SALINAS ENERGY LIMITED
Sales Revenues up 218% on Last Quarter
SAE - June 2008 Quarterly Report - Mr John Begg, MD
Wed, 30 Jul 2008 10:00AM
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Salinas Energy
Wed, 30 Jul 2008
10:00AM Australia/NSW
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SALINAS ENERGY LIMITED (SAE)
ASX code: SAE
Website: http://www.salinasenergy.com/
Industry: Energy
Principal Activities:
Oil and gas exploration with interests in onshore California. The company also holds the patents for waste into energy technology.
Address:
420 Roberts Road
SUBIACO
WA
Phone: 08 9380 2111
Fax: 08 9380 2112
Executives & Directors
Mr Ian P Middlemas , Chairman, Executive Director
Mr John Begg , Managing Director
Mr Ron Miller , Non Exec. Director
Mr Dougal Ferguson , Finance Director
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Company ASX Announcements
Company ASX announcements can be viewed on the ASX website.
Announcements from the preceding six months are shown below.
Please refer to the relevant stock exchange if any of the above information is incorrect
SALINAS ENERGY LIMITED (SAE) Events
Australia/NSW
SALINAS ENERGY LIMITED (SAE)
| Cancellation of Shares - Form 484 | Mon, 5 Jan 2009 |
| Expiry of Share Options | Fri, 2 Jan 2009 |
| Salinas Board Changes | Wed, 31 Dec 2008 |
| Appendix 3Z | Wed, 31 Dec 2008 |
| Salinas Reorganises to Strengthen California Oil Production | Thu, 18 Dec 2008 |
| Results of Meeting | Tue, 25 Nov 2008 |
| Managing Directors Address to Shareholders | Tue, 25 Nov 2008 |
| Strong Oil Intersection in Latest Production Well | Mon, 24 Nov 2008 |
| Ceasing to be a substantial holder | Fri, 21 Nov 2008 |
| New Production Drilling at NSA | Wed, 12 Nov 2008 |
Please note: This company appears on this website as a result of its listing on the Australian Securities Exchange. Boardroom Radio does not claim any association with any company listed on this site.
INTERVIEW WITH JOHN BEGG, MANAGING DIRECTOR OF SALINAS ENERGY LIMITED (SAE)
“Sales Revenues up 218% on Last Quarter”
http://www.brr.com.au/event/48764
WEDNESDAY, JULY 30, 2008, 10:00 AM.
BRR Welcome to Boardroom Radio. Today I am joined by the Managing Director of Salinas Energy, Mr. John Begg. John, thanks for joining us today.
10 SAE Yes, thanks, James.
BRR The latest quarterly report from Salinas highlights first of all the strong operations at North San Ardo. John, can I get you to talk us through what were the highlights of this operation?
15 SAE Well, best quarter ever. That is because our production has ramped up to the levels that we forecast. In June, I think we are averaging well over 1000 barrels a day across the month and of course generated our best revenues ever, US$3.5 million for the month and we expect that sort of performance to continue.
20
BRR John, obviously a very strong result at North San Ardo. Do you have some other projects which you have outlined some of the progress you have made there in the quarterly? What is the focus here?
SAE We are very pleased with the way the North San Ardo project is going. There
25 are two things in that. One, it is performing at the high end of expectations for the project and it is a credit to our team, our operating team in California, the manner that we brought that project on stream. I think a clear demonstration of our capability to build a project from scratch and turn it into a real strong revenue-generating project that will underpin the Company. But really, the
30 focus of the Company is moving on. We have North San Ardo in the bag. What we now need to do is bring some of the other opportunities that we have secured and will be securing into production. That is really going to be the focus of the Company across the course of the year, continuing to build the revenue base from North San Ardo, and with that revenue, bring into play
35 some of these other projects.
BRR John, these other projects you mentioned, Paris Valley and McCool Ranch, what stage are they at and what is the news that we can expect from Salinas on these projects?
40 SAE Well, I think people could rightly think of McCool as a bit of a sleeper project because we commenced work on it probably six months ago, drilled a horizontal well and did some initial testing. We found that we needed to have increased fluid handling capacity to properly test or production test that well and two of the pre-existing vertical wells on the project. Now, to do that, we
45 needed to get permission from the government to dispose of produced water into an old well. That took us some time to do. We now have that and we are about to recommence a high fluid volume series of production tests on the wells at McCool. Now, that process will take us at least another two months, at which time we are hopeful of booking reserves at McCool. Now, McCool of course is a relatively small project with the capacity to perhaps add a million barrels of reserves to the Company. Nevertheless, that could be an important increment to our reserves base, but above and beyond that, in the same general San Ardo area, we have the Paris Valley project. Now, as you know,
5 that project is a previously discovered field also, relatively shallow, contains heavy oil, has many similar attributes to North San Ardo, although we expect to have certain technical challenges at Paris Valley that we will need to meet. We secured our rights to the project during last year, but then had been delayed by various title-related issues which we are close to clearing. This will
10 enable us, we hope, during the next quarter, to commence preparations for our drilling program at Paris Valley. Very importantly for us, Paris Valley is potentially 10 times the size of North San Ardo, and in the increased oil price environment since we acquired that project, the potential of the project looks better and better.
15
BRR Well, John, certainly it has been a very active and certainly a successful quarter particularly at North San Ardo. We look forward to the further developments of Salinas at the other projects you hold.
SAE Thank you, James.
20
BRR Remember, if you have any questions about this broadcast or any other broadcasts on Boardroom Radio, please send your questions to brr@brr.com.au.
INTERVIEW CONCLUDED
Contact brr@brr.com.au for more information
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