2005.08.26
カテゴリ： 株式投資
Regulatory Announcement
Go to market news section
Company Lodore Resources Inc
TIDM LRS
Headline Drilling Update
Released 12:04 26-Aug-05
Number 5352Q
RNS Number:5352Q
Lodore Resources Inc
26 August 2005
Lodore Resources Inc. ("Lodore" or the "Company")
Commencement of Drilling programme with the Kami Well
Lodore is pleased to announce that it will commence its drilling campaign with
the Kami well located onshore in Southern Louisiana.
Chairman Dr Bob Williams commented, "We are very excited by this development as
this is what we have been working towards since entering into our joint venture
with Pel-Tex earlier this year. The rapid pace at which we are now exploiting
the Pel-Tex properties is evidence of the value that this relationship can
deliver to Lodore.
"Although Kami is one of the smaller prospects in the portfolio we believe it
potential, which is why we decided to start our drilling programme at this site.
"By way of illustration, the P10 estimate for Kami's reserves in the event of a
discovery could exceed 24 bcfe (net to Lodore). Being onshore America, its
reserves could be producing in a matter of weeks after the well is completed.
Given the strength of today's forward markets, the value of Kami gas could be
balance of Kami is extremely positive such that we do not believe a farmout to
be in the best interests of the Company and have therefore decided to retain a
100% paying interest in the well.
"Kami is just the first of a sub-portfolio of 3 wells that we will be drilling,
and this sub-group itself is only a part of the dozen or so prospects that our
joint venture with Pel-Tex has delivered to us (see further detail below).
"We have been in discussions with other exploration companies to join with us in
the drilling of later wells through farmout arrangements. No decision has been
taken in this regard and, in the view of our belief of the potential for these
prospects, we may endeavour to pursue the Louisiana deep gas exploration
campaign without farmouts, or with reduced farmouts, so that the company is more
fully exposed to the exploration successes that we are confident it will achieve
- given the quality of these prospects.
"We shall keep the market informed through regular updates on our progress
during the drilling campaign. The Kami well is expected to reach the top of its
target about 25 days after the wells spuds, and we should know whether or not we
have producible gas in the well a few weeks therafter."
Start of exploration drilling campaign
As a result of its joint venture ("JV") with PelTex Oil Company LLC ("PelTex")in
Southern Louisiana, Lodore now has an inventory of over 15 onshore prospects,
several of which are fully mature for drilling. Accordingly the PelTex/Lodore
JV has contracted with Grey Wolf, a US drilling contractor, for a rig which will
commence a drilling campaign with a well formally designated "Miami Corp #E-1"
on the Kami Prospect. Its Rig 83 and experienced crew has previously been used
by Grey Wolf for "turnkey" drilling contracts and is very well regarded.
Subsequently, the planned drilling campaign will see the rig move to drill an
exploration well on the Big Mouth Bayou Prospect and then the Little Cheniere
Prospect. Lodore is exercising its rights under its exploration agreement with
PelTex to take up a 100% paying interest in these wells which under the terms of
the agreement result in the Company acquiring a 75% working interest in each
prospect. Lodore has however retained the right to farm down its working
interest in the two later wells.
Lodore's pre-drilling estimates for the potential of these three "deep gas"
prospects are as follows. Theses are based on the detailed technical and
commercial analysis undertaken by Fern Consultants Ltd and the Company as
described in our release dated 11 July 2005.
Kami Big Mouth Bayou Little Cheniere
Estimated depth to top target (ft) 12,600 16,800 18,400
Estimated total depth (ft) 13,800 19,000 19,000
Estimated days to drill 33 77 77
Pre-drilling estimate of gas volume potential per prospect:
P90 (bcfe) 5 147 141
Mean (bcfe) 18 732 388
P10 (bcfe) 32 1544 715
Explanatory notes to table:
?Reserves estimates have been computed probabilistically. Gas volume
estimates are on 100% working interest basis. In Kami, Lodore has a 100%
paying interest which will result in a 75% working interest; the interest
that the Company retains in the other two prospects will depend upon the
extent to which they are farmed out;
?P90/P10 are the estimated volumes of gas in the prospect that have a 90/
10% chance of being exceeded if the exploration well makes a discovery;
?Volume estimates include minor liquids with the total represented as
"bcfe" - billions of cubic feet of gas equivalent;
?"Estimated probability of success" is the assessed geo-technical
probability that some producible gas will be discovered by the well. Where
there are multiple reservoir targets, the assessment is for gas in at least
one reservoir. If gas is discovered by any of the wells, then the volume of
the gas is described by the P90, mean and P10 statistics of the probability
function for the relevant prospect.
It should be noted that oil and gas operations involve many risks and therefore
there can be no assurance that commercial quantities of oil and gas will be
discovered in any of the prospects. However work to date by Fern Consultants Ltd
suggests potential volumes that may technically be present and, based on further
analysis undertaken by the Company, using current knowledge of drilling costs,
gas and oil prices etc, the Directors believe such reserves are potentially
commercial. The marketability of oil and gas acquired or discovered will be
affected by numerous factors beyond the control of the Company. These factors
include reservoir characteristics, market fluctuations, the proximity, access to
and capacity of oil and gas processing equipment and government regulation.
Funding
The Kami exploration well is being drilled on a "turnkey" basis, such that the
drilling company has been contracted to drill the well as programmed to the
planned total depth of approximately 13,800 ft for a fixed sum of $4,161,000.
The Company is therefore sheltered from all risk of cost over-runs in drilling
the well.
In order to finance this project including the Kami well, Lodore has negotiated
￡5 million of third party, external funding utilizing a sophisticated and
innovative structure with a specialist investor. The investor has a direct
exposure to the development programme of the wells over a 24 month period,
whilst being able to convert the Project Finance into Lodore's shares at their
option. The transaction was priced on 23 August 2005, and sufficient funds have
been drawn to pay the drilling costs of the Kami well as described above.
The principal terms of the Project Finance are as follows:
? ￡5 million, redemption at maturity ￡5.55 million
? Investor has the right to 2.5% of net cash flow (ie, gross cash flow
less all costs including royalties and taxes, etc) resulting from any
revenues arising from drilling projects which are attributable to the
Company's working interest funded by the Project Finance and which are
received prior to its maturity
? Zero coupon
? Maturity 24 months
? If the investor wishes to convert his loan into equity, the conversion
price will be the lower of ￡0.129 (this being the average weighted closing
price of an Ordinary Share for the five Business Days immediately preceding
23 August 2005), and the average weighted closing price of an Ordinary Share
for the five Business Days immediately preceding the date of conversion
? In addition, 1,250,000 warrants will be issued to the investor with a
2-year term at ￡0.1677, being a 30% premium to the average weighted closing
price of an Ordinary Share for the five Business Days immediately preceding
23 August 2005
For further information contact:
Lodore Resources
Bob Williams, Executive Chairman
Peter Kirkham, Executive Director
+65 6324 0017
Fishburn Hedges
(PR Adviser to Lodore)
Andrew Reid / Andrew Marshall
+44 (0)20 7839 4321
(1) This is an estimate of the net cash flow discounted at 10% p.a.
This information is provided by RNS
The company news service from the London Stock Exchange
END
London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.
c2005 London Stock Exchange plc. All rights reserved
Go to market news section
Company Lodore Resources Inc
TIDM LRS
Headline Drilling Update
Released 12:04 26-Aug-05
Number 5352Q
RNS Number:5352Q
Lodore Resources Inc
26 August 2005
Lodore Resources Inc. ("Lodore" or the "Company")
Commencement of Drilling programme with the Kami Well
Lodore is pleased to announce that it will commence its drilling campaign with
the Kami well located onshore in Southern Louisiana.
Chairman Dr Bob Williams commented, "We are very excited by this development as
this is what we have been working towards since entering into our joint venture
with Pel-Tex earlier this year. The rapid pace at which we are now exploiting
the Pel-Tex properties is evidence of the value that this relationship can
deliver to Lodore.
"Although Kami is one of the smaller prospects in the portfolio we believe it
potential, which is why we decided to start our drilling programme at this site.
"By way of illustration, the P10 estimate for Kami's reserves in the event of a
discovery could exceed 24 bcfe (net to Lodore). Being onshore America, its
reserves could be producing in a matter of weeks after the well is completed.
Given the strength of today's forward markets, the value of Kami gas could be
balance of Kami is extremely positive such that we do not believe a farmout to
be in the best interests of the Company and have therefore decided to retain a
100% paying interest in the well.
"Kami is just the first of a sub-portfolio of 3 wells that we will be drilling,
and this sub-group itself is only a part of the dozen or so prospects that our
joint venture with Pel-Tex has delivered to us (see further detail below).
"We have been in discussions with other exploration companies to join with us in
the drilling of later wells through farmout arrangements. No decision has been
taken in this regard and, in the view of our belief of the potential for these
prospects, we may endeavour to pursue the Louisiana deep gas exploration
campaign without farmouts, or with reduced farmouts, so that the company is more
fully exposed to the exploration successes that we are confident it will achieve
- given the quality of these prospects.
"We shall keep the market informed through regular updates on our progress
during the drilling campaign. The Kami well is expected to reach the top of its
target about 25 days after the wells spuds, and we should know whether or not we
have producible gas in the well a few weeks therafter."
Start of exploration drilling campaign
As a result of its joint venture ("JV") with PelTex Oil Company LLC ("PelTex")in
Southern Louisiana, Lodore now has an inventory of over 15 onshore prospects,
several of which are fully mature for drilling. Accordingly the PelTex/Lodore
JV has contracted with Grey Wolf, a US drilling contractor, for a rig which will
commence a drilling campaign with a well formally designated "Miami Corp #E-1"
on the Kami Prospect. Its Rig 83 and experienced crew has previously been used
by Grey Wolf for "turnkey" drilling contracts and is very well regarded.
Subsequently, the planned drilling campaign will see the rig move to drill an
exploration well on the Big Mouth Bayou Prospect and then the Little Cheniere
Prospect. Lodore is exercising its rights under its exploration agreement with
PelTex to take up a 100% paying interest in these wells which under the terms of
the agreement result in the Company acquiring a 75% working interest in each
prospect. Lodore has however retained the right to farm down its working
interest in the two later wells.
Lodore's pre-drilling estimates for the potential of these three "deep gas"
prospects are as follows. Theses are based on the detailed technical and
commercial analysis undertaken by Fern Consultants Ltd and the Company as
described in our release dated 11 July 2005.
Kami Big Mouth Bayou Little Cheniere
Estimated depth to top target (ft) 12,600 16,800 18,400
Estimated total depth (ft) 13,800 19,000 19,000
Estimated days to drill 33 77 77
Pre-drilling estimate of gas volume potential per prospect:
P90 (bcfe) 5 147 141
Mean (bcfe) 18 732 388
P10 (bcfe) 32 1544 715
Explanatory notes to table:
?Reserves estimates have been computed probabilistically. Gas volume
estimates are on 100% working interest basis. In Kami, Lodore has a 100%
paying interest which will result in a 75% working interest; the interest
that the Company retains in the other two prospects will depend upon the
extent to which they are farmed out;
?P90/P10 are the estimated volumes of gas in the prospect that have a 90/
10% chance of being exceeded if the exploration well makes a discovery;
?Volume estimates include minor liquids with the total represented as
"bcfe" - billions of cubic feet of gas equivalent;
?"Estimated probability of success" is the assessed geo-technical
probability that some producible gas will be discovered by the well. Where
there are multiple reservoir targets, the assessment is for gas in at least
one reservoir. If gas is discovered by any of the wells, then the volume of
the gas is described by the P90, mean and P10 statistics of the probability
function for the relevant prospect.
It should be noted that oil and gas operations involve many risks and therefore
there can be no assurance that commercial quantities of oil and gas will be
discovered in any of the prospects. However work to date by Fern Consultants Ltd
suggests potential volumes that may technically be present and, based on further
analysis undertaken by the Company, using current knowledge of drilling costs,
gas and oil prices etc, the Directors believe such reserves are potentially
commercial. The marketability of oil and gas acquired or discovered will be
affected by numerous factors beyond the control of the Company. These factors
include reservoir characteristics, market fluctuations, the proximity, access to
and capacity of oil and gas processing equipment and government regulation.
Funding
The Kami exploration well is being drilled on a "turnkey" basis, such that the
drilling company has been contracted to drill the well as programmed to the
planned total depth of approximately 13,800 ft for a fixed sum of $4,161,000.
The Company is therefore sheltered from all risk of cost over-runs in drilling
the well.
In order to finance this project including the Kami well, Lodore has negotiated
￡5 million of third party, external funding utilizing a sophisticated and
innovative structure with a specialist investor. The investor has a direct
exposure to the development programme of the wells over a 24 month period,
whilst being able to convert the Project Finance into Lodore's shares at their
option. The transaction was priced on 23 August 2005, and sufficient funds have
been drawn to pay the drilling costs of the Kami well as described above.
The principal terms of the Project Finance are as follows:
? ￡5 million, redemption at maturity ￡5.55 million
? Investor has the right to 2.5% of net cash flow (ie, gross cash flow
less all costs including royalties and taxes, etc) resulting from any
revenues arising from drilling projects which are attributable to the
Company's working interest funded by the Project Finance and which are
received prior to its maturity
? Zero coupon
? Maturity 24 months
? If the investor wishes to convert his loan into equity, the conversion
price will be the lower of ￡0.129 (this being the average weighted closing
price of an Ordinary Share for the five Business Days immediately preceding
23 August 2005), and the average weighted closing price of an Ordinary Share
for the five Business Days immediately preceding the date of conversion
? In addition, 1,250,000 warrants will be issued to the investor with a
2-year term at ￡0.1677, being a 30% premium to the average weighted closing
price of an Ordinary Share for the five Business Days immediately preceding
23 August 2005
For further information contact:
Lodore Resources
Bob Williams, Executive Chairman
Peter Kirkham, Executive Director
+65 6324 0017
Fishburn Hedges
(PR Adviser to Lodore)
Andrew Reid / Andrew Marshall
+44 (0)20 7839 4321
(1) This is an estimate of the net cash flow discounted at 10% p.a.
This information is provided by RNS
The company news service from the London Stock Exchange
END
London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.
c2005 London Stock Exchange plc. All rights reserved
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