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both mes and axgc making nice (though not out of the woods) recoveries.
i will sleep a little better tonight.
http://www.hemscott.com/news/static/tfn/item.do?newsId=65852587025780
something to keep an eye on...whilst the share dips!
vnx news - explains the recent run up.
http://en.noclibya.com.ly/index.php?option=com_content&task=view&id=691&Itemid=1
nice flow rates
http://www.thenational.ae/article/20080726/BUSINESS/926884913/1137
russia again.... stating the obivious.
nope did get a chance to see ... little mcbeanburgers running amock. interesting though - what was the source for 85million?
indeed - when i plugged into me little spreadsheet it was the same.
good we now know how many shares out standing
41,663,600
don't and i mean don't mess with the "family"
http://www.bloomberg.com/apps/news?pid=20601085&sid=aamzYr2JJkgw&refer=europe
on a different note - aur and kin form partnership... aru sp up 60%
http://www.stockhouse.com/News/CanadianReleasesDetail.aspx?n=6985921
looks like vnx is making good progress and hence the recent rise in sp.
Verenex Energy Inc. - Libya Operational Update
CALGARY, Jul 23, 2008 (Canada NewsWire via COMTEX News Network) --
Verenex Energy Inc. ("Verenex" or the "Company") (TSX - VNX) is pleased to provide an update of its operational activities in Libya which continue to deliver excellent results.
DRILLING AND COMPLETIONS PROGRAM ON TRACK
The Company remains on track to drill 11 to 12 exploration wells in Area 47 in 2008 utilizing two drilling rigs under long term contracts, which would increase the number of wells drilled by Verenex to 19 to 20 by year end 2008.
Since the Company's first quarter results were released in early May 2008, three wells were drilled and cased, including the Company's second and third new field wildcat ("NFW") exploration wells B1 and C1-47/04 in Block 4 in the northern part of Area 47 and a third appraisal well A4-47/02 on the A1-47/02 oil discovery in Block 2 in the south. This increases the total number of drilled and cased wells to 13. A 14th well G1-47/02 is currently drilling.
Flow testing of the A1-47/04 well, the Company's first NFW exploration well in Block 4, was recently successfully completed and detailed results will be released following review and approval by the Libya National Oil Corporation ("NOC"). This is a significant result and confirms the potential of a new Lower Acacus play fairway in the northern part of Area 47 and provides the first positive results in the deeper Memouniat Formation. Flow testing is currently underway on the A4-47/02 appraisal well.
As announced previously, seven exploration and appraisal wells have tested at a maximum aggregate rate of approximately 83,000 bopd and have been suspended as potential future oil production wells. The testing results from the A1-47/04 and A4-47/02 wells will increase this aggregate rate.
A1-47/04 NFW Exploration Well Successfully Flow Tested
The A1-47/04 NFW exploration well (well No. 10) was drilled and cased to a depth of 10,400 feet in the Memouniat Formation. The Company recently completed extended flow tests on the well from a total of 85 feet of perforations in two intervals, including one interval in the Memouniat Formation and one interval in the Lower Acacus Formation. The Company expects to release these results shortly, concurrent with NOC confirmation of well status.
A4-47/02 Appraisal Well Currently Testing
The A4-47/02 appraisal well (well No. 11), the third appraisal well on the A1-47/02 oil discovery in Block 2 in the southern part of Area 47, was drilled and cased to a depth of 10,380 feet. The well is located on a Lower Acacus structure approximately 3.5 kilometres northwest of the A1-47/02 oil discovery and 3.0 kilometres northeast of the A2 appraisal well.
Logs and other formation evaluation results indicate that the A4 well intersected a water oil contact in Basal Sand 1 in the Lower Acacus Formation at the same subsea depth as the contact encountered in the A2 and A3 appraisal wells. This sand was oil filled in the A1 discovery well. Oil properties and pressure gradients are also aligned in all four wells.
The results from the A4 well provide further confirmation of an oil column height of at least 155 feet in Basal Sand 1 in a large structural and stratigraphic trap that encompasses the A1, A2, A3 and A4 wells.
Flow testing of Basal Sand 1 in the Lower Acacus Formation is underway and testing of the shallower Aouinet Ouenine Formation is expected to follow.
B1-47/04 NFW Exploration Well Drilled and Cased
The B1-47/04 NFW exploration well (well No. 12) was drilled and cased to a depth of 10,250 feet in the Memouniat Formation. B1 is the second well drilled by Verenex in Block 4 in the northern part of Area 47 on a structure defined by 3D seismic shot in 2007. The B1 well is located approximately 10 kilometres north of the Company's A1-47/04 indicated oil discovery and 1.0 kilometres northeast of the A1-61 well, which was drilled and abandoned in 1960 after encountering hydrocarbon shows in the Lower Acacus Formation.
The B1 well was cased based on hydrocarbon shows while drilling and open-hole formation evaluation results, which indicated the presence of hydrocarbons in the Lower Acacus and the Memouniat Formations. However, confirmation of well status and capability await testing results expected later in the third quarter of 2008.
C1-47/04 NFW Exploration Well Drilled and Cased
The C1-47/04 NFW exploration well (well No. 13), the Company's third well in Block 4, was drilled and cased to a final depth of 10,155 feet in the Memouniat Formation. The C1 well is located on a structure defined by 3D seismic shot in 2007 approximately 8.5 kilometres west of the B1-47/04 well.
The C1 well was cased based on hydrocarbon shows while drilling and open-hole formation results, which indicated the presence of hydrocarbons in the Lower Acacus and the Memouniat Formations. However, confirmation of well status and capability await testing results expected in the fourth quarter of 2008.
The drilling and formation evaluation program for the C1 well was accomplished with Ensign Rig 28 in 36 days establishing a new pacesetter time for spud to rig release.
G1-47/02 NFW Exploration Well Drilling
The G1-47/02 NFW exploration well (well No. 14) is currently drilling with KCA DEUTAG Rig T-19 to the Memouniat Formation after encountering encouraging hydrocarbon shows in the Lower Acacus Formation. Target depth is approximately 10,500 feet. The G1 well is the Company's second well in the eastern part of Block 2 and is targeting a structure defined by 3D seismic shot in 2007 approximately 6.5 kilometres northeast from the D1-47/02 oil discovery.
THIRD PARTY RESOURCE ASSESSMENT SUBMITTED TO NOC
Verenex has provided the NOC with a third party assessment of the Company's discovered resources and undiscovered potential in Area 47 as prepared by DeGolyer and MacNaughton ("D&M") of Dallas, Texas. The Company expects to release the results of this study following NOC review.
Verenex is a Canada-based, international oil and gas exploration and production company with a world-class exploration portfolio in the Ghadames Basin in Libya. Verenex is the operator and holds a 50% working interest in Area 47 in Libya. Under the EPSA terms for Area 47, Verenex would receive an initial production allocation (free of all taxes and royalties) of 6.85% in any commercial development scheme. A more complete description of the Area 47 contract terms is included in the Company's various filings on www.sedar.com.
This press release contains forward-looking statements, including but not limited to operational information, future exploration and development plans and anticipated future production. These statements are based on current expectations and are subject to a number of risks and uncertainties that could materially affect the results. These risks include, but are not limited to: financing risks; geological risks; drilling risks; risks associated with obtaining regulatory approvals; oil and gas industry operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the ability to attract and retain key personnel; the risk of commodity price and foreign exchange rate fluctuations; the uncertainty associated with negotiating with governments; and the risk associated with international activity. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in the company's securities should not place undue reliance on these forward-looking statements.
%SEDAR: 00020996E
SOURCE: Verenex Energy Inc.
Jim McFarland, President & CEO, Verenex Energy Inc., Telephone: (403) 536-8009; or Ken Hillier, Chief Financial Officer, Verenex Energy Inc., Telephone: (403) 536-8005, www.verenexenergy.com
Copyright (C) 2008 CNW Group. All rights reserved.
that sounds like a bad trip.
lol i enjoyed that.
that can mean only one thing.....
time for another rumour!!!!
yada yada yada
Total renews deal with Libyan National Oil Corp
guardian.co.uk - UK
PARIS, July 17 (Reuters) - French oil major Total said on Thursday it had signed an agreement with the Libyan National Oil Corporation to renew its ...
See all stories on this topic
UPDATE 1-Repsol says Libyan concessions extended to 2032
Reuters - USA
NOC agreed to spend half of $4 billion in planned investment with the aim of expanding production in the blocks, with the aim of reaching a plateau of ...
See all stories on this topic
DJ DGAP-Adhoc: EVN AG: EVN plans to implement a share buyback ...
Financial.de (Pressemitteilung) - Germany
EVN AG / Share Buyback/Share Buyback 18.07.2008 Release of an Ad hoc announcement, transmitted by DGAP - a company of EquityStory AG. ...
See all stories on this topic
UPDATE 1-Norway's Yara enters Libyan fertiliser venture
Reuters UK - UK
For the National Oil Corporation (NOC) of Libya the venture is part of a strategy to attract foreign investment and expertise with the aim of diversifying ...
See all stories on this topic
another gasprom acticle - for those bored of waiting
http://www.focus-fen.net/index.php?id=f1660
nice chart on vnx... cook'n
Libya, UAE firms sign $2.5bln refinery upgrade deal
http://africa.reuters.com/business/news/usnBAN453141.html
it was me calling out "mommy"! or was it Whoow Mama!?
or was it
Ride'm Cowboy?
more gasprom stuff.... electricity now
Russia Gazprom eyes electricity JV in Libya
http://www.guardian.co.uk/business/feedarticle/7645698
ot - nice to see vnx price has bottomed and starting to move up... propabably has no impact on our action thou.
agreed - my read was it was only noc oil anyway.. but looks like the russians have other ideas. not surprisingly.
this last line caught my eye:
"Libya is holding out on the final payment to the Lockerbie victims' families and backtracked on a settlement that would have compensated U.S. victims of the 1986 bombing of a disco in Berlin. Libya alleged the U.S. hadn't followed through on all of its commitments.
"
This can't helping the deal.
russians want to control gas coming into europe and hence have political control. I just don't see the libyan angle on this.
Drilling - i would guess so but not sure.
here is an other article
Gazprom to buy Libyan oil and gas
Wed, 09 Jul 2008 22:18:48
The Russian oil giant Gazprom has announced its plans to buy all of Libya's oil and gas exports after a meeting with the Libyan leader.
"Libya positively evaluated Gazprom's proposition to buy all future volumes of gas, oil and LNG (liquefied natural gas) designed for export at market price," said a Gazprom statement, issued after a meeting between its CEO Alexei Miller and Muammar Gadhafi.
Gazprom and Libya's National Oil Corporation (NOC) also agreed to set up a joint venture to modernize the North African country's refineries and to build new ones.
The two sides may cooperate in oil and gas exploration and development, Gazprom said, adding that the Russian company had also agreed to build pipelines from Libya to Europe.
Gazprom and Libya's NOC signed a memorandum of cooperation during former Russian president Vladimir Putin's April visit to Libya.
AKM/HGH
UPDATE 2-Gazprom eyes Libyan gas, oil exports
http://in.reuters.com/article/oilRpt/idINL0954368120080709
hmmmm indeed
indeed it is but still of interest here imo.
nat gas is different though as its very nice to have here in europe. any alternative to russia will be very welcome.
they have leaverage and they know it.
20% is the norm is these sorts of deals... any more is wishful thinking.
let's face it this play is all about faith.. you got it or you don't.
i still got it.
and another one but this one is more interesting....
http://www.petroleum-economist.com/default.asp?page=14&PubID=46&ISS=24437&SID=699646
if you didn't know already.....lolololololol
http://www.meed.com/editorschoice/2008/07/special_report_oil__gas__bureaucracy_hampers_national_oil_companies.html
have a look at eng.v - doubled today on a rumour (if that).
someday we'll in the middle of a storm like that... he says wistfully
yup... no rumours to keep the price up imo... sigh
here's another one i received today
http://www.primenewswire.com/newsroom/news.html?d=145126
i set up a google news alert on noc and libya this is came in today
http://en.ljbc.net/online/news_details.php?id=3227
if you are in amst - i'll stand you a beer or two.
i;m on skype also.
yes thanks peopel!
- haven't smoked my self into a corner and learning lessons from plants and shadows just yet lol.
i told winnie to start buying lazy sh1te.
bought some nog.v for those that care... hit oil in sask. NDOIF to you kay.
fantasic football... the dutch are charging.... first the world champians then france.
they have it to loose imo.
nice bit of buying today - i did hear a rumour but given the source i think i will go back to sleep.
mes down
pick your own clothes next time!
if it feels good do it!