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Despite listing in what was a depressed week on the global markets, ironically due to the inflationary effects of high oil prices, the company said it was looking to bring forward the exploration program to have two wells drilled in the next two months.
It also suffered the effects of a dry hole a few weeks ago, which if it had come in, would have made for a vastly different opening day’s trading.
"Subject to rig availability, we are looking at re-scheduling at least one well for drilling in June," Enterprise Energy's managing director, Warren Leslie, said today.
"We have four wells scheduled for drilling over the next six months in our tenement blocks in the Cooper, Surat and Canning Basins," Leslie said.
"If we can accelerate this program, it provides options in terms of any discoveries, or, further expanding our drilling schedule."
Enterprise Energy's second scheduled well is Smegsy-1, a gas target in PEL-106 in the South Australian section of the Cooper Basin. The first well was as a 20% partner in the unsuccessful Acacia Grove-1 well in SA's Cooper Basin.
Acacia Grove-1, drilled in partnership with Cooper Energy and Liberty Petroleum, revealed minor hydrocarbon shows but was plugged and abandoned after failing to recover hydrocarbons on test.
Other planned oil wells are in PL-18 in the Surat Basin (the Yellowbank Creek oilfield) and in ATP-549P(West) in the Queensland portion of the Cooper Basin.
The fourth and final well in Enterprise Energy's 2004 program is the Stokes Bay-1 gas wildcat in the onshore Canning Basin of Western Australia.
Enterprise Energy joined the ASX with an initial 2,228 shareholders and 64.3 million ordinary shares and 32.2 million options on issue, after successfully completing an $8.47 million public offer and rights issue. The company was valued on listing at $12.87 million.
It is the 60th new listing on the ASX in 2004, the 156th for the 2003-2004 financial year, and the 64th company to have Adelaide as its home exchange.
Enterprise Energy's largest shareholder with an 11.6% interest is the Washington H. Soul Pattinson Limited group through Pitt Capital Nominees Pty Limited. Geoffrey Hill, the managing director of Pitt Capital Partners, has been invited to join the Enterprise Energy Board.
