Shares issued: 74,042,737
Warrants: 31,895,843
Options: 5,849,250
Fully Diluted: 111,787,830
Cash position: approx. $23 million
check their web site info: http://www.raytecmetals.com/news/
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
thank you redinvest, hadn't seen that,, , looking good over there !!
JUBILATION ACROSS PUNTLAND
From Dissident Nation
March 6, 2012 0:32 — 2 Comments
Jubilation Across Puntland
Since the breaking of headlines related to oil discovery at the Shabeel-1 well the past two days, word has spread quickly to communities throughout Puntland’s northern region of Bari and its sub-division of Karkaar.
In cities like Bosaso and Qardho, as well as smaller communities in Rako Raaho, Ufeyn, and Bandar Beyla situated in and around the Dharoor valley, celebrations have been kicking off. Locals reported to our correspondents in Somalia that car horns, and even occasional celebratory gunfire could be heard along the main streets of many towns and cities.
The breakout of celebration is due to a recent confirmation by Shabeel-1 well workers of a discovery of hydrocarbons at shallow levels in the drilling process. Even as far as the United States, families with ties to the Bari-Karkaar communities have been receiving phone calls from abroad confirming the day’s events.
An announcement from Puntland president Abdirahman Mohamed Mahamud is expected in the coming days, upon return from a diplomatic-related visit to the UAE.
Hirsi Fiqi, Editor
DissidentNation.com
------------------------------------------------
Red
Two new stories, both interesting, especially about the part about drilling in the Nugal Block before July 27th. They are already drilling in the Dharoor block and will be spudding another well, in the same block ,after they finish drilling their first well.
" Africa Oil wins new extension
In early January, Canada's Africa Oil and its partners on the Dharoor and Nogal blocks, Range Resources, Lion Energy and Red Emperor Resources, won a one-year extension of their exploration rights in the breakaway province of Puntland in north-east Somalia. In December, 2009, the companies already negotiated a first 12 month extension, promising to drill two wells (which they didn’t do). The new exploration period will last until Jan. 17, 2012 and calls on the firms to drill two wells, one in Nogal before July 27 and another on Dharoor before Sept. 27. "
" Puntland a pro-active oil player
Two wells are to be drilled in the first half of this year in the breakaway province of Puntland, which also wants to lure ConocoPhilipps back to the territory.
Sixty percent owned by Africa Oil Corp, Horn Petroleum began drilling its first well, Shabeel 1, in the Dharoor basin on Jan. 16. Three months later, drilling is to begin on a second well, Shabeel North 1, on the same block, and thereby comply - with a few months’ delay - with conditions laid down when its production sharing contact was extended for a year in January, 2011 (AEI 644).
While the boss of Puntland’s Petroleum & Mineral Agency, Issa Farah Dholowa, attended a ceremony inaugurating the drilling, another figure close to the province’s leader is emerging as a major force in the oil sector.
To be sure, Puntland’s president, Abdirahman Mohamud Farole, last year asked his son to persuade ConocoPhilipps to return to the province. Kadir Abdirahman Mohamud travelled to the United States last September and met with a lobbyist hired by his father to lure the American oil company back. The lobbying concern, Moffett Group, is headed by former Democrat congressman Toby Moffett. Kadir Abdirahman, who was travelling as a special envoy of the Puntland leader, seized the occasion to address think tanks in Washington, such as the Atlantic Council and play up the area’s security and good business climate in comparison with Mogadishu’s.
Conoco explored the northern region of Somalia, and particularly Puntland and Somaliland, until 1988. The Somaliland mines minister, Hussein Abdi Dualeh, also tried in 2011 to persuade Conoco to return to Somaliland and also approached Chevron. "
red
This might help. Red
http://bit.ly/pQppaZ
we had a chart peak in April , all down from there,,, when does it reverse ????
last 2 months chart doesn't show so good,,, but ,,, maybe it's time is coming !!!!!!
This.is,now.Africa.Oil.Co..and.new.ticker.is AOIFF
latest.news.Acqured.by.AFRICA.OIL.shares.exchanged.0.2.for.each.share.of.lion.energy
Press Release Source: Lion Energy Corp. On Friday June 10, 2011, 7:01 pm EDT
VANCOUVER, June 10, 2011 /CNW/ - (TSXV: LEO) - Lion Energy Corp. ("Lion" or "the Company") is pleased to announce that following receipt of shareholder approval on Wednesday, the Company yesterday obtained final approval from the Supreme Court of British Columbia for the plan of arrangement with Africa Oil Corp. ("Africa Oil"). Under the terms of the arrangement, Africa Oil will acquire all of the issued and outstanding shares of Lion in consideration for 0.20 Africa Oil shares for each common share of Lion. Any options or warrants to purchase common shares of Lion that are outstanding on completion of the acquisition by Africa Oil will be replaced or amended to entitle the holder to acquire common shares of Africa Oil, with the number of shares to be acquired and the exercise price each adjusted to reflect the ratio of 0.20 shares of Africa Oil for each 1.0 share of Lion. Subject to any remaining closing conditions, the transaction is expected to close on or about June 20, 2011.
On behalf of the Board,
LION ENERGY CORP.
John R. Nelson
President and Chief Executive Officer
last news here,,,march8th,,,need new news !!!!!!!read below
http://www.lionenergycorp.com/pdf/2011-03-08.pdf
March 8, 2011
TSX.V - LEO
09/10-30
LION ENERGY ENTERS LETTER OF INTENT WITH AFRICA OIL CORP. FOR BUSINESS COMBINATION
March 8, 2011, Vancouver, BC – Lion Energy Corp. (the “Company” or “Lion Energy”) (TSX.V – LEO) is pleased to announce that it has entered into a non-binding letter of intent with Africa Oil Corp. (“Africa Oil”, AOI – TSXV, AOI - NASDAQ OMX), a publicly traded oil and gas company listed on the TSX Venture Exchange and NASDAQ OMX, which sets out the basic terms and conditions pursuant to which Africa Oil proposes to acquire all of the issued and outstanding common shares of Lion Energy. Under the letter of intent the parties will negotiate and enter into a definitive agreement pursuant to which Africa Oil will acquire Lion Energy, by way of a plan of arrangement. The letter of intent provides that each share of Lion Energy will be exchanged for 0.2 shares of Africa Oil. The Company currently has 86,118,177 common shares issued and outstanding, 2,580,000 share options with a weighted average exercise price of $0.16 per share, and 11,445,000 warrants. The Company is also obligated to issue up to 50,000 common shares in another, unrelated transaction. It is proposed that each warrant will be exchanged into an equivalent number of warrants of Africa Oil, adjusted for 0.2:1 ratio noted above.
Lion is presently a joint venture partner of Africa Oil in Kenya and Puntland (Somalia) with respect to the
chart looking better, we waiting
Lion.Energy.Corp..is.a.well.financed.Canadian.exploration company based in Vancouver, BC, that is focused on acquiring, exploring and developing oil and gas reserves in Central & East Africa. Lion Energy initially partnered with Africa Oil Corp., a Canadian oil and gas exploration company with assets in Kenya, Somalia and Ethiopia, and a member of The Lundin Group of Companies. Lion Energy has agreements with African Oil for entry into the Production Sharing Agreements (PSAs) on blocks in Republic of Kenya and the State of Puntland, Somalia. The Company also holds several strategic investments in Potash, Sulphur Fertilizer and Uranium. Lion Energy's shares are listed on the TSX Venture Exchange under the symbol "LEO".
TSX:LEO,,,huge potential on this one,,,long ways to go !!!!!!
this pps been running since first of year !! maybe has a ways to go ,,, LEO like a lion !!!
LION ENERGY ENTERS LETTER OF INTENT WITH AFRICA OIL CORP. FOR BUSINESS COMBINATION
Tuesday, March 08, 2011
TSX.V - LEO
VANCOUVER, March 8 /CNW/ - Lion Energy Corp. (the "Company" or "Lion Energy") (TSXV: LEO) is pleased to announce that it has entered into anon-binding letter of intent with Africa Oil Corp. ("Africa Oil", AOI - TSXV, AOI - NASDAQ OMX), a publicly traded oil andgas company listed on the TSX Venture Exchange and NASDAQ OMX, whichsets out the basic terms and conditions pursuant to which Africa Oilproposes to acquire all of the issued and outstanding common shares ofLion Energy. Under the letter of intent the parties will negotiate andenter into a definitive agreement pursuant to which Africa Oil willacquire Lion Energy, by way of a plan of arrangement. The letter ofintent provides that each share of Lion Energy will be exchanged for0.2 shares of Africa Oil. The Company currently has 86,118,177 commonshares issued and outstanding, 2,580,000 share options with a weightedaverage exercise price of
.16 per share, and 11,445,000 warrants. TheCompany is also obligated to issue up to 50,000 common shares inanother, unrelated transaction. It is proposed that each warrant willbe exchanged into an equivalent number of warrants of Africa Oil,adjusted for 0.2:1 ratio noted above.
Lion is presently a joint venture partner of Africa Oil in Kenya andPuntland (Somalia) with respect to the following Blocks:
Block 9 (Kenya) Lion 33.3% Africa Oil 66.7%
Block 10BB (Kenya) Lion 10% Africa Oil 40% Tullow Oil plc. 50%
Dharoor Valley (Puntland) Lion 15% Africa Oil 45% others 40%
Nugaal Valley (Puntland) Lion 15% Africa Oil 45% * others 40%
* Subject to Africa Oil fulfilling its sole funding obligation to RangeResources Ltd.
In addition to the above properties, Lion has cash, cash receivables andtradable securities with an approximate aggregate value of $30,352,336.
Assuming satisfactory completion of due diligence, it is anticipatedthat the definitive arrangement agreement will be entered into by March25, 2011. The definitive agreement will provide for conditionsprecedent that are standard for a transaction of this nature, includingreceipt of all regulatory, partner and third party approvals, TSXVenture Exchange approval and approval by Lion Energy's shareholders.Lock-up agreements have been entered into between Africa Oil and theCompany's directors and certain of its principal shareholders who hold,in aggregate, 29.23% of the issued and outstanding common shares ofLion Energy.
Lion Energy has engaged Haywood Securities Inc. as its financial advisorin respect of the proposed transaction.
John Nelson, the Company's President and CEO, said: "The plan ofarrangement with Africa Oil will expose our shareholders to a greaternumber of highly prospective east African exploration blocks with muchhigher working interests, partners with very strong technical teams andlong term financial capability. Africa Oil has a seasoned managementteam and sufficient capital to fund additional explorationopportunities and development programs in the event of a discovery."
Keith Hill, Africa Oil's President and Chief Executive Officer,commented, "The acquisition of Lion consolidates our interest in theEast African rift basins in Kenya and Puntland (Somalia). The cashportion of the deal will further strengthen our balance sheet to allowus to fully fund the upcoming aggressive exploration drillingcampaign."
As indicated above, completion of the proposed transaction is subject toa number of conditions, including shareholder approval. There can be noassurance that the Transaction will be completed as proposed or at all.
On behalf of the Board,
LION ENERGY CORP.
John R. Nelson
President and Chief Executive Officer
3 month chart even better than before , this stock is moving !!!!!!
yes that news is just what they needed.
heavy trading today for this stock!!! heavy buying being done !!!
latest news item was nov.17th posted here !!!!
http://www.lionenergycorp.com/pdf/2010-11-17.pdf
LION ENERGY CORP
Operations and Investments Update
November 17, 2010, Vancouver, BC – Lion Energy Corp. (the “Company” or “Lion Energy”) (TSX.V
– LEO) reports on the application for a judicial review of the administrative process that resulted in the
issuance of exploration permits for, amongst others, Block 10BB (see also the Company’s news release
dated September 28, 2010). The application was made by Interstate Petroleum Ltd. against the Permanent
Secretary, Ministry for Energy in Kenya and included the Operator, Africa Oil Corp, as an interested
party.
The High Court in Kitale, Kenya heard the submissions of the parties on November 16, 2010 and will
issue a final ruling on the case on December 16, 2010. In the interim, the stay order that had initially been
imposed on operations under the exploration permits was lifted.
Amendments to the farmout agreement between the Company and Africa Oil, (see also the Company’s
news release dated September 2, 2010) are subject to the successful closing of a definitive farmout
agreement between Tullow Oil plc and Africa Oil, whereby Tullow will acquire a 50% interest in, and
operatorship of, three of Africa Oil's east African exploration blocks, comprised of exploration Blocks
10A and 10BB in Kenya and one exploration block in Ethiopia. Closing is subject to the final High Court
ruling to be delivered on December 16, 2010.
Africa Oil completed the 2D seismic acquisition program on Block 10BB in late October 2010 and has
now moved the seismic camp to Block 10A to initiate a 750 line kilometer acquisition program of 2D
seismic. The program will be completed in the first quarter of 2011. Drilling of the first exploration well
on block 10BB is expected to take place in mid 2011.
In two transactions this month, the Company sold an aggregate of 26,000,000 common shares of Encanto
Potash Corp. at a price of $0.20 each. Gross proceeds to the Company's treasury amounted to $5.2
million, less finders' fees/commissions of 5%. The Company's percentage shareholdings of Encanto are
now reduced to approximately 8.8%. As a result, the Company is no longer regarded as an "insider" of
Encanto. The Company continues to hold 19,846,525 common shares of Encanto. No further sales are
planned in 2010, and Company management intends to retain the remaining Encanto shareholdings as a
longer term investment. Proceeds from the sale will be used to fund ongoing operations in east Africa.
About the Company: Lion Energy Corp. is a well-financed, Canadian exploration company with a
vision to develop a significant presence in the developing oil and gas industry. The Company holds oil
and gas interests in four petroleum blocks located in the Republic of Kenya and in Puntland, Somalia.
The Company further holds an 8.8% interest in Encanto Potash Corp., a junior potash exploration
company and an 18% interest in Sulphur Solutions Inc., an emerging fertilizer company developing state-
of-the-art patented technology for the production of micronized sulphur fertilizer.
To find out more about the Company, please visit our website at www.lionenergycorp.com.
On behalf of the Board,
LION ENERGY CORP.
John R. Nelson
President and Chief Executive Officer
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS
DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
hey Durk, LEGYF is taking of today !!!!!!
something sure is doing something here today !!!
I do believe,,,this may be turning up,,,,finally !!!!!
THIS PPS DOING LOTS BETTER IN LAST 3 MONTHS !!!!!
yeah, sold over 1/2 of my position here too !!
I sure made the wrong desision selling this.
too impatient.
hey wolf , something happening here, finally ????
this co. well funded and will be able to reach their goals !!!!!!!!
this co. moving forward , things happenin' and will surprise us one day !!!!
ticker here has changed is LEGYF, needs board updated so comes up with ticker search
news is good , sounding good !!!
LEO.V news
Lion Energy's Bogal 1-1 reaches 5,085 m total depth
2010-05-12 11:12 ET - News Release
Mr. John Nelson reports
LION ENERGY PROVIDES BOGAL 1-1 WELL UPDATE
Drilling of Lion Energy Corp.'s Kenya block 9 Bogal 1-1 well reached a total depth of 5,085 metres. Gas shows and petrophysical analysis of wireline logs indicate multiple gas pay zones totalling approximately 91 metres in Lower Cretaceous sandstones. Seven-inch casing has been set and testing equipment is currently being mobilized from China. Test results are expected to be available over the next 60 days.
Company president and chief executive officer, John Nelson, concurs with comments recently made by the president of its partner, Africa Oil Corp. (AOC), stating: "Our first well in Africa appears to be a potential gas discovery. The size and commerciality has yet to be determined by testing, however, the initial analysis highlights the excellent prospectivity of the block. Following the test results, the joint-venture partners will meet to discuss the plan for potential Bogal appraisal work, in addition to exploring marketing scenarios to best commercialize gas in East Africa."
same here, big log-jam at .19 .195 also needs more volume.
yes , I did , waiting here to see what unfolds , have been in this a long time !!
did you see the latest news I posted?
News, Friday March 19/10
Lion Energy 11-million-share private placement
2010-03-19 19:55 ET - Private Placement
The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced May 26, 2009, and amended June 11, 2009.
Number of shares: 11 million shares
Purchase price: 30 cents per share
Warrants: 11 million share purchase warrants to purchase 11 million shares
Warrant exercise price: 50 cents for a two-year period
Hidden placees: 46 placees
Insider: Mopass Ventures Ltd. (Chris Verrico), 100,000
Pro groups: Robert Sali, 700,000; David Lyall, 300,000; Hesham Jamal Magid, 25,000; Tom English, 100,000; Barry Muir, 100,000; Ivano Veschini, 100,000; Matthew Gaasenbeek, 150,000; The MacLachlan Investments Corp. (Peter M. Brown), 200,000; Ali Pejman, 75,000; Colin Gibson, 100,000
Finder's fee: $165,000 cash and 550,000 warrants exercisable at 50 cents for two years, payable to Peninsula Merchant Syndications Corp. (Sam Magid)
The remainder is available to Stockwatch subscribers.
If you would like to give the Stockwatch system a try, click here for a free 30 day trial subscription.
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Lion Energy's Africa Oil farm-in approved by TSX-V
2010-03-15 06:03 ET - News Release
Mr. Brian Thurston reports
LION ENERGY RECEIVES FINAL APPROVALS FOR FARM-IN WITH AFRICA OIL CORP. AND ANNOUNCES INDEPENDENT RESOURCE ESTIMATE
The TSX Venture Exchange has granted its final approval for the farm-in agreement between Lion Energy Corp. and Africa Oil Corp., which grants Lion Energy the right to earn an interest in five petroleum blocks located in the Republic of Kenya and in Puntland, Somalia. See also the company's news release in Stockwatch dated May 28, 2009.
An independent assessment of the company's contingent and prospective resources has been completed by Gaffney, Cline & Associates. The independent assessment was completed Jan. 21, 2010, and was carried out in accordance with the standards established by the Canadian Securities Administrators in National Instrument 51-101 standards of disclosure for oil and gas activities.
Lion Energy has the right to earn an interest from Africa Oil Corp. in five petroleum blocks located in the Republic of Kenya and in Puntland, Somalia. These blocks contain underexplored plays in basins that have proven and productive analogues, or where the petroleum system is calibrated by existing well and seismic data. Please see the tables with numbers taken from the report of the in-place, contingent and prospective oil resources as summarized by Lion Energy.
Gross Net
Lion's working acreage acreage
Country Blocks interest (%) (square (square
kilometres) kilometres)
Block 09 10 27,778 2,777.80
Kenya Block10A 25 14,747 3,686.80
Block 10BB 20 12,491 2,498.20
Puntland Nogal 15 49,436 7,415.40
Dharoor 15 28,376 4,256.40
KENYA: CONTINGENT RESOURCES
Licence Discovery Gross in-place estimate (MMbbl)
Low Best High
Block 10BB Loperot-1 7 15 63
KENYA BLOCK 10BB SUMMARY OF GROSS CONTINGENT RESOURCES
AS AT DEC. 1, 2009
Licence Discovery Gross contingent resource (MMbbl)
1C 2C 3C
Block 10BB Loperot-1 2 5 25
KENYA BLOCK 10BB SUMMARY OF NET CONTINGENT RESOURCES
AS AT DEC. 1, 2009
Licence Discovery Net contingent resource (MMbbl)
1C 2C 3C
Block 10BB Loperot-1 0.4 1 5
Loperot-1 discovery and contingent resources
The Loperot-1 well was drilled in 1992 to test a fault closed structural trap. The discovery has gross and contingent resources reported in the tables. The Loperot-1 discovery is classified as contingent resources since oil has been proven to exist in the structure from the results of the well, which recovered oil on drill stem test. Reclassification of these contingent resources to reserves will require additional activity to identify the presence of a potentially economic volume of oil at the Loperot-1 discovery. This activity could comprise the acquisition of additional seismic data to confirm the area of closure and the drilling of a well or wells to appraise the extent of the discovery, demonstrate hydrocarbon quality and reservoir productivity. The minimum commercial field size will need to take into account the local economic, environmental, political and regulatory issues including the current lack an infrastructure in the area. These issues will need to be addressed in the field development plan for the discovery, which when sanctioned would allow the volumes to be classified as reserves.
Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political and regulatory matters, or a lack of markets. It is also appropriate to classify as contingent resources the estimated discovered recoverable quantities associated with a project in the early evaluation stage. Contingent resources are further classified in accordance with the level of certainty associated with the estimates and may be subclassified based on project maturity and/or characterized by their economic status.
Low estimate
This is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate. If probabilistic methods are used, there should be at least a 90-per-cent probability (P90) that the quantities actually recovered will equal or exceed the low estimate.
Best estimate
This is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50-per-cent probability (P50) that the quantities actually recovered will equal or exceed the best estimate.
High estimate
This is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered will exceed the high estimate. If probabilistic methods are used, there should be at least a 10-per-cent probability (P10) that the quantities actually recovered will equal or exceed the high estimate.
There are several contingencies that prevent the classification of the contingent resources as reserves. Lion Energy has no definitive plans to develop the oil resources in block 10BB at this time and accordingly these are considered contingent resources. An evaluation has yet to be conducted in order to determine the economic viability of these contingent resources.
KENYA BLOCKS 9, 10A AND 10BB SUMMARY OF (UNDISCOVERED) OIL
PROSPECTIVE RESOURCES AS AT DEC. 1, 2009
Gross
best
estimate Gross LEO Net
of oil best working best
Prospect/ P/L in place estimate interest estimate
Licence lead (MMbbl) (MMbbl) (MMbbl) GCoS
Block 9 Bogal (Deep) P 1,334 206 10% 20.6 0.18
Block 9 Bogal-2
Shallow P 378 95 10% 9.5 0.16
Block 9 Ndovu W-1 L 257 64 10% 6.4 0.1
Block 9 Ndovu W-2 L 191 48 10% 4.8 0.12
Block 9 Ndovu W-3 L 106 27 10% 2.7 0.11
Block 9 Duma East L 215 54 10% 5.4 0.125
Block 9 Duma N-1 L 533 133 10% 13.3 0.11
Block 9 Duma N-2 L 604 151 10% 15.1 0.12
Block 9 Duma N-3 L 191 48 10% 4.8 0.11
Block 9 Duma S-1 L 278 70 10% 7 0.12
Block 9 Duma S-2 L 106 26 10% 2.6 0.11
Block 9 Kaisut L 423 106 10% 10.6 0.1
Block 10A Lead A L 442 103 25% 25.75 0.08
Block 10A Lead B L 335 82 25% 20.5 0.09
Block 10A Lead C L 48 12 25% 3 0.1
Block 10A Lead D L 217 53 25% 13.25 0.08
Block 10BB Kamba P 276 83 20% 16.6 0.14
Block 10BB Kapunga P 248 74 20% 14.8 0.14
Block 10BB Kamutai P 199 60 20% 12 0.14
Block 10BB Kegilai P 54 16 20% 3.2 0.09
Block 10BB Kalabata P 13 4 20% 0.8 0.14
Block 10BB Ngiri L 974 292 20% 58.4 0.06
Block 10BB Paa L 58 17 20% 3.4 0.04
Block 10BB Pofu L 107 32 20% 6.4 0.05
Block 10BB Mamba L 1056 317 20% 63.4 0.06
Block 10BB Nyati L 111 33 20% 6.6 0.05
Block 10BB Tumbili L 218 55 20% 11 0.04
Block 10BB Kiboko L 50 15 20% 3 0.06
Block 10BB Kuru L 186 56 20% 11.2 0.07
Block 10BB Duma L 198 59 20% 11.8 0.05
Block 10BB Heroe L 266 80 20% 16 0.06
Block 10BB Fisi L 134 40 20% 8 0.06
Block 10BB Twiga L 186 56 20% 11.2 0.05
Block 10BB Chorea L 366 110 20% 22 0.07
Block 10BB Tai L 273 82 20% 16.4 0.05
Block 10BB Chura L 481 144 20% 28.8 0.04
Block 10BB Chui L 271 81 20% 16.2 0.05
Block 10BB Popo L 102 31 20% 6.2 0.04
Notes:
1. Net prospective resources are stated herein in terms of LEO's net
working interest (WI) in the properties and, due to the very immature
nature of these prospective resources, have not been computed as net
entitlement volumes under the relevant PSC. In this regard these
volumes stated herein will exceed the volumes which would arise to
LEO under the terms of that PSC should a discovery of the size
indicated be made and subsequently developed.
2. It is inappropriate to report summed-up prospective resource volumes
or to otherwise focus upon those of other than the best estimate.
3. The geologic chance of success (GCoS) reported here represents an
indicative estimate of the probability that the drilling of this
prospect would result in a discovery which would warrant the
recategorisation of that volume as a contingent resource, although the
volume of resource so categorized would reflect the results of the
discovery well and may be significantly different (higher or lower)
from those reported here. These GCoS percentage values have not been
arithmetically applied within this assessment.
4. P/L means prospect or lead. A lead is a geological feature
that is currently poorly defined and requires more data acquisition
and/or evaluation in order to be classified as a prospect for
drilling.
5. This table of information is a summary compiled by Lion Energy Corp.
based on information provided in the report.
(1) Bogal (deep) is currently being tested by the Bogal-1 well that
spudded on Oct. 28, 2009. This well has a pTD of 5,500 metres and is
expected to take up to six months to complete.
PUNTLAND SUMMARY OF UNDISCOVERED OIL PROSPECTIVE RESOURCES
AS AT DEC. 1, 2009
Gross
best
estimate Gross LEO Net
of oil best working best
in place estimate interest estimate
Licence Lead Reservoir (MMbbl) (MMbbl) (MMbbl) GCoS
Nogal Kalis Jesomma 1,830 457 15% 68.55 0.11
Gumbero 681 171 15% 25.65 0.09
Gabredarre 1,663 416 15% 62.4 0.13
Kalis Jesomma 207 52 15% 7.8 0.08
south
Gumbero 114 28 15% 4.2 0.07
Gabredarre 278 70 15% 10.5 0.09
Kalis Jesomma 1,079 268 15% 40.2 0.11
SE
Gumbero 611 154 15% 23.1 0.09
Gabredarre 1,457 364 15% 54.6 0.13
Kalis Jesomma 330 83 15% 12.45 0.1
SW
Gumbero 184 46 15% 6.9 0.08
Gabredarre 453 113 15% 16.95 0.12
Kalis Jesomma 319 80 15% 12 0.1
west
Gumbero 176 44 15% 6.6 0.08
Gabredarre 421 105 15% 15.75 0.12
Nogal Jesomma 378 95 15% 14.25 0.11
SE-A
Gumbero 210 53 15% 7.95 0.09
Gabredarre 507 126 15% 18.9 0.13
Nogal Jesomma 227 57 15% 8.55 0.11
SE-B
Gumbero 126 32 15% 4.8 0.09
Gabredarre 308 77 15% 11.55 0.13
Nogal Jesomma 293 73 15% 10.95 0.12
south
Gumbero 162 40 15% 6 0.1
Gabredarre 391 98 15% 14.7 0.14
Darin Dharoor Jesomma 1,196 299 15% 44.85 0.08
block
Gumbero 664 166 15% 24.9 0.06
Gabredarre 1,760 440 15% 66 0.09
Lead 1 Jesomma 360 90 15% 13.5 0.06
Gumbero 200 50 15% 7.5 0.05
Gabredarre 520 130 15% 19.5 0.07
Lead 2 Jesomma 220 55 15% 8.25 0.06
Gumbero 120 30 15% 4.5 0.05
Gabredarre 320 80 15% 12 0.07
Lead 3 Jesomma 144 36 15% 5.4 0.06
Gumbero 80 20 15% 3 0.05
Gabredarre 220 55 15% 8.25 0.07
Notes:
1. Net prospective resources are stated herein in terms of LEO's net
working interest (WI) in the properties and, due to the very immature
nature of these prospective resources, have not been computed as net
entitlement volumes under the relevant PSC. In this regard these
volumes stated herein will exceed the volumes which would arise to
LEO under the terms of that PSC should a discovery of the size
indicated be made and subsequently developed.
2. It is inappropriate to report summed-up prospective resource volumes
or to otherwise focus upon those of other than the best estimate.
3. The geologic chance of success (GCoS) reported here represents an
indicative estimate of the probability that the drilling of this
prospect would result in a discovery which would warrant the
recategorisation of that volume as a contingent resource, although the
volume of resource so categorized would reflect the results of the
discovery well and may be significantly different (higher or lower)
from those reported here. These GCoS percentage values have not been
arithmetically applied within this assessment.
4. P/L means prospect or lead. A lead is a geological feature
that is currently poorly defined and requires more data acquisition
and/or evaluation in order to be classified as a prospect for
drilling.
5. This table of information is a summary compiled by Lion Energy Corp.
based on information provided in the report.
Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Prospective resources are further subdivided in accordance with the level of certainty associated with recoverable estimates assuming their discovery and development and may be subclassified based on project maturity.
Prospective resources are undiscovered resources that indicate development potential in the event the discovery is made and is commercial, and they should not be construed as reserves or contingent resources.
Work program
Puntland (Somalia)
Under the terms of the PSAs for the Nugaal and Dharoor blocks, the company and its partners are required to drill one exploration well in each block during each exploration period. The first exploration period expires in January, 2011, and the second optional three-year exploration period would be expected to expire in January, 2014. During the exploration period on both the Dharoor and Nugaal blocks, the company and its partners are obligated to complete G&G operations (including geological fieldwork, geochemical surveys, reprocessing seismic). In addition, the company and its partners are required to drill one exploration well during each of the two exploration periods, with a minimum expenditure of $5-million during each exploration period. As consideration for farming into the Dharoor and Nugaal blocks, Lion has agreed to finance 30 per cent (to a maximum of $5.1-million (U.S.)) of the first $17-million (U.S.) of future JOA costs incurred in drilling one exploration well on each of the Dharoor and Nugaal blocks. Lion will be responsible for financing its working interest share of all other joint operating expenses. The company and its partners are currently in the planning stage for a two-well drilling program expected to commence in 2010.
Kenya
Under the terms of the block 9 PSA, with the drilling of the Bogal-1 well, which is currently continuing, the company and its partners have fulfilled and exceeded the minimum work and financial obligations of the initial exploration period. As consideration for farming into block 9, Lion has agreed to finance 33.3333 per cent (to a maximum of $5-million (U.S.)) of JOA costs to be incurred by the farmor, related to drilling the Bogal-1 well. Lion will be responsible for financing its working interest share of all other joint operating expenses.
Under the terms of the block 10A PSC, the initial four-year exploration period expires in October, 2011, the company and its partners are obligated to complete G&G operations (including acquisition of 750 kilometres of 2-D seismic) with a minimum expenditure of $7.8-million. Additionally, Lion and its partners are required to drill one exploration well with a minimum expenditure of $8.5-million. As consideration for farming into block 10A, Lion has agreed to finance 50 per cent (to a maximum of $4-million (U.S.)) of future joint operating expenses in the performance of a seismic program. Lion will be responsible for financing its working interest share of all other joint operating expenses. The company and its partners are currently in the planning stage of a 750-kilometre 2-D seismic program planned for 2010. An exploration well is planned for 2011.
In accordance with the terms of the block 10BB PSC, the initial exploration period expires in January, 2012, the company and its partners are obligated to complete G&G operations (including acquisition of 200 kilometres of 2-D seismic and 200 square kilometres of 3-D seismic) with a minimum expenditure of $6-million gross. In addition, the company is required to drill one exploration well with a minimum expenditure of $6-million. As consideration for farming into block 10BB, Lion has agreed to finance 40 per cent (to a maximum of $6-million (U.S.)) of future joint operating expenses in the performance of a seismic program and drilling of one exploration well. Lion will be responsible for financing its working interest share of all other joint operating expenses. The company and its partners are currently in the planning stage of a 600-kilometre seismic program planned for 2010. An exploration well is planned for 2011.
We seek Safe Harbor.
url link for latest news !!! http://www.lionenergycorp.com/pdf/2010-03-03.pdf
url link for lion energy !! http://www.lionenergycorp.com/home.php
still here, and waiting as well.
we still here,still waiting , looking for news soon !!!!
ah, I see,,,,, I believe they will be back soon,,,,,jmho
I meant the bb assistants, I thought we had a few more people helping out.
Leo.v will explode soon,, we will get a good heads up first, I'm buying the cheapies as much as I can every month.
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KENYA | SOMALIA |
http://www.lionenergycorp.com/home.php
Shares issued: 74,042,737
Warrants: 31,895,843
Options: 5,849,250
Fully Diluted: 111,787,830
Cash position: approx. $23 million
check their web site info: http://www.raytecmetals.com/news/
.......
new info , almost no change in 2 years , share count still same !!!!!!! cash changed a little !!! no dilution !!!!!
Shares issued: 74,042,737
Warrants: 31,895,843
Options: 5,849,250
Fully Diluted: 111,787,830
Cash position: APPROX. $13 million AS OF NOV 30 , 2009
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