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TALIUS GROUP LIMITED — Capital/Financing Update 2007
Aug 26, 2007
65893_rns_2007-08-26_d74e9091-368c-4002-9f74-3df82ffeb28c.pdf
Capital/Financing Update
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ASX Announcement
27 August 2007
DENO-GRAGG NO. 1 WORKOVER
Advance Energy Ltd (AVD) is pleased to announce that the third of its Palo Pinto County Workovers has been successfully completed.
Palo Pinto-Possum Kingdom Project
| Deno-Gragg No. 1 | Production Enhancement Workover |
|---|---|
| Project | Palo Pinto-PK |
| Prospect | Deno-Gragg |
| Well Type | Gas and Associated Oil |
| Location | Western Palo Pinto County, Texas |
| Depth | 4,160 feet |
| Working interest | 90.0 % |
| Operator | North American Energy (“NAE”) |
| Status | Producing into oil and gas sales facilities |
This Lower Conglomerate was successfully isolated and hydraulically fractured in this well earlier this month. The zone has since been producing at a sustained rate of 105 MCFEPD. Once this zone stabilizes, NAE will add the prior production of 25 MCFEPD to the flow stream.
The additional 105 MCFEPD is anticipated to add revenues to the company in excess of $220,000 USD over the next 12 months.
This procedure is the third of eight workovers that have been designed by NAE to increase the production from existing wells owned by AVD. The company is will continue to announce the further results of the program as they become available.
For further information contact:
Mr Anthony Short Managing Director Telephone: 08 9486 1122 Facsimile: 08 9486 1011
Advance Energy Limited is focused on the acquisition and development of oil and gas producing assets in Texas USA. The company aims to acquire assets with a combination of debt and equity that have current production and cash flow and to enhance production and cash flow through the further development of these assets. Once a property has reached its full productive potential and/or has achieved economic payout to Advance Energy, the Company would look to on sell all or part of its interest. It is the aim of the Company to develop a portfolio of assets which will be developed and traded to maximize returns on funds invested.
Advance Energy Limited ASX Code: AVD Website: www.advanceenergyltd.com.au
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