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TALIUS GROUP LIMITED — Capital/Financing Update 2008
Apr 1, 2008
65893_rns_2008-04-01_d7fc9eed-1a19-4120-8df0-b2e09795ce1b.pdf
Capital/Financing Update
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ASX Announcement 2 April 2008
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Palo Pinto County-Brown-Vick Project Completion Update
Project Palo Pinto-Brown Vick Prospect BV Strawn Well Name Brown Vick #1 Well Type Gas and Associated Oil Location NE Palo Pinto County, Texas Producing Depth 2,500 feet Working interest 30.0 % Acreage 390 Acres Operator Dry Fork Production Co., LLC / Hibernia Resources Status Well Completed and awaiting sales line
Advance Energy Limited (AVD) is pleased to announce that they have established production from the Brown Vick Project. The Brown Vick #1 has been completed in the Strawn from 2,502ft to 2,510ft. The well has been stimulated and is currently shut in with 1,000psi tubing pressure. The well is to be tested on April 4, 2008 and it is estimated sales will begin in the middle of April at a rate of 400 Mcfpd (spot price today approx. US$10.00/mcf).
The Strawn has produced in excess of 1.0 Bcf of gas per well less than 2.5 miles from this project. It is anticipated that an additional four to eight wells will be drilled on this project.
Further announcements will be made as we progress with his well.
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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