Proactiveinvestors Australia Abilene Oil & Gas Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Abilene Oil & Gas Ltd RSS feed en Fri, 19 Jul 2019 16:00:51 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Abilene Oil and Gas acquires acreage in Kansas ]]> https://www.proactiveinvestors.com.au/companies/news/131451/abilene-oil-and-gas-acquires-acreage-in-kansas-64121.html Abilene Oil and Gas (ASX:ABL) has acquired further acreage in Kansas through three separate transactions and has entered into a further loan agreement with Mathieson Downs, which is associated with director Craig Mathieson.

The further loan of $850,000 will be used to fund acquisition of these working interests and working capital.

ABL has acquired 49% working interests in the Pratt County Prospect, Rawlins County Prospect and Rodinia Resources joint venture projects.

Drilling could begin in late 2015 at the Rawlins County Prospect and in early 2016 at Pratt County.

The company is still the process of reviewing funding mechanisms which will generate sufficient cash resources to fund its operations and repay loaned funds from Mathieson Down.

In addition, further drilling at the Central Kansas Uplift Appraisal and Development Project will re-commence in the coming weeks.

 

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Fri, 21 Aug 2015 13:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/131451/abilene-oil-and-gas-acquires-acreage-in-kansas-64121.html
<![CDATA[News - Abilene Oil and Gas raises $2.9M to progress Kansas oil ]]> https://www.proactiveinvestors.com.au/companies/news/131450/abilene-oil-and-gas-raises-29m-to-progress-kansas-oil-61590.html Abilene Oil and Gas (ASX:ABL) has raised $2.9 million through an oversubscribed rights issue to fund exploration of its recently acquired oil leases in the Central Kansas Uplift (CKU) project.

Proceeds from the offer will also be used to consider recent 3D seismic data in relation to the Morrison Oil Fields which are located in Clark County, Kansas and the Kinsley Project in Edward County, Kansas, and repay a short term interest free loan.

The funds were raised through the issue of 292,893,180 shares priced at $0.01 each.

Earlier this month, its second Central Kansas Uplift Project well produced oil at an average rate of 30 barrels per day over the first 30 days.

Its first well produced oil at an average rate of 52 barrels per day.



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Thu, 02 Apr 2015 16:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131450/abilene-oil-and-gas-raises-29m-to-progress-kansas-oil-61590.html
<![CDATA[News - Abilene Oil and Gas producing oil from Kansas project ]]> https://www.proactiveinvestors.com.au/companies/news/131449/abilene-oil-and-gas-producing-oil-from-kansas-project-60976.html Abilene Oil and Gas’ (ASX:ABL) first Central Kansas Uplift Project well has produced at an average rate of 52 barrels of oil per day over the first 30 days of period.

The company has a 49% net working interest in leases covering 15,663 acres of the Russell, Rice, Ellsworth and Barton Counties, Kansas.

These are initial rates and subject to change as production potential is established.
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The second and third wells have also commenced production .

Further drilling plans are currently under evaluation and the company will advise as specific plans are approved.



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Fri, 27 Feb 2015 17:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131449/abilene-oil-and-gas-producing-oil-from-kansas-project-60976.html
<![CDATA[News - Which stocks have soared 100% or more higher intra-day? ]]> https://www.proactiveinvestors.com.au/companies/news/131448/which-stocks-have-soared-100-or-more-higher-intra-day-60716.html Monday's leading ASX % Gainers intra-day.

CompanyCodeLastChangeVolume Abilene Oil & Gas ABL $0.031 158.33% 42,553 Goldsearch Ltd GSE $0.002 100% 1,878,000 Mirabela Nickel MBN $0.058 100% 48,975,453 Quickflix Ltd QFX $0.002 100% 524,000 Tyrian Diagnostics TDX $0.002 100% 259,000 Rampart Energy RTD $0.003 50% 990,041 Torian Resources TNR $0.004 33.33% 1,292,683 Sun Resources SUR $0.004 33.33% 150,000 Northern Manganese NTM $0.016 33.33% 353,600 Longreach Oil LGO $0.004 33.33% 1,236,250

 

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Mon, 16 Feb 2015 13:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131448/which-stocks-have-soared-100-or-more-higher-intra-day-60716.html
<![CDATA[News - Abilene Oil and Gas secures funds to complete Kansas oil well ]]> https://www.proactiveinvestors.com.au/companies/news/131447/abilene-oil-and-gas-secures-funds-to-complete-kansas-oil-well-60137.html Abilene Oil and Gas (ASX:ABL) has secured $160,000 in short term loans to fund completion costs related to the recent successful Woelk #1-21 well at its Central Kansas Uplift Project.

The loan was provided by a related entity of director Craig Mathieson and substantial shareholder Holdrey Pty Ltd. It will not bear any interest and is repayable on 30 April 2015.

Payment of completion costs relating to the well will allow the company to commence earning revenue from the sale of oil and gas extracted from this well in the coming months.

Earlier this week, the company spudded the last of four wells in the current program at the project.

 

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Fri, 16 Jan 2015 13:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131447/abilene-oil-and-gas-secures-funds-to-complete-kansas-oil-well-60137.html
<![CDATA[News - Abilene Oil and Gas recovers oil from Kansas well ]]> https://www.proactiveinvestors.com.au/companies/news/131446/abilene-oil-and-gas-recovers-oil-from-kansas-well-59624.html Abilene Oil and Gas (ASX:ABL), formerly World Oil Resources, has recovered oil during drill stem testing of the first well at the Central Kansas Uplift Project in the U.S.

Operator CMX and the company now plan to complete the well with casing.

The production capability of the well will not be known or confirmed until the well is put on production, which is expected to be carried out in the first quarter of 2015.

The primary target at the Claflin 1-35 well was intersected high to prognosis.

Abilene expects to drill 10 wells at the project through 2015.

 

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Tue, 16 Dec 2014 16:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131446/abilene-oil-and-gas-recovers-oil-from-kansas-well-59624.html
<![CDATA[News - World Oil Resources to become Abilene Oil and Gas ]]> https://www.proactiveinvestors.com.au/companies/news/131445/world-oil-resources-to-become-abilene-oil-and-gas-59344.html World Oil Resources (ASX:WLR) has changed its name to Abilene Oil and Gas and will begin trading as (ASX:ABL) from Friday 12 December 2014 once a consolidation of capital transaction has been finalised.

In October the company raised $944,500 through a placement of shortfall shares to sophisticated investors as well as loans.

This follows the raising of $1.13 million through a rights issue to shareholders priced at $0.003 per share.

Abilene has been progressing its oil and gas projects in Australia and the U.S. including development of its Klick Oil Project in Kansas.

Klick is located in the middle of a vast oil and gas producing province and includes the Klick 22-1H horizontal well that has been in production since March 2011.

With joint venture partner CMX, Abilene established 50-50 joint venture across 15,000 acres, mainly in the Mississippian age carbonate rock formation that is up to 10 metres thick.


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Wed, 03 Dec 2014 16:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131445/world-oil-resources-to-become-abilene-oil-and-gas-59344.html
<![CDATA[News - World Oil Resources raises funds for exploration ]]> https://www.proactiveinvestors.com.au/companies/news/131444/world-oil-resources-raises-funds-for-exploration-58190.html World Oil Resources (ASX:WLR) has raised $944,500 through a placement of shortfall shares to sophisticated investors as well as loans.

This follows the company raising $1.13 million through a rights issue to shareholders priced at $0.003 per share.

WLR has been progressing its oil and gas projects in Australia and the U.S. including development of its Klick Oil Project in Kansas.

Klick is located in the middle of a vast oil and gas producing province and includes the Klick 22-1H horizontal well that has been in production since March 2011.

The company raised $479,500 through a placement of 141,949,717 shortfall shares priced at $0.003 each.

It also entered into loan and placement agreements with 2 director related entities and 2 existing shareholders for a total of $465,000.



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Wed, 15 Oct 2014 15:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131444/world-oil-resources-raises-funds-for-exploration-58190.html
<![CDATA[News - World Oil Resources reached total depth at Kansas oil field well ]]> https://www.proactiveinvestors.com.au/companies/news/131443/world-oil-resources-reached-total-depth-at-kansas-oil-field-well-54648.html World Oil Resources (ASX: WLR) and its joint venture partner CMX have drilled the vertical #1-1 Krehbiel Trust well at the Welch-Bornholdt Wherry Project in Kansas, USA, to total depth of 3.500 feet.

The target Mississippian formation came in structurally high to adjacent wells and with oil shows on cuttings.

A drill stem test was run to test reservoir pressures and flow potential, and based on the favourable results the decision was made to log and case the well.

The current operation is running well logs, with flow rates to be measured once the well is completed and production tested.

The Welch-Bornholdt and Wherry Oil Fields are a mature, developed and mostly abandoned crude oil accumulation, located around 200 kilometres from the Klick East Oil Field in Oklahoma, just 30 kilometres by road from a refinery.

Around 1,400 vertical wells have been drilled over more than 60 years on the fields, and aggregate production totals 46 million barrels of mainly high quality sweet crude oil.

WLR and CMX have established 50-50 joint venture across 15,000 acres, which includes the well presently being drilled, mainly in the Mississippian age carbonate rock formation that is up to 10 metres thick.

 

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Thu, 01 May 2014 16:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/131443/world-oil-resources-reached-total-depth-at-kansas-oil-field-well-54648.html
<![CDATA[News - World Oil Resources targets oil production from mature oil field in Kansas ]]> https://www.proactiveinvestors.com.au/companies/news/131442/world-oil-resources-targets-oil-production-from-mature-oil-field-in-kansas-54546.html World Oil Resources (ASX:WLR) and its joint venture partner CMX have commenced drilling the vertical #1-1 Krehbiel Trust well at the Welch-Bornholdt Wherry Project, located in Kansas USA.

The planned depth of the well is 3,450 feet and drilling is expected to take seven to ten days.

The Welch-Bornholdt and Wherry Oil Fields are a mature, developed and mostly abandoned crude oil accumulation, located around 200 kilometres from the Klick East Oil Field in Oklahoma.

Around 1,400 vertical wells have been drilled over more than 60 years on the fields, and aggregate production totals 46 million barrels of mainly high quality sweet crude oil.

WLR and CMX have established 50-50 joint venture across 15,000 acres, which includes the well presently being drilled, mainly in the Mississippian age carbonate rock formation that is up to 10 metres thick.

The two companies currently produce from this formation at the Klick Project, adding to the Krehbiel well's chances of success.

Notably, the Welch-Bornholdt and Wherry Oil Fields are positioned just 30 kilometres by road from a refinery at the city of McPherson.

Capitalised at just $2.5 million and with a 50% interest, downside appears limited.

 

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Mon, 28 Apr 2014 15:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/131442/world-oil-resources-targets-oil-production-from-mature-oil-field-in-kansas-54546.html
<![CDATA[News - World Oil Resources to spud Kansas oil well ]]> https://www.proactiveinvestors.com.au/companies/news/131441/world-oil-resources-to-spud-kansas-oil-well-53821.html World Oil Resources (ASX: WLR) will soon spud the Kinsley-1 well in Kansas to test a prospect defined by 3D seismic.

The primary objectives are Lansing/Kansas carbonates and Mississippian Osage chert reservoirs that have the potential to produce commercial quantities of oil with structural closure.

Secondary prospective horizons include the carbonate formations in the Chase Group, and the Kinderhook and Simpson sands.

The drilling will take about 14-21 days to complete.



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Fri, 21 Mar 2014 11:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131441/world-oil-resources-to-spud-kansas-oil-well-53821.html
<![CDATA[News - World Oil Resources raises $2.28M, drilling oil and gas well in the U.S. ]]> https://www.proactiveinvestors.com.au/companies/news/131440/world-oil-resources-raises-228m-drilling-oil-and-gas-well-in-the-us-50280.html World Oil Resources (ASX: WLR) has raised $2.28 million as it expands its acreage and undertakes additional drilling at its U.S. oil and gas project.

The funds were raised through a combination of a rights issue, a placement to sophisticated investors and conditional placement agreements with two director-related entities.

It is planning to drill with joint venture partner CMX, a new vertical well, at the Welch-Bornholdt Oil field in Kansas that is expected to have similar performance to an adjacent well that has produced about 160,000 barrels of oil equivalent.

The 1-1 Krehbiel Trust well is expected to cost about $900,000 to drill and complete with World Oil paying half of the final amount.

It will also rework the existing 1-1 Johnston well for about $50,000 in an effort to bring it back into production.

At the Klick Field, CMX and the company plan to fund a $500,000 program to purchase required equipment and machinery to increase oil production volumes.

World Oil is also acquiring a 50% interest in leases covering about 1,200 acres of the Morrison Oil Fields for US$415,000 under an agreement with CMX.

It has also secured the right to acquire a 50% interest in leases covering about 3,000 acres in McPherson County, Kansas for US$1.

 

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Mon, 18 Nov 2013 14:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131440/world-oil-resources-raises-228m-drilling-oil-and-gas-well-in-the-us-50280.html
<![CDATA[News - World Oil Resources to raise up to $2.34M via rights issue ]]> https://www.proactiveinvestors.com.au/companies/news/131439/world-oil-resources-to-raise-up-to-234m-via-rights-issue-44919.html World Oil Resources (ASX:WLR) is likely to offer a pro-rata non-renounceable rights issue under which it is hoping to raise up to $2.34 million.

The non-underwritten issue is likely to be on a 1 for 1 basis, at an issue price of $0.006 per share, representing a discount of about 30% to its last traded price of $0.009 on 26 June 2013.

Since the issue is expected to be not underwritten, there could be a shortfall facility to enable eligible shareholders to top up their entitlement.

World Oil's projects include the Klick East Oil field in Oklaholma, where it has a 49.2% working interest. The field produced 2,012 barrels of oil and 5,814 million cubic feet of gas in the last quarter.

It's other projects are the Wherry and Welch-Bornholdt Oil fields in Kansas, where it has a 50% net working interest, and the Gavea Joint Venture onshore Brazil, that includes the Harpia Oil Field and the Guara Oil Field, with World Oil holding a 40% interest in each.

The funds raised will be used for working capital as well as to assess the viability of its projects.


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Thu, 27 Jun 2013 10:50:00 +1000 https://www.proactiveinvestors.com.au/companies/news/131439/world-oil-resources-to-raise-up-to-234m-via-rights-issue-44919.html
<![CDATA[News - World Oil Resources in pre-open, to raise capital ]]> https://www.proactiveinvestors.com.au/companies/news/131438/world-oil-resources-in-pre-open-to-raise-capital-44369.html World Oil Resources (ASX: WLR) has been granted a trading halt this morning by the ASX - with its shares placed in pre-open - pending details of a capital raising.

World Oil Resources holds a 50% net working interest in 15,000 acres in the Welch Bornholdt and Wherry Oil Fields, where it is targeting 200 to 300 million barrels of remaining un-swept oil.

The company received a formal takeover offer from Holdrey Pty Ltd of $0.013 cash per share recently.

Holdrey currently holds 42.5 million shares and has voting power of 10.9%.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Friday 14th June 2013.

 

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Wed, 12 Jun 2013 11:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/131438/world-oil-resources-in-pre-open-to-raise-capital-44369.html
<![CDATA[News - World Oil Resources receives formal takeover offer from Holdrey Pty Ltd ]]> https://www.proactiveinvestors.com.au/companies/news/131437/world-oil-resources-receives-formal-takeover-offer-from-holdrey-pty-ltd-42529.html World Oil Resources (ASX: WLR) has received a formal takeover offer from Holdrey Pty Ltd of $0.013 cash per share.

World Oil last traded at $0.015.

Holdrey, which is using its cash reserves to fund the takeover, said the offer provided World Oil Resources shareholders with certainty.

World Oil Resources has a strategic focus on oil plays in Kansas, Oklahoma and Brazil.

Production for fiscal 2012 was 7,692 barrels of oil equivalent, which generated revenue of $733,000.

World Oil Resources holds a 50% net working interest in 15,000 acres in the Welch Bornholdt and Wherry Oil Fields, where it is targeting 200 to 300 million barrels of remaining un-swept oil.

 

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Fri, 26 Apr 2013 16:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/131437/world-oil-resources-receives-formal-takeover-offer-from-holdrey-pty-ltd-42529.html
<![CDATA[News - World Oil Resources to receive formal takeover offer ]]> https://www.proactiveinvestors.com.au/companies/news/131436/world-oil-resources-to-receive-formal-takeover-offer-41644.html World Oil Resources (ASX: WLR) has been advised by potential bidder Holdrey Pty Ltd that a formal takeover offer would be made by no later than 11 April 2013.

Holdrey, the trustee for the Don Mathieson Family Trust, had in February proposed to make a conditional, off-market cash takeover offer of A$0.013 per World Oil share.

It now intends to lodge its Bidder’s Statement with ASIC and release a copy to the ASX and World Oil by 11 April 2013.

World Oil Resources has a strategic focus on oil plays in Kansas, Oklahoma and Brazil.

Production for fiscal 2012 was 7,692 barrels of oil equivalent, which generated revenue of $733,000.

World Oil Resources holds a 50% net working interest in 15,000 acres in the Welch Bornholdt and Wherry Oil Fields, where it is targeting 200 to 300 million barrels of remaining un-swept oil.

Shell Oil is drilling a horizontal well 2 miles to the south of World Oil Resources’ first well, Socrates-1H, in the Welch Bornholdt and Wherry Oil Fields.

 

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Fri, 05 Apr 2013 12:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131436/world-oil-resources-to-receive-formal-takeover-offer-41644.html
<![CDATA[News - World Oil Resources seeks working capital ]]> https://www.proactiveinvestors.com.au/companies/news/131435/world-oil-resources-seeks-working-capital-41374.html World Oil Resources (ASX: WLR) is exploring other debt funding options to obtain the working capital it requires and has gone into an ASX trading halt.

This follows its proposed pro rata non-renounceable $2.5 million rights issue being placed on hold pending the consideration of, and any resultant declaration by, the Takeovers Panel of the application from Holdrey in relation to the rights issue.

Holdrey had on 25 February made an off-market takeover bid for all the issued shares of World Oil at A$0.013 and had submitted the rights issue a frustrating action that triggers a condition of the takeover bid.

The halt will last until the earlier of the announcement being made or the start of normal trading on Wednesday, 3 April 2013.

 

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Thu, 28 Mar 2013 10:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131435/world-oil-resources-seeks-working-capital-41374.html
<![CDATA[News - World Oil Resources updates takeover offer ]]> https://www.proactiveinvestors.com.au/companies/news/131434/world-oil-resources-updates-takeover-offer-40842.html World Oil Resources (ASX: WLR) has been notified that Holdrey Pty Ltd, which announced an off-market takeover bid for all the issued shares in the company on 25th February 2013, has now submitted an application dated 14th March 2013 to the takeovers panel.

World Oil is currently in pre-open, following the ASX granting a trading halt.

The proposed offer price from the 25th February was $0.013

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Tuesday 19th March 2013.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 15 Mar 2013 08:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131434/world-oil-resources-updates-takeover-offer-40842.html
<![CDATA[News - World Oil Resources recommends no action for off market takeover offer ]]> https://www.proactiveinvestors.com.au/companies/news/131433/world-oil-resources-recommends-no-action-for-off-market-takeover-offer-40008.html World Oil Resources (ASX: WLR) has advised shareholders to take no action in regard to the A$5 million conditional, off-market cash takeover offer from Holdrey Pty Ltd.

It said it had not being advised of the date it will receive a bidder’s statement and offer document though Holdrey is required to do within two months.

Holdrey had made the $0.013 per share offer this morning.

The company is the trustee for the Don Mathieson Family Trust and owns equity interests in many listed and unlisted entities, including those that have oil and gas interests in Australia and the U.S.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 25 Feb 2013 15:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131433/world-oil-resources-recommends-no-action-for-off-market-takeover-offer-40008.html
<![CDATA[News - World Oil Resources receives off market cash takeover offer ]]> https://www.proactiveinvestors.com.au/companies/news/131432/world-oil-resources-receives-off-market-cash-takeover-offer-39992.html World Oil Resources (ASX: WLR) has fielded a A$5 million conditional, off-market cash takeover offer from Holdrey Pty Ltd.

After the $0.013 per share offer was revealed this morning, shares rose 7.7% to $0.014 – from last Friday’s close of $0.013.

Holdrey is trustee for the Don Mathieson Family Trust. Through Holdrey, the Mathieson Family own equity interests in many listed and unlisted entities, including those that have oil and gas interests in Australia and the U.S.

World Oil Resources has a strategic focus on oil plays in Kansas, Oklahoma and Brazil.

Production for fiscal 2012 was 7,692 barrels of oil equivalent, which generated revenue of $733,000.

World Oil Resources holds a 50% net working interest in 15,000 acres in the Welch Bornholdt and Wherry Oil Fields, where it is targeting 200 to 300 million barrels of remaining un-swept oil.

Shell Oil is drilling a horizontal well 2 miles to the south of World Oil Resources’ first well, Socrates-1H, in the Welch Bornholdt and Wherry Oil Fields.


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Mon, 25 Feb 2013 11:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131432/world-oil-resources-receives-off-market-cash-takeover-offer-39992.html
<![CDATA[News - World Oil Resources to frac Kansas oil well, targets higher output than historical wells ]]> https://www.proactiveinvestors.com.au/companies/news/131431/world-oil-resources-to-frac-kansas-oil-well-targets-higher-output-than-historical-wells-28446.html World Oil Resources (ASX: WLR) expects to start on 7 May 2012 fracture stimulation operations at its Socrates-1H horizontal well in Rice County, Kansas.

Equipment is currently being mobilised to site where Cudd Energy Services has been contracted to undertake the work using a sequence of acid and rock salt fraccing procedures.

About 750 feet (228.6 metres) of the lateral section will be fracced with the remaining left as open hole.

Scorates-1H was drilled with the aim of demonstrating that modern horizontal drilling and fraccing technology could be used to develop the Mississippian reservoir at the Welch-Bornholdt Wherry (WB-W) field.

While historic wells at WB-W have averaged total recovery of about 50,000 barrels of oil, the new technology is expected to boost performance at Socrates-1H.

World Oil is targeting 200 to 300 million barrels (MMbbl) of oil at WB-W, where production had started in 1934 and peaked in the 1960s.

The field contains 1400 vertical wells that provide excellent well control and has produced 46MMbbl of oil to the end of 2011 from original in-place oil of more than 600MMbbl of oil.

World Oil holds a 50% working interest in the 60.6 square kilometre WB-W field while partner CMX holds the remaining 50%.

Other companies targeting the Mississippi play include US players Tengasco (NYSEAMEX:TGC) and Superior Oil & Gas.

 

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Thu, 03 May 2012 13:10:00 +1000 https://www.proactiveinvestors.com.au/companies/news/131431/world-oil-resources-to-frac-kansas-oil-well-targets-higher-output-than-historical-wells-28446.html
<![CDATA[News - World Oil Resources plans Kansas fracture stimulation work, taking modern approach to boost output ]]> https://www.proactiveinvestors.com.au/companies/news/131430/world-oil-resources-plans-kansas-fracture-stimulation-work-taking-modern-approach-to-boost-output--26186.html World Oil Resources (ASX:WLR) is planning to start fracture stimulation operations over the first modern horizontal well on the Welch-Bornholdt Wherry (WB-W) field in Rice and McPherson counties, Kansas.

Petrophysical analysis of well log data by independent consultant Petro Isle had confirmed gross pay of 3790 feet (1155 kilometres) along the 3997 feet logged section of the lateral.

This gross pay section averaged 19% matrix porosity with significant additional fracture porosity while computed water saturation of 34% was better than pre-drill estimates.

While, historic wells at WB-W have averaged total recovery of about 50,000 barrels of oil, Scorates-1H was drilled with the aim of demonstrating that modern horizontal drilling and fraccing technology could be used to develop the Mississippian reservoir at WB-W.

The acid frac will be done with a coiled tubing unit once pressure testing and casing integrity checks have been completed. 

These technologies have been used to great effect to increase recoveries of oil-in-place at analogous fields in Kansas and Oklahoma, increasing the likelihood that recoveries at Socrates-1H would be much higher.

World Oil is targeting 200 to 300 million barrels (MMbbl) of oil at WB-W, where production had started in 1934 and peaked in the 1960s.

The field contains 1400 vertical wells that provide excellent well control and has produced 46MMbbl of oil to the end of 2011 from original in-place oil of more than 600MMbbl of oil.

World Oil holds a 50% working interest in the 60.6 square kilometre WB-W field while partner CMX holds the remaining 50%.

Other companies targeting the Mississippi play include US players Tengasco (NYSEAMEX:TGC) and Superior Oil & Gas.

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Thu, 08 Mar 2012 12:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131430/world-oil-resources-plans-kansas-fracture-stimulation-work-taking-modern-approach-to-boost-output--26186.html
<![CDATA[News - World Oil Resources ready to frac and test Socrates well, targets up to 300m barrels at WB-W field ]]> https://www.proactiveinvestors.com.au/companies/news/131429/world-oil-resources-ready-to-frac-and-test-socrates-well-targets-up-to-300m-barrels-at-wb-w-field-25024.html
World Oil Resources (ASX:WLR) is preparing to fracture stimulate and test the first modern horizontal well on the Welch-Bornholdt Wherry (WB-W) field in Rice and McPherson counties, Kansas.

While, historic wells at WB-W have averaged total recovery of about 50,000 barrels of oil, Scorates-1H was drilled with the aim of demonstrating that modern horizontal drilling and fraccing technology could be used to develop the Mississippian reservoir at WB-W.

These technologies have been used to great effect to increase recoveries of oil-in-place at analogous fields in Kansas and Oklahoma, increasing the likelihood that recoveries at Socrates-1H would be much higher.

The Socrates 1H well was drilled and logged with a total horizontal section of 1280 metres(4201 feet) from the cased and cemented landing point of the curve to the toe of the well at 2423 metres (7950 feet) measured total depth.

World Oil had previously noted the reservoir characteristics of the lateral were better than pre-drilling estimates showing a remarkably uniform lateral section with average porosity of more than 15% along with the presence of oil in samples and at the flowline during drilling.

The first 296 metres (970 feet) of the lateral has been completed using “Packers Plus”, an open hole, multi stage fraccing and completion technology, while the remaining lateral will be open hole.

World Oil is targeting 200 to 300 million barrels (MMbbl) of oil at WB-W, where production had started in 1934 and peaked in the 1960s.

The field contains 1400 vertical wells that provide excellent well control and has produced 46MMbbl of oil to the end of 2011 from original in-place oil of more than 600MMbbl of oil.

World Oil holds a 50% working interest in the 60.6 square kilometre WB-W field while partner CMX holds the remaining 50%.

Other companies targeting the Mississippi play include US players Tengasco (NYSEAMEX:TGC) and Superior Oil & Gas.

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Wed, 08 Feb 2012 10:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131429/world-oil-resources-ready-to-frac-and-test-socrates-well-targets-up-to-300m-barrels-at-wb-w-field-25024.html
<![CDATA[News - World Oil Resources eyes cash flow from first oil at Socrates well in Kansas ]]> https://www.proactiveinvestors.com.au/companies/news/131428/world-oil-resources-eyes-cash-flow-from-first-oil-at-socrates-well-in-kansas--24618.html World Oil Resources (ASX: WLR) is poised to start production from the Socrates-1H well, that was drilled to prove the viability of developing the Mississippian reservoir at the Welch-Bornholdt Wherry (WB-W) field in Rice and McPherson counties, Kansas, using modern drilling and fracture stimulation technology.

The decision to develop the well was made after analysis of logs confirmed the lateral portion of the well had intersected more than 4000 feet (1219.2 metres) of pay with average porosity of more than 15%.

Good oil shows were also encountered throughout the lateral while live free oil and gas detected during drilling further contributed to World Oil saying the results had exceed pre-drill estimates.

A final independent analysis of the log data is underway to help with the frac design and estimates of in-place resources.

The lateral section will be cased and cemented once a hanger-liner that became stuck at 783 feet  (238.6 metres) is removed.

Fraccing has allowed for major recoveries of remaining oil-in-place at similar fields in Kansas and Oklahoma, including the Klick Field where World Oil and WB-W operator CMX are producing from.

This could prove promising for equal partners World Oil and CMX, who hold the 15,000 acre (60.7 square kilometres) over the WB-W field where the Mississippian reservoir is up to 20 feet (6 metres) thick.

 

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Mon, 30 Jan 2012 13:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131428/world-oil-resources-eyes-cash-flow-from-first-oil-at-socrates-well-in-kansas--24618.html
<![CDATA[News - World Oil Resources has oil shows in Socrates 1H well in Kansas ]]> https://www.proactiveinvestors.com.au/companies/news/131427/world-oil-resources-has-oil-shows-in-socrates-1h-well-in-kansas-23961.html World Oil Resources (ASX: WLR), formerly Eromanga Hydrocarbons has had oil shows in the Socrates 1H horizontal well in Rice County, Kansas.

It is the first modern horizontal well to be drilled on the Welch-Bornholdt Wherry (WB-W) field in Rice and McPherson counties, Kansas.

World Oil Resources has a 50% Net Working Interest (NWI) in approximately 15,000 acres covering this field. CMX Inc. holds the remaining 50% NWI and is operator.

The well has been drilled with a landing point at 3749 feet Measured Depth (MD) and a True Vertical Depth (TVD) of 3430 feet.

The site geologist has confirmed that oil shows were found in samples taken at 3400 feet TVD and that the target Mississippian Reservoir was found at the prognosis depth.

A 7”casing has been run and cemented in the curve.

Socrates 1H is planned to have a lateral section of approximately 4000 feet and a True Vertical Depth at the toe of approximately 3400 feet.

The objective of Socrates 1H is to demonstrate that the Mississippian reservoir at WB-W can be developed with modern horizontal drilling and fraccing technology.

This technology has allowed significant recoveries of remaining oil-in-place at analogous fields in Kansas and Oklahoma.

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Tue, 10 Jan 2012 09:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131427/world-oil-resources-has-oil-shows-in-socrates-1h-well-in-kansas-23961.html
<![CDATA[News - Eromanga Hydrocarbons raises $600,000 to develop Kansas gas and oil wells ]]> https://www.proactiveinvestors.com.au/companies/news/131426/eromanga-hydrocarbons-raises-600000-to-develop-kansas-gas-and-oil-wells-20941.html Eromanga Hydrocarbons (ASX: ERH, ERHOA) will raise $600,000 through a placement of 30 million ordinary shares at $0.02 per share for working capital and the development of the Welch-Bornholdt and Wherry Fields project in Kansas, on-shore USA.

The placement will be made to clients of Truestone Capital Ltd and has occured as a result of strong demand and underwriter support in the recent non-renounceable rights issue closed on October 7.

Eromanga and private energy company CMX have secured a total of 16,000 acres covering the existing Welch-Bornholdt and Wherry oil fields which contain two vertical wells.

Eromanga's participation in the project is conditional on it funding the US$435,000 cost of each of these wells.

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Wed, 19 Oct 2011 16:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131426/eromanga-hydrocarbons-raises-600000-to-develop-kansas-gas-and-oil-wells-20941.html
<![CDATA[News - Eromanga Hydrocarbons reports more oil shows ]]> https://www.proactiveinvestors.com.au/companies/news/131425/eromanga-hydrocarbons-reports-more-oil-shows-2784.html Eromanga Hydrocarbons (ASX: ERH) has reported further good oil shows following the completion of coring operations on the Tatu 2 appraisal well at Block 430 onshore the Sergipe Alagoas Basin in Brazil.

The encouraging oil shows were encountered in the third reservoir interval from 1,151m depth, with 10m of core retrieved and about 7m reported as being oil soaked and having good fracture porosity.

Oil shows have so far been recorded from 1,048m and core recovered from each of the three reservoir intervals has been oil soaked.

Tatu 2 is the first appraisal well on Block 430 following the Gavea Joint Venture’s discovery at Tatu 1, which tested oil in two zones and registered over 50m of oil shows.

Melbourne-based Eromanga holds a 40% interest in the Harpia oilfield (previously Block 330) and Block 430 in the Sergipe Alagoas Basin, with UBX Ltda being the operator and holding the balance of equity in the JV.

Test production commenced at Harpia in October 2008.

Eromanga advised that Halliburton is scheduled to arrive this week to conduct drill stem tests over the Tatu 2 reservoir intervals that have had oil shows in drill cuttings and core.

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Wed, 07 Oct 2009 09:24:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131425/eromanga-hydrocarbons-reports-more-oil-shows-2784.html
<![CDATA[News - Eromanga Hydrocarbons' interest in onshore Brazilian oil permits upheld by court ]]> https://www.proactiveinvestors.com.au/companies/news/131424/eromanga-hydrocarbons-interest-in-onshore-brazilian-oil-permits-upheld-by-court-1884.html Investors in Eromanga Hydrocarbons (ASX: ERH) received good news as an injunction brought by Silver Marlin against Eromanga has been defeated.

The injunction sought to remove Eromanga from the Joint Venture with Silver Marlin and to prevent it seeking any share in the results of Blocks 138 and 59 in the Reconcavo Basin, onshore Brazil.

Eromanga has been vindicated as having clear title in Block 138 and 59.

The injunction was rejected by the Corporate Court of the State of Rio de Janeiro and was Brought against Mercury do Brasil; Eromanga’s subsidiary in Brazil. The court also ordered Silver Marlin to pay court costs and legal fees. Eromanga is a 50% participant in Blocks 138 and 59 in the Reconcavo Basin, onshore Brazil.

Drilling commenced at Block 138 to a depth of 850 meters before the operator Silver Marlin halted operations. A dispute over the contribution of each party to the drilling costs has not been resolved. The regulatory deadline to complete the wells at Block 138 and 59 has been extended by the ANP, Brazil’s oil industry regulator.

Eromanga recently signed a $10 million funding facility to further develop oil production at Blocks 330 and 430 in Brazil, and for other corporate opportunities.  Block 330 (ERH 40% interest) registered a 50% increase in mid-point resource estimate to 24 mmBbl.  PACA 1 is in production with over 11,500 Bbl (100% Basis) produced since Oct 08 PACA 2 has been completed for future production.

Fortrend has agreed to provide up to $10 million to Eromanga to be drawn down at Eromanga’s discretion by the issue of shares to Fortrend. Eromanga has the right but not the obligation to use the facility at any time over the facility’s 3 year term. Eromanga can determine the timing and amount of any drawdown within the provisions of the facility agreement.

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Thu, 02 Jul 2009 10:58:00 +1000 https://www.proactiveinvestors.com.au/companies/news/131424/eromanga-hydrocarbons-interest-in-onshore-brazilian-oil-permits-upheld-by-court-1884.html
<![CDATA[News - Eromanga Hydrocarbons inks $10m funding deal to develop oil production projects ]]> https://www.proactiveinvestors.com.au/companies/news/131423/eromanga-hydrocarbons-inks-10m-funding-deal-to-develop-oil-production-projects-1164.html Eromanga Hydrocarbons (ASX:ERH) has signed a $10 million funding facility. The facility will provide funds over the next three years, to further develop oil production at Blocks 330 and 430 in Brazil, and for other corporate opportunities.

Fortrend has agreed to provide up to $10 million to Eromanga to be drawn down at Eromanga’s discretion by the issue of shares to Fortrend. Eromanga has the right but not the obligation to use the facility at any time over the facility’s 3 year term. Eromanga can determine the timing and amount of any drawdown within the provisions of the facility agreement.

The facility does not preclude any other equity or debt arrangements that Eromanga and its joint venture partners may decide to use to fund their projects.

In the event of a drawdown, shares will be issued at a 10% discount to the average closing price calculated over the 5 trading day period following a drawdown notice. In addition Fortrend will receive 1 option for every 5 shares issued. The strike price of the option will be the issue price of the shares to Fortrend.

Company CEO Phil Galloway said that “Eromanga is delighted that after detailed review of the company and its prospects, Fortrend has agreed to make available the $10m facility.”

Fortrend CEO Joe Forster said that “we are very pleased to be able to help fund Eromanga to achieve its corporate objectives of becoming a significant oil producer from its development projects in Brazil”.

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Fri, 03 Apr 2009 10:09:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131423/eromanga-hydrocarbons-inks-10m-funding-deal-to-develop-oil-production-projects-1164.html
<![CDATA[News - Eromanga Uranium diversifies with Nackara Arc Gold Project in South Australia ]]> https://www.proactiveinvestors.com.au/companies/news/131422/eromanga-uranium-diversifies-with-nackara-arc-gold-project-in-south-australia-1073.html Eromanga Uranium (ASX:ERO) has announced that the Company has entered into a Joint Venture Agreement with the owners of the Nackara Arc Gold Project located to the east of the township of Peterborough, South Australia. This exciting new project forms one element of the Company’s previously announced strategy of increasing Eromanga Uranium Limited’s exposure to the gold sector.

Nackara Arc Project Project Location

The Joint Venture Agreement covers all of the granted Exploration Licence EL 3692 (375 sq km) located approximately 35km east of the township of Peterborough, South Australia and approximately three hours drive north-east of Adelaide. The area is semi-arid pastoral lease currently used for sheep and cattle grazing. Access is excellent via the Barrier Highway, linking Adelaide and Broken Hill, and via numerous gravel tracks.

Agreement Terms

Under the Agreement between Eromanga Uranium Limited and the Project Vendors, Eromanga has the right by the total expenditure of $750,000 to earn a 51% interest in the Project, and for a total expenditure of $2,000,000 to secure an 80% interest in the Project. The Vendors may then elect to contribute to ongoing costs, or dilute under a standard dilution formula.

Eromanga Uranium Limited’s rights under this Agreement are for all commodities other than diamonds.

Project Potential

The Nackara Arc Project covers an area of extensive historic, small scale gold workings and has previously been the subject of limited exploration, primarily focussed around regions of higher grade vein style mineralisation. Eromanga Uranium believes that significant potential exists for the development of larger gold systems within sedimentary sequences that surround the known mineralisation. These sediments are outcropping at surface and are strongly altered, very soft and extremely friable. The company considers that gold mineralisation within these sediments offers the opportunity for the development of broader zones of mineralisation that are potentially amenable to mining by low cost, open-pitting techniques.

Exploration Program

Exploration will commence immediately with a program of gridding and orientation to be followed by a comprehensive program of surface sampling over the identified mineralised systems. This initial phase of exploration has been designed to confirm the overall extent and distribution of gold mineralisation and is anticipated to form the basis for the subsequent commitment to drill testing in the third quarter of calendar 2009.

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Mon, 23 Mar 2009 08:26:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131422/eromanga-uranium-diversifies-with-nackara-arc-gold-project-in-south-australia-1073.html
<![CDATA[News - Eromanga strikes oil in Brazil - shares soar ]]> https://www.proactiveinvestors.com.au/companies/news/131421/eromanga-strikes-oil-in-brazil-shares-soar-0625.html Eromanga Hydrocarbons (ASX:ERH) has reported approximately 95m of oil shows have been encountered to date at its PACA 2 oil well in the Sergipe Alagoas Basin in Brazil.  The company said, "there were strong shows in the Morro do Chavez Member and Panedo Formation. Drilling is continuing with strong oil indications."

In light of the multiple oil zones being encountered, the JV has decided to drill deeper to a TD of
550m to test the Serraria Formation.

Terminal Depth for the well is 530 meters with drilling and testing expected to be completed in February 2009.

Eromanga was trading at 24 cents, up 33%.

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Fri, 09 Jan 2009 00:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131421/eromanga-strikes-oil-in-brazil-shares-soar-0625.html