train leaving the station, page-75

i think some clown owes me a slab of some dodgy carlton dry beer, but i prefer grange.



Success at Sugarloaf Could Increase Valuation to >200cps -

Adelphi Energy Limited ("Adelphi", "ADI", "Company") has reported that total depth has been called at its Kowalik-1H well in onshore Texas (ADI 20%). The well has continued to report significant gas flares and high gas readings whilst drilling the 4,600 ft horizontal section.

Completion is scheduled to be finalised in 7-10 days before flow testing commences.

Gross flow rates of 5-10 million cubic feet of gas per day with 1,250-2,500 barrels of condensate per day could see our valuation increase to > 200cps.

Even discounting for the current market conditions, a 500% return on investment is not unreasonable if results are as per expectations.

Testing Imminent, Last Chance for Investment -

The next 2-3 weeks represent an opportunity to invest at low prices with significant leverage to a relatively high chance of success. The chance of success is considered to be good due to positive indications observed during
drilling and the success of wells on adjacent acreage, targeting the same play.

We rate Adelphi Energy Limited as a Speculative Buy.