energy investments lately living up to name

Article from December mentioning some interesting projects incl some potential offshore opportunity?


Energy Investments lately living up to name

Energy Investments comes onto the radar after negotiating a couple of new oil & gas deals in the last month. The ASX-listed company purchased private Blue
Energy, providing access to a number of SA & Queensland projects. The most advanced is in PEL-106 where Energy Investments will fund 75% of Rossco-1
to earn 37.5% of production if successful. Century Rig-3 is moving to location to spud Rossco-1 which will be drilled to PTD 3000m over 25 days and primarily target gas in Patchawarra Formation sands with potential to hold approximately 12.8BCF (P50 case). The expected spud date is mid-December following rig maintenance. Energy Investments (ASX:EIV) is also funding 80km2 3D seismic in PEL-106 Paranta Block, and has until 31 March 2006 to elect to fully fund an exploration well to earn 50% of any production licence if successful. The asset sale was a change of strategy for Blue Energy, which had been working up an IPO to fund its projects.

Energy Investments’ other new projects via Blue Energy include an exclusive right to acquire up to 100% in nine Queensland applications covering ~29,110km2 of coalseam gas & conventional acreage. Energy ivestments has also submitted four applications in offshore Papuan Basin; APPL-271 to APPL-274, covering 65,000km2 which ‘provide exposure to the proposed PNGBrisbane gas pipeline’.

The company emerged from listed investment company Chieftan Securities in late 2004. Shane Doherty’s Lateral nominees recapitalised the company and its direction changed under his guidance.
Doherty was founding Chieftan shareholder & currently ASX-listed Baraka Petroleum executive chairman. Ex Sydney Gas CEO Bruce Butcher is also associated with Lateral Nominees; Doherty at one time worked with Sydney Gas. Former Sydney Gas director Domenic Martino is Energy Investments’ non-executive chairman. Butcher & Martino were ousted from Sydney Gas’ board in July after new chairman Michael Knight appointed April.

Full article belowhttp://www.pex.com.au/samples/pm_sample1.pdf