Ellixor Financial Investments

Ellixor - investment picks for microcap stocks.

Wednesday, July 12, 2006

Link of interest


Candex Energy

Candax Energy* (CAX : TSX : $0.76)Net Change: -0.22, % Change: -22.45%, Volume: 4,213,120Sitting shoulder-to-shoulder with Domi, McSorley and Probert. Candax released its long-awaited results from its onshore well at Chaal in Tunisia. The company was unable to determine reliable flow rates due primarily to wellbore damage caused by drilling fluids necessary to control the well during drilling. Initial indications from Chaal-1 were encouraging, with a gross hydrocarbon section of 450 metres and a net reservoir estimated at 90 metres. Gas and condensate were present during drilling. Prior to drilling, the Chaal prospect had been assigned probable reserves of 60 Bcf with the potential upside to 190 Bcf to 844 Bcf. While the drilling and testing difficulties are disappointing, the company and its partner, Mitsubishi, have not abandoned the play. Candax will attempt to use a coiled tubing unit to implement further testing on the well, including acidization. It is not known at this time the extent of penetration of drilling fluids into the wellbore and whether a reliable test can be achieved. However, Candax and its partner are sufficiently encouraged at this point to state that they will develop a programme for further appraisal drilling and development. Candax has a cash position of approximately $70 million or $0.41 per share and a net cash position (cash less long-term debt) of approximately $48 million or $0.28 per share.

Tuesday, July 04, 2006

BCMetals Delays Drilling Program for Fish Habitat

This delay spawns yet another great opportunity to load up on this stock before drilling resumes in October.

bcMetals Corp. has temporarily suspended mobilization of the drill rig and support equipment to its Red Chris property to undertake the exploration program previously reported in Stockwatch on May 30, 2006, due to the presence of spawning rainbow trout at a permitted creek crossing along its access tote road. bcMetals will monitor the creek crossing and remobilize equipment once it is demonstrated safe to do so without impacting rainbow trout spawning activity, expected to be around mid-August. The Red Chris exploration camp has been reactivated and will be held on a care and maintenance basis during the interim period. Based on a mid-August start-up, the drilling program should be completed on or before mid-October.
The 7,000- to 10,000-metre diamond drilling program will focus on the Far West and Gully zones, which lie to the southwest of the East and Main zones, the target of the currently designed open pit. The Far West and Gully zones have a inferred resources of 116 million tonnes at 0.32 per cent copper and 0.29 gram per tonne gold, at a 0.20 per cent copper cut-off, as estimated from 16,432 metres of diamond drilling in 51 holes. The object of the new drilling program is to improve the confidence level of this estimate from "inferred" to "measured and indicated" as a basis for preparing a feasibility study, and to potentially expand the size of the existing 43-101 reserve. At least one hole will be drilled in the East zone to test extensions at-depth that could represent a future underground target due to the East zone's high grade.