The bonus is they are earning good money and will do for the next 15 years, the oil price is fantastic. Santos and Beach are looking after their interests.
So my advice to Drillsearch is take your time and find someone exceptional. They will be re-rated.
Drillsearch Energy Limited ASX RELEASE December Shareholder Operations Update Production from SW Queensland at Record Levels Drillsearch’s share of November production from SW Queensland was 13,808 bbls the highest to date; this followed on from the previous record set in October. With Naccowlah production recovering from the July 2007 Moonie to Brisbane pipeline outage and all immediately productive Cooper Oil Project wells now online at Tintaburra, the upward trend is expected to continue into December. Group Production History0500010000150002000025000Jul-05Oct-05Jan-06Apr-06Jul-06Oct-06Jan-07Apr-07Jul-07Oct-07boeGroup TotalSW Qld TotalTintaburraNaccowlahCanada Sales The November Group daily (calendar) production figures are as follows: Project boepd Tintaburra (oil) 430 Naccowlah (oil) 30 SW Queensland Total 460 Canada Sales (oil & gas) 236 Group Total 696 The pipeline outage will continue until mid 2008 and the operator Santos has done an excellent job in securing the trucks and installing the facilities to transport production by road both to Brisbane and to Moomba until replacement pipelines can be made operational. 2008 will see reduced activity in the Cooper Oil Project but Drillsearch could be involved in up to 35 wells in 2008. The status of the Cooper Oil Project is summarised in Map 1. - 2 - Map 1 – Cooper Oil Project November 2007 Exploration - Forging Ahead Drillsearch is also revamping its exploration activities and is moving ahead in the Bonaparte and developing major plays in what is to become the Company’s core area SW Queensland. Current exploration activities are summarised in Map 2. Map 2 – Exploration Status - 3 - Canadian Operations The debt owed to Drillsearch by the 62.7% controlled subsidiary Circumpacific Energy Corporation is to be settled and the Group’s Canadian operations will be revitalised as a consequence. Six wells are already planned for 2008 and new projects are under review. The status of the Group’s Canadian operations is presented in Map 3. Map 3 – Canadian Operations PETER SIMPSON EXECUTIVE CHAIRMAN December 21, 2007 Abbreviations: bbl – barrel bopd – barrel(s) of oil per day boe – barrel of oil equivalent boepd – barrel(s) of oil equivalent per day CER – Circumpacific Energy Corporation COP – Cooper Oil Project km – kilometres m – metres
DLS Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
