Hi all,Finished my shift a little while ago, noticed the price...

Hi all,
Finished my shift a little while ago, noticed the price took a serious tumble, looks like the sellers are in control. The share price fell because of (1) Oil prices falling overnight which has caused a panic, nearly all energy stocks down today and (2) Some still had some expections with Nulla Nulla-1.

Definitely overdone in regards to the share price and very cheap at current prices considering the original float was 20c per share with no Yellowbank, Nulla Nulla, or Smegsy-1 !!!!...I can also tell you the buyers today where doing their homework before hand by calling Mr Warren Lesile and working out EPE's value. He had heaps of phone calls!!

I also spoke to him for quite sometime.


These are the facts.

Yellowbank Creek-4
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Flow rate: 300bls per day @ $50.00 per barrel

Est Reservoir: at least 1,000,000 barrels

Cost: they will receive 85% until drilling is paid for @ $50.00 per barrel, thereafter 50%..

Note: Currently arranging surface pumps, sucker rods and workover rig.


Yellowbank Creek-2
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Currently shut-in.

Reason: Because of excess water.

It produced 200,000 Barrels.


Yellowbank Creek-3
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Currently Flowing

Flow rate: 5bls per day @ $50.00 per barrel
It also produced 200,000 barrels

It has been flowing since 1988 !!.

Plans - possible work-over rigs to increase flow rates, currently working out details.


Smegsy-1
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Estimating flow: 1,000,000 - 5,000,000 CF (are confident of getting 4 - 5 Million CF)

Est: 20 Billion CF

In progress testing and perforation planned setup by 12th Nov. Previously, log and pressure data have shown that over 24 metres of net gas pay occurs within the Patchawarra Formation with gas in place estimates of approximately 20 BCF.


Future Drills
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Yellowbank Creek-5

Stokesbay-1 was planned for October but the deal had to be completed by the end of August 2004 and were waiting on 40% finance from a company which run out of time.


Now do your figures, because I know the stock is worth a hell of a lot more.

I hope this helps

Go to go, chat later..


Cheers,
Ace.