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The well was spuded in October and is sheduled to be done by the end of this month (Nov). The stock has corrected itself in the last few weeks/month with a big "shake out of the tree" and looks ready to fly upwards again on speculation of the results. Last time it went from 0.40 - 1.30 on speculation on news of increased stake in deal to 15% and now it should do the same thing on results now siting in the 60 cent range on its way back up to over a dollar. Only 28,000 shares outstanding. Good Luck all current and now future investors.
Oracle Energy Corp.: Update on Beta-1 Well, Block 22, Yemen 11/7/2005
VANCOUVER, BRITISH COLUMBIA, Nov 7, 2005 (CCNMatthews via COMTEX) -- Oracle Energy Corp. (TSX VENTURECL)(FWB2E) is pleased to announce that it has been notified by Block 22 operator Yemen Mayfair Petroleum Corp. (YMPC) that good progress has been made on the drilling of the Beta-1 well. As of Sunday morning, November 6, 2005, a total depth of 1518 metres was reached and logs were run. Currently 9 5/8"casing is being set prior to commencement of drilling the prospective section down to 2500 metres.
Oracle Energy Corp. holds a 15% participating interest in Block 22. Principals of YMPC were instrumental in the discovery of Yemen's first giant oil field in the mid-1980's, located in the Marib basin. Block 22, was awarded to YMPC in 1993. It encompasses 8,151 square kilometers within the Tihama Basin in the western region of the Republic of Yemen.
ON BEHALF OF THE BOARD
Nasim Tyab, President
Posts: 31 | Registered: Nov 2005
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This article came from David Pescord's Stocktalk Late Edition newsletter. It talks about an analysist from Jennings Oil and Gas giving OCL a target or 2-3 to several dollars if it hits in approx. 14 days now. It is put out by Cannacord Capital Corporation. When the article was put out OCL only had a 7% stake in the project but have now been able to increase that to 15%. Article below (Aug. 27):
ORCALE ENERGY (V-OCL)
I've been learning the last seven or eight days - the hard way; that if the surgeon tells you that you are probably going to take about two weeks to recover from shoulder surgery and you are going to have some pain with it, he probably knows what he is talking about. So much for our thoughts about getting right back at it, but hopefully by next week we will be back to the salt mines, but in the meantime we have these squares to fill on a daily basis so we go to Jennings Oil and Gas Analyst Andy Gustajtis to help us out.
"Please, Andy, do you have anything a speculator might not be aware of in today's markets that he might want to know about and probably hasn't heard of? Gustajtis, always the obliging analyst, responds Oracle is one junior that a person should be looking at. Fully diluted, he says, it only has 28 million shares outstanding, so its got a very junior market cap at this time. They just recently farmed into some big holdings in Romania and much of that, he suggests, simply involves re-entry work. But, he says if you are looking for the pizzazz...they just farmed into a play in Yemen that has a 200 million barrel target and drilling should start in October and that he suggests is going to attract some attention. Seven percent interest (NOW INCREASED TO 15%) in a 200 million barrel prospect still works out to a potential two or three to a several buck target on a cheap stock, should it work out.
He mentions that the people involved in this play in Yemen, were the ones that originally were associated with Hunt Oil, the company that blew open the exploration in Yemen, 15 or 20 years ago, with the original discoveries that made this area as exciting as it is.
For a further look at the company, he suggests to take a look at Orcale's web-site at: www.oracleenergy.com. If you go into the web-site and see the management you will see that many of them have international connections in the oil and gas patch, much of it centered around Yemen.
Posts: 31 | Registered: Nov 2005
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Here is a great article put out a few months ago. Results from the drilling will be out in a few days and if they come as expected (200 million barrels), on only 28 million shares OCL will move quite dramatically up. It's a good read and really lets you know what's going on. Good luck:
Oracle Energy's High Octane Growth Formula Focuses on Company Maker Projects in the Oil-Rich Nations of Yemen and Romania
By Marc Davis, Managing Editor August, 2005
Oracle Energy Corp. (TSX.V-OCL) is a Canadian-based junior energy company that is involved in high impact oil & gas development projects in two of the world's most underdeveloped hydrocarbon-rich nations; Yemen and Romania.
The Company (http://www.oracleenergy.com0/) has been selected by SmallCapMedia for special consideration due to a high octane growth formula that involves farming-in (earning-in) as a minority partner in select company maker drill programs. Accordingly, the Company's bold growth strategy offers investors leveraged exposure to the type of opportunities that most other oil & gas juniors can only dream of. SmallCapMedia therefore regards Oracle as a clear stand-out among North America's multitude of low capitalized oil & gas equities.
Notably, Oracle is primed to benefit immeasurably from the imminent exploration of a major oil & gas prospect that is located on Yemen's Red Sea coast, only a short distance from the Saudi Arabian border. This unprecedented opportunity has only come into focus after the culmination of over a decades worth of intense systematic exploration in northwestern Yemen's Tihama Basin. Conducted by Oracle's majority interest joint venture partner, Yemen Mayfair Petroleum Corp., a total of at least U.S. $16 million has been spent in outlining the parameters of a highly prospective hydrocarbon field. Mayfair has completed three key exploration phases to date including the acquisition of 640 kilometres of high-quality 2-D seismic data (a sub-surface scan of the regional geology), and the drilling of three test wells.
The seismic studies reveal that the heart of the hydrocarbon field, known as Al Zaydiah Block 22, hosts a major formation or structure that has become the focal point of an upcoming high-priority drill program. All told, the lease holdings that encompass Block 22's untapped oil reservoir span an area of 8,151 square kilometers within the oil-rich Tihama Basin. Hence, there exists the prospect for the discovery of other major oil-bearing formations within this large exploration territory.
Meanwhile, the 2-D seismic data for the initial prospect suggests that this one formation alone boasts a projected inventory of in excess of 200 million barrels of recoverable oil. And this assessment is no pipe dream. It has in fact been carefully formulated by the highly reputable and accomplished geologists who are the driving force behind Mayfair.
Significantly, the commencement of drilling at the partnerships initial geological sweet spot, the Beta Prospect, is targeted for mid October. The drill rig has already been contracted out and is being currently transported to the property. Again, the prolifically sized formation that has been discovered is believed to involve multiple prospective pay zones hosting an estimated minimum of 200 million barrels of oil. In the eventuality that the initial mid-depth drill target proves successful, there exist a number of contingent offset drill locations all of which are strategically poised to tap into an array of prospectively very rich pay zones.
...In summary, the Company benefits from an enterprising business model that offers investors considerable blue sky or upside potential. Similarly, the advent of meaningful near-term cash flow promises to build significant intrinsic value into Oracle's share price. This is the type of finely calibrated risk/reward formula that SmallCapMedia believes will be the key to Oracle's success. Furthermore, the present climate of historically high energy prices makes for an ideal springboard to propel Oracle towards exponential near-term revenue growth.
From a technical standpoint, Oracle has a relatively tight share structure with about 20.1 million shares outstanding (approximately 28.1 million fully diluted). Such a situation, matched with positive news flow, typically acts as a catalyst to higher share price valuations. And already the imminence of two exciting high-impact drill programs this year is proving to be the catalyst to an upward trend in Oracle's share price in recent weeks.
Nonetheless, SmallCapMedia believes that the Company's stock in still considerably undervalued. In fact, the prospect of capitalizing on two home run opportunities (or even just one of them) unquestionably presents the fast track to significantly higher share price multiples. Thus, we believe that Oracle Energy Corp. is primed to be a strong performer during the balance of 2005 and beyond.
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