Triple Energy (TNP) FA Heilongjiang Province, China
First post guys, please be nice :)
Triple Energy (TNP)is a gas and oil exploration company which holds an 80% interest in a Cooperative Joint Venture (CJV, known as Aolong Energy) with LongMay Coal Mining Company (Longmay)to explore and develop coal mining leases (2700 square metres) in Heilongjiang Province, China.
The project is located very close to the consumer market which pays pay $7 - $8 / mscf due to China's increasing demand for cleaner sources of energy (other than coal). The first wellwhich TNP drilled is 2.7km from the gas market.
Pretty much, the stock was initially sold down heavily after its 1M dollars in capital raising at 2.2c in June because of the intially disappoint drilling results. However, as shown in the figure below, despite TNP missing out on seams # 18 and #30, it seemed to have discovered a new seam (7.6m) below seam #18 which have not yet been tested by a DST. The previous seams 11 and 15 showed significant gas readings and demonstrates, to quote, "1) Potential for a significant increase in the Gas in Place calculations. 2) Reservoir permeability suitable for an unconventional gas project."
Although TNP has about 2 million dollars by the end of the june quarter which was insufficient to drill its second well, the last announcement has stated that it will not be issuing a capital raising but will be "likely by farming-down some of its current 80% interest in the project."
Cheers, I apologize in advance if I had missed anything Freehold. Also, I would just like to thank FRREHOLD for all his efforts in maintaining this awesome thread :).
