far indicates it's an excellent candidate for development with horizontal wells.
We are achieving exciting results by applying these technologies at NSA and recently production
tested a horizontal well which flowed oil at the high end of our expectations".
Trading halt now I have two stock on a trading halt, I wonder if it is another IPO as they announced yesturday they capped the oil feild ready for a production facility to go on line in August this year for the production of 1M barrels of oil. This will be interesting, unless they are going to give us our total forcasts of barrels as I have noticed over the last few months their share price going up and numerous announcments , inlcuding yesturday regarding the millions of balrels they have with the different oil fields. i wouldn't mind knowing what their total production capacity would be as I can't see one report that gives me that.
The other issue I have is it showed as a trading halt, but it didn't apear on the announcement. Does any one have an explanation for that??
I have now just read the April qtr report and it states that they are financilly strong with over $5M available, plus being successful in establishing a line of credit to have more money available, so it isn't a IPO or cap raising. Anyone got any thoughts??
I phoned Etrade yesterday and the trading halt has been prompted by the ASX pending,(I'm assuming) info from SAE, they have until Fri or sooner to respond.
I phoned the ASX to confirm and after the operator kept me on hold for 10 minutes while he was looking into, he then kindly disconnected the call. I couldn't be bothered phoning back.
Today is a good day for energy sector. What a pity this one is in trading halt.
Good news or bad news, tomorrow the story will unfold.
f that is the case what would that mean for us
can twait till tomorrow
to much speculation for me ...
i gues there is always doggy stuff going on with oil hey....
bear with me, bull
hey ya all
can someone explain me the ann from today
it goes like this...
''the securities of sae will be suspended from quotation immediately,
at the request of the company, pending the release of an ann''
sae was in trading halt for 3days and now it is appearing as
bear with me, bull