HIGHLIGHTS
A light sand fracture stimulation (frac) programme over the bottom 600 feet of cased hole on the Kennedy-1H well in the Sugarloaf area of the Austin Chalk gave a stabilized
condensate flow of approximately 40 barrels per day with minor gas. Evaluation of pressure and flow data was sufficiently encouraging to indicate that a larger frac with modified design over the same interval could improve this result. This second frac was commenced on 3rd July and is currently in progress.
The next Austin Chalk well in the Sugarloaf area is called Kowalik-1H. It will have a 6,000 foot lateral and is expected to spud shortly. The well is engineered to take
advantage of the knowledge gained from the work carried out to date within the area and an analogous offset field in the region. It will target the upper pay interval that is understood to have successfully produced gas and condensate at high flow rates in three wells in adjacent acreage. Thereafter, a programme of up to three more wells will follow.
The Wisteria prospect in AC/P32 Timor Sea, where Adelphi is close to free carried, is expected to be drilled commencing early August 2008 and contains Jurassic and
Cretaceous targets with up to 200 mmbbls oil potential.
In Yemen Block 7, a 277 square km 3D seismic survey commenced in the southwest corner of the block. As at 15 July 2008, approximately 65% of the survey had been
recorded.
Settlement discussions between the non-operating partners and the operator of the New Taiton lease were successfully resolved during the quarter.
In Indonesia, Adelphi has a preferential right to bid for a joint study area in the currently open bid round. Agreement has recently been reached with international companies to farmin to Adelphi’s preferential bidding rights in return for a significant carry on a future work programme and other related expenditures in a successful bid outcome.
On 15 July 2008 Adelphi announced a one for six non-renounceable rights issue to existing shareholders at 32 cents per share to raise approximately $5.7 million. The
offer opens on 24 July 2008 and closes on 8 August 2008. Adelphi’s major shareholder, ARC Energy Limited, has committed to taking up its full pro-rata entitlement in relation to its 32% shareholding.
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