POE (and GSA) , Pescod
CANACOL ENERGY (V-CNE) $1.53 +0.03
PAN ORIENT ENERGY (V-POE) $7.45 +0.56
For those that like the high risk/high reward plays, this
might be a weekend spent with a little less sleep, maybe
even a little more sweating than normal because next week
there could be results out on a couple of the more interesting
plays.
Canacol Energy and Sagres Energy are both involved in a
play in Guyana that we’ve written up a bunch...30 years
ago, Home Oil drilled and came up with 400 barrels a day.
One assumes that with modern technology, they could improve
upon that, right? But they aren’t drilling exactly the
same location as 30 years ago and so far, this has been the
‘hole from hell.’ Anything that could go wrong with the
drilling program, has gone wrong.
The target is huge as some analysts are talking about
100 million maybe even 150 million barrel potential. Needless
to say, results will have an impact for Sages Energy
and Canacol Energy.
Meanwhile, Sterling Resources should have news on its
first of three wells on the Cladhan and as Verbonac has
mentioned before, the question is how big this play might
be. Is it 150 million barrels or is it as much as 700 million
barrels or where is it in between.
The three wells should narrow it down...and then onto
the North Sea and the Paris Basin where Sterling is one of
the biggest land holders.
Meanwhile, Pan Orient Energy should be about two-thirds
of the way finished their first hole in Indonesia. They will
be drilling two wells before they start testing, but little Pan
Orient, with only 60 million shares outstanding and has a
huge 97% of a very considerable play, the first of two very
big ones in Indonesia.
Today Pan Orient’s stock started to show that people are
watching this play, even though the market just doesn’t
know what to do these days...
