SHG now has production from the 15% interest in the Roma Oil and gas JV. Total production sold is 555,000 GJ of gas since July 2003 of which SHG's share is 83,250 GJ.
SHG confirms that it has projects under development. "Our discoveries at Overston and Tardrum are in appraisal stage and following current operations, we will move to develop them into producing assets."
SHG is continuing with further exploration..."having drilled only 1 of our original targets to date...over the next quarter, 3 more of these will be drilled and tested."
OVERSTON APPRAISAL PROGRAM "Samson is currently undertaking the acquistion of 3D seismic, which will then be followed by the drilling of Overston 2 in this quarter..should further define the Overston structure to allow optimal well placement and on a more exciting note, could define a far larger structure than at first thought."
Sunshine is finalising an offer for a further two PEL's in NSW.
SHG states that financially speaking it is in a very strong position including the A$10.55m farm-out to Samson.
Also, SHG has issued a convertible note will close today oversubscribed to the tune of $1m, raising $5.6m..."which should see SHG through to a cashflow positive position by the end of next year."
TARDRUM-1 Flows of gas were recorded from both coal and sandstone intervals.
TARDRUM-2 Wirelogging operations has intersected a number of gassy coals and sandstones frpm 250m to 1400m...delivered results well above what is expected for commercial production.
Santos has indicated that they will hand operatorship to Samson and SHG as well as 75% interest in completion.
Operations in ATP 684P, 722P and 693P will also commence this quarter.
SHG Price at posting:
0.0¢ Sentiment: None Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)