This morning news announced expectations of another prise rise in crude oil of 10% as experts believe it will hit another high between $58.00 to $60.00 USD a barrel..Interest in Oilers have not abated and would expect current share price as good entry levels.
ETE has found support @ 30c and buyers are showing interest again.
In the last announcement,
"Entek Energy Ltd advises that at 0600 hours Central Standard Time, Ventura-1 had reached its total depth of 1,984 metres in Basement and was preparing to run wireline logs to evaluate all the formations drilled in the well and the extent of the oil bearing sands that flowed oil from the Murta and Namur Formations from Drill Stem Test No 1 and 2.
Drill Stem Test No 1 recovered 2 barrels of oil/mud emulsion with no water from the tested interval 1,319 – 1,345 metres in the Murta Formation.
Drill Stem Test No 2 recovered 44 barrels of clean oil from the tested interval of 1,364 – 1,377 metres in the Namur Formation. Preliminary analysis of the Drill Stem test No 2 data from the oil zone in the Namur sandstone indicates the potential to produce 340 barrels of oil per day on pump. Observation of the drill cuttings during the drilling of the underlying Hutton and Permian targets has not indicated the presence of hydrocarbons, but this will be finally determined by the wire line logs to be run shortly."
Total share issue: 33,344,153
Worth watching at this point..
Cheers, Ace.
ETE Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
