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Some good news from Louisiana




Friday, September 02, 2005
SINCE listing on the ASX seven weeks ago, Louisiana Petroleum has started production at the Caddo Pine Island Field project, which comprises five leases and 137 wells, where it is using modern technology to remediate old wells.

First production on the Ducote lease began with 156 barrels of oil sold on August 17 and the provision of a further 161 barrels a week later.

Twenty-four wells are on active swabbing rotation on this lease, following the mobilisation of the first swabbing unit.

A second unit was released to the Noel A lease, where a further six wells are on rotation.

Of the remaining wells not in production, 39 need servicing by a work-over-rig, which is expected to arrive in six weeks, before swapping can begin.

Louisiana Petroleum is banking on technology used by Metro Energy Group, the company that will be operating its wells, to significantly boost its returns. Metro also partners another Australian-based US energy play, Tomahawk Energy. Its directors Rick Holcomb and John Leenerts are on Tomahawk's board.

Walker said after listing costs and exercising its purchase option, Louisiana would have about $1.6 million in the bank.

Some of that money will be spent on applying Metro's casing swab technology to the wells. Louisiana Petroleum has a 100% working interest in the Caddo Pine Island Field project, which equates to 75% net revenue interest after payments are made to royalty owners and in taxes.

Meanwhile, the company lodged an application for a petroleum operator's licence today, which the executive director, Mathew Walker, said would give the business greater independence and flexibility to pursue other opportunities.

The Caddo Pine Island Field is in northern Louisiana, about 32 kilometres north-west of Shreveport and well away from the path of Hurricane Katrina.

look good buy price today for such aggressive company any thoughts ???
Regards
W