asx release missing

According to EXR's Half Yearly report (a couple weeks ago), EXR has a stake in Pompano Well No.1, SL 103229.

BCC has issued a market sensitive (N!) news releasae to the ASX at 11:23AM today which included a trading halt. But nothing released to EXR's investers. Why??? Do we no longer have an interest in 103229 and if so, why haven't invester been informed?

Here is the release from BCC

ASX RELEASE – 27 MARCH 2008

POMPANO PROJECT – PRODUCTION RAT

As announced on 12 March 2008 production commenced at the SL 103229 No.1 well on Sunday 9 March 2008 (US Central time). This is a dual completion well, allowing for two sand intervals to be produced simultaneously, in this case the 6700A and B Sands.

Buccaneer Energy Limited ("Buccaneer" or "the Company") is pleased to announce that it has been informed by AnaTexas Offshore ("the Operator") that production at the SL 103229 No.1 well has stabilised at approximately 7.0 million cubic feet per day and 5 barrels of condensate per day. The Company expects to receive the proceeds of March 2008 production in early May 2008.

The individual sand intervals are producing at the following rates:
-) 6700A Sand 2.8 million cubic feet per day.
-) B Sand 4.2 million cubic feet per day and 5 barrels of condensate per day.


Since commencement of production the well has experienced a 90% utilisation rate. The Operator intends to monitor production in the B Sand for another 30 days during which time a decision will be made to increase the choke size whereby a corresponding increase in production may be experienced. If the choke size is increased an increase of up to 800,000 cubic feet of day is expected from the B sand.

Financial Impact

The following information is provided to allow shareholders to appreciate the financial impact of production from this well on the Company.

The net revenue amounts do not constitute a forecast for the Company. Corporate and administrative operating overheads need to be paid out of any net revenue received by the Company from gas sales.

Assumed Gas Sales Price received*: US$8.00 per thousand cubic foot of gas
Production Rate: 7.0 million cubic feet per day
Well Utilisation Rate: 100%
Gross Revenue per month: US$1,700,000
Anticipated Net Revenue per Month: US$1,080,000

Buccaneer share of Net Revenue based on 65.0% Working Interest: US$702,000 per month

Shareholders then need to apply the expected well utilisation rate to the net revenue amount. The Company anticipates a utilisation rate of 80% to be achievable over the course of any 12 month period.

The gas sales price received by the Company is a discount of between $0.30 $0.60 per thousand cubic foot of gas than the quoted NYMEX gas price.