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So it appears a lot of your time was with Chevron. Could I ask what your involvement was with Amoco and are you familiar with their Kenyan exploration.
For your information, I am also in the oil industry and I am a senior process engineer with a major based in multiple location in the Middle East.
WildcatDriller, very interesting that you claim to have been a "petroleum engineer for 39 yrs with Chevron, Marathon and Amoco, with a short stop with Texaco".
Could you tell us what projects and discoveries you were involved in please.
Also, you state you were with Amoco and Chevron so I would assume you have good knowledge of previous wells drilled by Amoco in Kenya in the 80's and possibly Chevron in the late 70's.
"does anyone know which company is responsible for our new resource estimate?"
Gaffney, Cline & Associates
http://public.bakerhughes.com/gca/
I have provided factual precise information validated by official links to correct the inaccurate ill-researched nonsense.
If others take offence to this then sorry but tough.
PS: Tor, you may want to reconsider your victimising abusive childlike posts before you send them as they always seem to be getting removed.
The recent HRN PP was for an aggregate of 18.75 million units at a price of CAD$0.80 per unit. Each unit comprised of one common share and one-half of a share purchase warrant. Each whole warrant is exercisable over a period of two years at a price of CAD$1.20 per share.
It was officially announced by AOI that they intended to acquire one-third or less of this private placement which, upon completion, will result in a dilution of AOC’s ownership interest in Horn.
http://www.africaoilcorp.com/i/pdf/AOI-2012-Q1-MDA.pdf
The link below details AOI's participation in the recent HRN PP:
http://canadianinsider.com/node/7?menu_tickersearch=HRN+%7C+Horn+Petroleum
As a result AOI's percentage stake in HRN has new decreased from 51% and when all options and warrants are taken up AOI's stake will decrease further.
It would have been helpful if HRN could update their share structure page to make this clearer as it is still dated May 31, 2012.
http://www.hornpetroleum.com/s/Share_Structure.asp
Actually AOI do not now own 51% of HRN. AOI's stake changed recently when HRN closed their $15m PP (June 8th).
HRN currently have 96,632,651 shares excluding options and warrants AOI currently own approx 46% of HRN. This percentage will continually decrease when all warrants and options are taken up.
I think the final percentage would be somewhere around 39% without taking into any future issue of shares, warrants and options by HRN.
Tor,
Africa Oil trades in the US via Pink Sheets. Usually with very small volume and the fact remains that just because it is Independence Day in the US on the 4th July it will not affect the SP nor have any affect on its main trading platform the TSX trading.
If you want to be entirely correct you have excluded the Deutsche Börse AG which also trades Africa Oil so you are wrong that it trades on just three exchanges.
For the pedantic amongst us it actually trades on four exchanges worldwide.
http://www.boerse-frankfurt.de/de/aktien/search_result?name_isin_wkn=africa+oil
Redinvest,
Makes no difference that it is Independence Day tomorrow in the US.
The TSX is open as normal and that is the market AOI trades on not US.
Redinvest,
Sorry but you are really mis-understanding everything now and getting yourself in a real mix.
Your link proves nothing and you will notice I have used OFFICIAL company releases not unfounded news articles. The date of you article is May 7th, I have used an OFFICIAL company release dated this date and done my damned hardest to make it as simple as I can for you!
I originally wrote the following regarding May 7th and provided the OFFICIAL TULLOW NEWS RELEASE not some wishy washy news article:
It was reported that "the well has now been deepened from 1,041 metres to 1,515 metres" and "a total pay count greater than 100 metres has now been discovered over a gross oil bearing interval of 650 metres"
http://www.tullowoil.com/index.asp?pageid=137&category=&year=Latest&month=&tags=&newsid=758
Again, PLEASE PLEASE re-read my original post very slowly and use the links I have provided within it. Any sensible person can clearly see all the information is contained with it and I could not make it more simple.
As for your recent reference of 12-20mtrs at Ngamia, you are wrong. You are thinking about Shabeel-1 and I have again provided a link for your review.
http://www.thepressreleasewire.com/client/africa_oil/release.jsp?actionFor=1615346&releaseSeq=6&year=2012
Please stop taking offence and familiarise yourself with the facts which I have provided because your comments are now becoming even more inaccurate.
Redinvest,
As I said before, slow down because you really are getting confused.
In you latest reply you now state "Yes, the 12-20 meters of gross pay is included in the 650 feet of gross pay".
There is no "12-20mtrs" in Ngamia-1. You are confusing these figures with Shabeel-1.
There is no "100m + 20m NET PAY" yet.
Just take a step back and slowly re-read my previous post paying very close attention to the following comments -
Officially, what we know so far from the operator Tullow is that we have the following:
In excess of 100mtrs from 849mtrs to 1,515mtrs and oil and gas shows OVER A GROSS INTERVAL OF 140 metres from 1,800mtrs to 1,940mtrs.
"If you add up the net pay, 20m, 100m, 140m, and 83m and convert that to feet, you wind up with 600 feet net pay ( recoverable )"
Redinvest, sorry buddy but you are really getting confused and far too ahead of yourself regarding RECOVERABLE NET pay.
We do not have 20m, 100m, 140m, and 83m of RECOVERABLE NET pay already.
The initial discovery reported on 26th March informed us Ngamia-1 had "encountered in excess of 20 metres of net oil pay" and the well "was drilled to an intermediate depth of 1,041 metres and has been successfully logged and sampled". I know oil shows where first encountered around 846mtrs and keep this in mind
http://www.tullowoil.com/index.asp?pageid=137&newsid=752
Pay close attention to the comments of Mr Kibaki where in the video below he clearly states beginning at 0:35secs "This weekend Tullow Oil, which has been propecting for oil in Block 10BB in Turkana County discovered oil in Ngamia-1 well at a depth of between 846 and 1,041mtrs. They established over 20mtrs of what is techically referred to as oil pay"
redinvest,
I think it is better to check the content of the article you have simply copied and pasted because it is not correct.
PTV now have a 37.5% gross revenue interest in Tartaruga production because they have funded more than their obligational amount of $5.6m. As of September 2011 they had contributed in excess of $6.3m.
Also they have given up their WI in the Reconcavo Basin in favour of a 5% royalty payment in just one block.
The author of the article which you copied and pasted has a reputation on SH far above his capabilities and despite pointing this out to him he still fails to acknowledge his errors which could mislead his many followers.
Very useful this post from Warnado1 on another site:
I made a comment yesterday regarding slide 9 (cut out section of Ngamia from 855mtrs to 1,500mtrs) and, following have been super nerdy with this post.
As I pointed out to CJ, I have RE-counted 29 (not 28 as originally thought) separate intervals of oil and gas shows indicated on the cut out section of slide 9. Upon looking into this further and relating it to a post on the RMP by 'Sadaat' which he details the "Drill record from UGANDA" I feel we really have something exceptionally special. Basically, 'Sadaat' gives information of Tullows certain previous wells in Uganda providing net pay encountered.
It is worthwhile reading the link to his post first before going any further as it gives a clearer picture.
http://www.iii.co.uk/investment/detail?code=cotn%3ARMP.L&display=discussion&action=detail&id=9632672
It is well known that we have "encountered in excess of 100 meters of net oil pay in multiple reservoir zones over a gross interval of 650 meters" as officially reported by AOI and Tullow have officially stated "a total pay count greater than 100 metres has now been discovered over a gross oil bearing interval of 650 metres". I think it is safe to say we have at least 100mtrs, so far.
Here is where the nerdy bit comes into it. I have enlarged slide 9 along with measuring tape to hand and come up with the following.
But before I go on I must point out that I have come up with a much greater meterage than both companies state. I know they both say "in excess of" and "greater than" but my calculations, based on slide 9's cut out section, can only be described as FAR "in excess of" and MUCH "greater than".
I can only justify my greater numbers by highlighting one particular interval which is clearly very large. Please pay attention to the depth chart of the cut out section because the only measurements given are every 50mtrs and 100mtrs.
The interval I want to highlight begins at 1,200mtrs (interval 16) and covers more than half of the chart onwards to 1,250mtrs. I actually make this section 30mtrs alone and the same can be said for the interval directly above this. I believe, according to the cut out section of slide 9, the section directly above 1,200mtrs are approx 30mtrs each (intervals 15 & 16).
I am sure one of the following links should work or maybe copy and paste to browser -
http://i49.tinypic.com/14njkow.jpg
http://tinypic.com/r/14njkow/6
As you can see from my interpretation of slide 9 I see 29 separate intervals which indicate oil and gas shows and collectively my total comes to approx 255mtrs which is much greater than the 100mtrs officially stated. They do also say "in excess of" and "greater than" and I am working from the most recent company issued document, so maybe, just maybe, not as impossible as it seems.
News of the first discovery at Ngamia was reported on the 26th March. AOI stated they had "encountered over 20 metres of net oil pay" and Tullow said "in excess of 20 metres of net oil pay" above 1,041mtrs. If we look at that on the recent cut out section on slide 9 it is easy to see that this is made up of 8 seperate intervals and, by my calculations, the stated >20mtrs reads 39mtrs.
What is accurate and correct?
All we currently know is that we have more than 100mtrs of oil pay but the most recent presentation indicates it could be a lot more and we are not even at TD.
Obviously it would be very naive to expect all the intervals to be producers and this is why I have highlighted the post of 'Sadaat'. Take another look at that post and I am sure you all know what I am trying to say.
All good, all very very good.
Thanks for the warm welcome redinvest, its very much appreciated.
As for your question regarding my hat, its currently hung in the UK as I am visiting the parents along with tying up and creating a few loose ends business-wise but my permanent home is Singapore with my wife and son.
I tend to agree with your gut feeling although I am not so sure that an announcement may arrive as early as next Monday. You have to consider the comments from both AOI and TLW.
AOI stated that "The Ngamia-1 well will now be drilled to a depth of approximately 2,700 meters 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"
TLW stated "The Ngamia-1 well will continue to be drilled to a total depth of approximately 2,700 metres to explore for deeper potential. Plans are being put in place to drill stem test the well although the exact timing of this testing is yet to be decided. The Weatherford 804 rig will then move 31 kilometres to the Tullow Operated Block 13T, where the Twiga-1 (formerly known as Mbango-A) wildcat well will spud in the second half of 2012"
In my opinion, given the comments above, I expect no news until TD unless something drastic happens in the meantime. After this the rig will remain onsite until all planned DST's are completed. If this is the case I think news next week is a lot to ask for really.
I am in no hurry and having been invested since 2010 I have grown used to waiting. The story is just starting to unfold and I think we have a very long way to run yet.
Regards
Aye aye Captain TamTam9042.
I can assure you I will be on my best behaviour and hopefully I can add something useful from time to time.
Thanks for the welcome.
Hi Everyone,
Whilst doing a little digging I noticed a few posts of mine copied over here. Really glad that you find them useful and I hope it continues.
Upon seeing this I decided to sign up to this site but upon doing so I found out I already have an account from 2009!
So, I have always been here and hope I can contribute something directly worthwhile of discussion.
Good luck everyone and I suspect we are going to do very well out of this