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FAPLF FINRA Deleted Symbol
http://otce.finra.org/DLDeletions
New direction in the oil patch being looked at. Wait for it.
Flying A cancels LOI for Were Ilu, arranges financing
Ticker Symbol: C:FAB ; FAPLF
Flying A cancels LOI for Were Ilu, arranges financing
Flying A Petroleum Ltd (2) (C:FAB)
Shares Issued 21,684,957
Last Close 10/5/2012 $0.03
Tuesday October 09 2012 - News Release
Mr. Nash Meghji reports
Further to Flying A Petroleum Ltd.'s news release of Feb. 22, 1012, negotiations on a final agreement have continued for the past several months. While it appeared at various times a signed agreement was imminent, the company has yet to receive a signed document. As such, the company will not be proceeding with the letter of intent announced on Feb. 22, 2012. While management continues to discuss a possible agreement with Falcon Petroleum, it is now vigorously investigating other investment opportunities.
Due to the length of time it has taken trying to conclude an agreement with Falcon Petroleum, the company, subject to regulatory approval, has arranged a private placement of up to $250,000 in units of the company at a price of five cents per unit. Each unit will consist of one share and one warrant, with each warrant exercisable for one year at a price of 10 cents per share. The proceeds will be used for general working capital and to investigate other investment opportunities. Finders' fees may be paid in conjunction with the private placement in accordance with regulatory requirements.
We seek Safe Harbor.
Still waiting. Unstable government after PM's death not helping any.
Slowly building (re-building) the bids
up nearly $3 on Syria, once it calms oil will test recent lows.
It's going to be an interesting five year period in growth in Eastern Africa.
Finally some vol. Hope to see it continue.
Decent market activities return, hopefully investors get some confidence back.
Tough oil market but still amazingly profitable price point even at $83 today. $50 oil would bring huge profits.
Market conditions are lousy, this will change. Owning here is a great idea.
We are in the East Africa Rift, the Rift Valley, Ethiopia, a famous place on earth.
Running out of time for the lower priced shares. Suddenly the market will realize this has the same strike potential as African Oil, AOI.V or AOIFF OTC
$8+ and this should be there too in a few years. Get the dime stock now or its just a memory.
Full reports available at: www.sedar.ca
Neighboring oil strike
AFRICA OIL: NGAMIA-1 WELL DISCOVERS ADDITIONAL OIL IN KENYA
Africa Oil Corp. has provided the following update in respect of the previously announced oil discovery at the Ngamia-1 well on block 10BB, Kenya. Africa Oil holds a 50-per-cent working interest in this block, which is operated by Tullow Oil PLC, which holds the remaining 50-per-cent interest.
The Ngamia-1 exploration well in Kenya has now been deepened to a total depth of 1,515 metres and has encountered in excess of 100 metres of net oil pay in multiple reservoir zones over a gross interval of 650 metres. Following the initial announcement on March 26, 2012, that Ngamia-1 had encountered in excess of 20 metres of net oil pay, the well has now been deepened from 1,041 metres to 1,515 metres. A further four good quality, oil-bearing reservoir zones have been encountered. Due to deteriorating hole conditions, a sidetrack of the well was required to deepen the well. Moveable oil with an API greater than 30 degrees has been recovered to surface from six of these intervals. This oil has similar properties to the light waxy crude encountered in the upper reservoir zone.
The Ngamia-1 well will now be drilled to a depth of approximately 2,700 metres to explore for deeper potential including the Lokhone sandstone which was one of the primary objectives of this well. Plans are in place for at least two drill stem tests upon completion of drilling operations. The Weatherford 804 rig will then move to Block 13T where the Twiga-1 (formerly Mbango South) wildcat well will spud in the second half of 2012. A further rig is being sourced to drill the Block 10A Paipai prospect in the Cretaceous Anza Graben system.
Africa Oil president and chief executive officer, Keith Hill, stated: "The total pay sand thickness in this well has far exceeded predrilling estimates and certainly has highly positive implications for numerous similar prospects on trend. Based on these results, we are working with our partner Tullow to source additional rigs and acquire additional seismic to accelerate the exploration campaign in this basin. Our goal in the near term will be to assess the size and extent of the potential of this newly discovered basin."
WTI down almost $4.00 today. Stay positive, even at $25 bbl the major oil companies make a load of money. Analysts are saying WTI $85 and Brent trading at a discount to that as it used to do.
Ethiopia shipping to Europe and Asia will do very well with their oil sales.
So will Flying A (FAPLF or FAB.V)
Drilling in the new find area of Ethiopia.
MOU done and announced. LOI due and should be announced next week.
Drilling for oil summer of 2013.
info@flyingapetroleum.com to get report
http://www.flyingapetroleum.com/
Details being updated, write company for PowerPoint and two page blurb.
Great new project in Ethiopia. Check it out.
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