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AND secondly it is then the operators choice to release news or allow non operating partners to release an approved (by the operator)version of material/non material news.ERHC had released news on their own while it was the operator prior to Cepsa.
as far as the JDZ is concerned,
nothing(that requires Govt. approvals and announcements) can be reported OFFICIALLY without JDA approval and announcement.
You have been here long enough to know that "IF" you had read and retained that information.
Have you heard that Official announcement from the JDA yet?
ERHC has stated that they cannot announce official events occurring prior to OFFICIAL announcements by appropriate govt officials or agencies. Binding agreements are just that BINDING!
It's never realized till the drill bit confirms. IMO
this estimate was done with comparable structures to existing producing structures in the surrounding area. There was oil in Block 1 and block 2....but not in commercial quantities as per the drill bit. The lack of activity points towards less than required quantities for deep water exploration.
The turbidite fan structures were said to not have trapping seals and thusly we were left with methane gas migrating up and not trapped or sealed off. the maps had shown that the faults were there but weren't all the way down to the basement so there were leaks within the fault structures.
This is my opinion from what I have read and simplified for discussion purposes...LOL
Baz
condor1
IMO they did a great job getting operaters to drill 5 wells deep water(which they knew was expensive)and negotiating an insurance of no cost to them if there was no production.They indeed would of had to repay through cost oil while still taking some profits,which is what we all wanted.
ERHC is doing the right things with what they are in control of.
IMO....we are ahead of the curve for minnows like us.Management has done a nice job, amid financial constraints,getting more assets on board or in the pipes..IMO
Taipan seeking to mitigate risk
From the latest presentation:
"Focus: Opportunities are actively being screened to widen portfolio in areas
where our skillset is relevant to broaden portfolio in Africa"
"Strategy to identify high impact / quality exploration prospects and manage
costs and schedule whilst maintaining material stakes (30%+)"
Identifying additional Exploration Assets in Africa in order to expand exposure to
additional exploration drilling"
From the October 23rd conference call:
"And over the next two to three years, we want to get the company exposed to at least five exploration wells, because this is a statistical game, and we need to have the pipe full of exploration targets."
To be honest its good to see Taipan going after as many drill events as possible, while they can. They've done a good job securing Block 1 which secures the second fully funded drill - either "El Wak" or the "Khorof" prospect.
And page 16 of the new presentation actually says they've committed to TWO wells on Block 1 which means Taipan have now 3 drills in their Near-term portfolio. The "El Wak" prospect is a staggering 1,200 km squared! (Sala was about 60km squared) - There's some massive Stratigraphic plays and surface anticlines. A geologist I work with says Stratigraphic plays are harder to identify on seismic but when you do find them , they can be enormous. Block 1 is a massive expanse , sparsley populated, the size of a country like Belgium. Taipan and Afren have it all to themselves and there are two identified oil seeps on the Block. Its about 20 times the size of the Lokichar basin where Tullow and AOI have been making their discoveries. Its got the tight oil discoveries to the North of it at El Kuran 1 and El Kuran 3. The rock is older - Jurassic . It looks like Taipan and Afren want to acquire 250km more 2D over "El Wak" before drilling, just like they've done on Badada, to define the drill location.
On other exploration acreage - Taipan have cash and options. They've built a great relationship with the Government of Kenya and Max Birley's reputation as a real oil man is understood within the Ministry of Energy.
For the Block 2B loyalists, it looks like Block 2B WILL get drilled first , and I do believe they will stick to their December timeline, if not before that. A snippet from their well engineers, Norwell Engineering's website seems to confirm that drill plans are well underway.
http://www.norwellengineering.com/home/default.asp?pageid=4
So a Tertiary Drill, along a bounding fault , in a basin where big gas discoveries and oil is being recovered on drill stem test, will be Taipan's first drill. Would be nice to get another conference call from management or a shareholder's letter to give us a full update on where things are at or what is going on.The attached video is new - shows Max talking about why he went for Taipan and possible acquisitions and mergers
Taipan Youtube Video 1
"The Tertiary Section thickens up"
"Two wells is fine, but it doesn't buid an oil company - we now have to expand on that, if we could build on Kenya that would be great,
If opportunities aren't available then we can go to Tanzania or nearby countries"
Q: "Are you going to be able to get that critical mass - Is there much left of that African frontier?"
A: "Block - 1 - There's a structure thats so big that you can see it from google earth - 400kmsq on surface, gravity feature of 1,200 km sq - with an oil seep on top of it, its very rare these days that you can see (undrilled) remaining structures on google earth - so under-explored - so is there anything left in Africa - well absolutely!"
That video just simply hits home the prospectivity of Block 1 for me - its a giant, and Afren and Taipan have stolen a march on the industry by snapping it up. The important thing to bear in mind is that Max Birley is keen on building an oil company, not just a one or two well opportunity. Nice to be in at this level - market cap $44million and looking forward to watching us sail to the $200million pre-drill level, and who knows, maybe $1.2billion dollars after the "Badada" (Block 2B) and "El Wak" or the "Khorof" prospects (Block 1). Another video with Max talking below - where he mentions a potential London listing also -
Max youtube video 2
"If we can raise the money to do what we are trained to do, then there is only one result - we are going to find hydrocarbons"
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<
Read more at http://www.stockhouse.com/companies/bullboard/v.tpn/taipan-resources-inc#ItR6g1bbVcmBPMHj.99...
Taipan hasn't drilled any prospects yet
http://www.taipanresources.com/news.html
JUNE 03, 2014 - TAIPAN RESOURCES INC. COMPLETES FARM-OUT WITH TOWER RESOURCES FOR BLOCK 2B ONSHORE KENYA
MAY 23, 2014 - TAIPAN RESOURCES INC. BEGINS TRADING ON OTCQX®
MAY 21, 2014 - TAIPAN RESOURCES INC. CURES DEFAULT IN BLOCK 1 KENYA
APRIL 14, 2014 - TAIPAN RESOURCES INC. ANNOUNCES BOARD APPOINTMENT OF MR. STEPHEN LOWDEN
APRIL 09, 2014 - TAIPAN RESOURCES INC. FARMS OUT 15% OF BLOCK 2B KENYA TO TOWER RESOURCES
APRIL 08, 2014 - TAIPAN RESOURCES INC. ANNOUNCES CLOSING OF SECOND AND FINAL TRANCHE OF PRIVATE PLACEMENT
APRIL 07, 2014 - TAIPAN RESOURCES INC. ANNOUNCES CLOSING OF $6,000,000 PRIVATE PLACEMENT
MARCH 21, 2014 - TAIPAN RESOURCES INC. ANNOUNCES $6,000,000 PRIVATE PLACEMENT
MARCH 6, 2014 - TAIPAN RESOURCES INC. ANNOUNCES NEW SEISMIC DATA CONFIRMS ROBUST CLOSURE AT THE 251 MILLION BARREL
FEBRUARY 13, 2014 - TAIPAN RESOURCES INC. ANNOUNCES 388 % INCREASE IN TOTAL UNRISKED PROSPECTIVE RESOURCES ON BLOCK 2B
FEBRUARY 3, 2014 - TAIPAN RESOURCES INC. ANNOUNCES UPDATE ON THE 220 MILLION BARREL PEARL OIL PROSPECT
JANUARY 5, 2014 - TAIPAN RESOURCES: APPLYING PRE-DRILLING MULTI-BAGGING HYPOTHESIS INDICATES HUGE SHORT TERM UPSIDE POTENTIAL
DECEMBER 18, 2013 - TAIPAN RESOURCES INC. COMPLETES $30.5MM FARMOUT WITH PREMIER OIL FOR BLOCK 2B ONSHORE KENYA
NOVEMBER 21, 2013 - TAIPAN RESOURCES IN GOOD COMPANY IN KENYA WITH TULLOW AND AFRICA OIL AS PARTNERS
OCTOBER 28, 2013 - TAIPAN RESOURCES INC. OCTOBER 23, 2013 CONFERENCE CALL
OCTOBER 21, 2013 - TAIPAN RESOURCES TO HOST INVESTOR CONFERENCE CALL
OCTOBER 14, 2013 - TAIPAN RESOURCES INC. ANNOUNCES FARMOUT AGREEMENT WITH PREMIER OIL PLC FOR BLOCK 2B ONSHORE KENYA
OCTOBER 14, 2013 - PREMIER OIL PLC (FARM-IN TO BLOCK 2B, ONSHORE KENYA)
OCTOBER 10, 2013 - TAIPAN RESOURCES INC. ANNOUNCES THE APPOINTMENT OF PAUL LOGAN AS EXPLORATION MANAGER
JULY 19, 2013 - TAIPAN RESOURCES INC. GRANTS STOCK OPTIONS
MAY 30, 2013 - TAIPAN ANNOUNCES MANAGEMENT CHANGES & ENTERS INTO CONSULTING AGREEMENT WITH FRONTIER CONSULTING INC.
MAY 27, 2013 - TAIPAN TO HOST CONFERENCE CALL TUESDAY, MAY 28
MAY 8, 2013 - TAIPAN RESOURCES INC. SHAREHOLDERS’ LETTER AND OPERATIONAL UPDATE FROM CEO, MAX BIRLEY, NAIROBI KENYA
APRIL 18, 2013 - TAIPAN RESOURCES INC. ANNOUNCES COMPLETION OF FTG SURVEY ON BLOCK 2B ONSHORE KENYA
MARCH 20, 2013 - TAIPAN RESOURCES INC. ANNOUNCES COMPLETION OF 2D SEISMIC DATA SURVEY & COMMENCES FTG SURVEY
FEBRUARY 13, 2013 - TAIPAN RESOURCES INC. ANNOUNCES CLOSING OF PRIVATE PLACEMENT
JANUARY 31, 2013 - TAIPAN RESOURCES INC. ANNOUNCES $3,000,000 PRIVATE PLACEMENT
JANUARY 22, 2013 - TAIPAN RESOURCES INC. GRANTS STOCK OPTIONS
JANUARY 17, 2013 - TAIPAN RESOURCES INC. ANNOUNCES COMMENCEMENT OF 2D SEISMIC DATA RECORDING
JANUARY 10, 2013 - TAIPAN RESOURCES INC. ANNOUNCES AWARD OF FULL TENSOR GRAVITY SURVEY TO ARKEX LTD.
NOVEMBER 22, 2012 - TAIPAN RESOURCES INC. ANNOUNCES 2D SEISMIC ACQUISITION TO COMMENCE IN JANUARY
NOVEMBER 13, 2012 - TAIPAN RESOURCES INC. ANNOUNCES BOARD APPOINTMENT OF MR. MAXWELL BIRLEY
NOVEMBER 7, 2012 - SHAREHOLDER'S LETTER - AN OPERATIONAL UPDATE FROM CEO, MAX BIRLEY
SEPTEMBER 24, 2012 - TAIPAN RESOURCES ENGAGES INVESTOR RELATIONS FIRM KIN COMMUNICATIONS INC.
SEPTEMBER 13, 2012 - TAIPAN RESOURCES INC. ANNOUNCES BOARD APPOINTMENT OF MR. ADAM ZIVE
SEPTEMBER 11, 2012 - TAIPAN RESOURCES INC. ANNOUNCES BLOCK 2B ONSHORE KENYA FARMOUT DISCUSSIONS
JULY 31, 2012 - TAIPAN RESOURCES INC. ANNOUNCES THE APPOINTMENT OF MAXWELL BIRLEY AS CHIEF EXECUTIVE OFFICER.
JULY 24, 2012 - REVERSE TAKEOVER COMPLETED, NON BROKERED PRIVATE PLACEMENT.
JULY 17, 2012 - CLOSING OF THE PRIVATE PLACEMENT FINANCING AND COMPLETION OF THE AMALGAMATION WITH LION PETROLEUM CORP.
JULY 03, 2012 - BLOCK 2B FARM-IN AGREEMENT WITH NEWAGE AND UPDATE ON PROPOSED MERGER WITH LION PETROLEUM CORP.
JUNE 20, 2012 - TAIPAN RESOURCES INC. PROVIDES UPDATE ON PROPOSED MERGER WITH LION PETROLEUM CORP.
JUNE 19, 2012 - IIROC TRADING RESUMPTION - TPN
JUNE 14, 2012 - UPDATE ON PROPOSED MERGER WITH LION PETROLEUM CORP. AND UPDATED SPROULE REPORT
JUNE, 05, 2012 - IIROC TRADING HALT – TPN
MAY 31, 2012 - PRIVATE PLACEMENT FINANCING FOR OIL & GAS EXPLORATION OF BLOCK 1 AND BLOCK 2B ONSHORE KENYA
MAY 28, 2012 - TAIPAN RESOURCES INC. ANNOUNCES BOARD APPOINTMENT OF MR. STEPHEN LOWDEN
MAY 17, 2012 - UPDATE ON PROPOSED MERGER WITH LION PETROLEUM CORP. AND UPDATED SPROULE REPORT
MAY 10, 2012 - TAIPAN RESOURCES INC. ANNOUNCES BOARD APPOINTMENT OF MR. CHARLES WATSON
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In the 10Q
ERHC has shown aprox $76,000.00 as an expense towards new possible awards in new possible assets.
Looks like an entry bid(bids) on new acreage.
They have stated that they are looking for new assets or new acreage to bid on.
Who knows but,Erhc has been very active and adept in the last few years in acquiring and bidding for prospective acreage in Africa.
Time will tell.
IMO....they have enough to keep them busy,but,THEY seem to have plans and irons in fires not yet announced or snuffed out.
Baz
2011?
maybe a tad old news, but we shall see if it is in SNP/AXC's future.
yes it was confusing.I did make the correction to 20 million 500 thousand. We are expected to pay our % portion somewhere down the road.
Cheers KP!
I thought it was to a maximum of US $20,500,000.00 for the 100% carry.
IMO....LOL
Mid this is utter B.S.
Maybe you missed some posts and examples of Confidetiality agreements sooooo!
seems to be confidentiality here as well...
Cepsa?? maybe there is a reason for NDA's while bargaining in the same area for more Block entries.
Ya I know IMO.....could be a possibility!
Swala Farm Out today
The bit I don't like is that the well-carry for Swala is only subject to the seismic identifying a drillable prospect. Thank God our Max Birley did his own seismic, identified his own prospects and then farmed out those prospects, the carry being the drill of that prospect - for definite. Kenya: Swala Energy farms out Kenya Block 12B - secures funding for multi-well drilling program Swala Energy has announced the signing of a binding farm-out agreement for a 25% working interest in Block 12B (Kenya) with an international integrated oil and gas company, that will see Swala free carried through two exploration wells. The principal terms of the farm-out agreement are that the Farmee will: • Pay Swala’s past costs; • Pay all of Swala’s costs associated with the planned 350-km 2D seismic survey up to a cap of US$2.7 million (net to Swala’s working interest); • Pay all of Swala’s costs associated with the drilling of a first exploration well up to a cap of US$7.5 million (net to Swala’s working interest), subject to positive results from the 12B seismic survey; • Pay all of Swala’s costs associated with the drilling of a second exploration well up to a cap of US$7.5 million (net to Swala’s working interest), subject to positive results from the first exploration well; • Pay all of Swala’s costs associated with any work programme agreed to by a majority vote under the Production Sharing Agreement ('PSA') in excess of the work commitment under the PSA. Completion of the farm-out is subject to certain conditions including the consent of the Kenyan Government and the Competition Authority of Kenya, until which point the Farmee has requested confidentiality. Upon completion of the transaction Swala will retain a 25% net working interest in Block 12B, the Farmee will own a 25% net working interest and Tullow Oil will hold a 50% net working interest and continue to act as the Operator. Dr. David Mestres Ridge (CEO) said, 'We are very pleased to welcome a company of the Farmee’s financial and technical standing to the 12B joint venture. The Board believes the farm-out is the most cost-effective and least dilutive way to strengthen the Company’s balance sheet in anticipation of the forthcoming activity both in Block 12B and in our other assets. This will allow the Company to focus its energies and resources on existing operated assets and the continued growth of the Company’s portfolio'.Source
Read more at http://www.stockhouse.com/companies/bullboard/v.tpn/taipan-resources-inc#HGiGJKICb0VMMvxK.99
seems to be confidentiality here as well...
Cepsa?? maybe there is a reason for NDA's while bargaining in the same area for more Block entries.
Ya I know IMO.....could be a possibility!
Swala Farm Out today
The bit I don't like is that the well-carry for Swala is only subject to the seismic identifying a drillable prospect. Thank God our Max Birley did his own seismic, identified his own prospects and then farmed out those prospects, the carry being the drill of that prospect - for definite. Kenya: Swala Energy farms out Kenya Block 12B - secures funding for multi-well drilling program Swala Energy has announced the signing of a binding farm-out agreement for a 25% working interest in Block 12B (Kenya) with an international integrated oil and gas company, that will see Swala free carried through two exploration wells. The principal terms of the farm-out agreement are that the Farmee will: • Pay Swala’s past costs; • Pay all of Swala’s costs associated with the planned 350-km 2D seismic survey up to a cap of US$2.7 million (net to Swala’s working interest); • Pay all of Swala’s costs associated with the drilling of a first exploration well up to a cap of US$7.5 million (net to Swala’s working interest), subject to positive results from the 12B seismic survey; • Pay all of Swala’s costs associated with the drilling of a second exploration well up to a cap of US$7.5 million (net to Swala’s working interest), subject to positive results from the first exploration well; • Pay all of Swala’s costs associated with any work programme agreed to by a majority vote under the Production Sharing Agreement ('PSA') in excess of the work commitment under the PSA. Completion of the farm-out is subject to certain conditions including the consent of the Kenyan Government and the Competition Authority of Kenya, until which point the Farmee has requested confidentiality. Upon completion of the transaction Swala will retain a 25% net working interest in Block 12B, the Farmee will own a 25% net working interest and Tullow Oil will hold a 50% net working interest and continue to act as the Operator. Dr. David Mestres Ridge (CEO) said, 'We are very pleased to welcome a company of the Farmee’s financial and technical standing to the 12B joint venture. The Board believes the farm-out is the most cost-effective and least dilutive way to strengthen the Company’s balance sheet in anticipation of the forthcoming activity both in Block 12B and in our other assets. This will allow the Company to focus its energies and resources on existing operated assets and the continued growth of the Company’s portfolio'.Source
Read more at http://www.stockhouse.com/companies/bullboard/v.tpn/taipan-resources-inc#HGiGJKICb0VMMvxK.99
http://www.zerohedge.com/news/2014-02-28/new-spy-technology-spawn-oil-revolution
New Spy Technology To Spawn Oil Revolution
Tyler Durden's pictureSubmitted by Tyler Durden on 02/28/2014 18:36 -0500
MexicoSPY
.
inShare.5
.
Submitted by James Burgess of OilPrice.com
New Spy Technology to Spawn Oil Revolution
The future of oil exploration lies in new technology--from massive data-processing supercomputers to 4D seismic to early-phase airborne spy technology that can pinpoint prospective reservoirs.
Oil and gas is getting bigger, deeper, faster and more efficient, with new technology chipping away at “peak oil” concerns. Hydraulic fracturing has caught mainstream attention, other high-tech developments in exploration and discovery have kept this ball rolling.
Oil majors are second only to the US Defense Department in terms of the use of supercomputing systems, which find sweet spots for drilling based on analog geology. These supercomputing systems analyze vast amounts of seismic imaging data collected by geologists using sound waves.
What’s changed most recently is the dimension: When the oil and gas industry first caught on to seismic data collection for exploration efforts, the capabilities were limited to 2-dimensional imaging. The next step was 3D, which gives a much more accurate picture of what’s down there.
The latest is the 4th dimension: Time, which allows explorers not only to determine the geological characteristics of a potential play, but also tells them how a reservoir is changing in real time. But all this is very expensive. And oilmen are zealous cost-cutters.
The next step in technology takes us off the ground and airborne—at a much cheaper cost—according to Jen Alic, a global intelligence and energy expert for OP Tactical.
The newest advancement in oil exploration is an early-phase aerial technology that can see what no other technology—including the latest 3D seismic imagery—can see, allowing explorers to pinpoint untapped reservoirs and unlock new profits, cheaper and faster.
“We’ve watched supercomputing and seismic improve for years. Our research into new airborne reservoir-pinpointing technology tells us that this is the next step in improving the bottom line in terms of exploration,” Alic said.
“In particular, we see how explorers could reduce expensive 3D seismic spending because they would have a much smaller area pinpointed for potential. Companies could save tens of millions of dollars.”
The new technology, developed by Calgary’s NXT Energy Solutions, has the ability to pinpoint prospective oil and gas reservoirs and to determine exactly what’s still there from a plane moving at 500 kilometers an hour at an altitude of 3,000 meters.
The Stress Field Detection (SFD) technology uses gravity to gather its oil and gas intelligence—it can tell different frequencies in the gravitational field deep underground.
Just like a stream is deflected by a big rock, SFD detects gravity disturbances due to subsurface stress and density variations. Porous rock filled with fluids has a very different density than surrounding solid rocks. Remember, gravity measurement is based on the density of materials. SFD detects subtle changes in earth’s gravitational field.
According to its developers, the SFD could save oil and gas companies up to 90% of their exploration cost by reducing the time spent searching for a reservoir and drilling into to it to determine whether there’s actually any oil and gas still there.
“Because it’s all done from the air, SFD doesn’t need on-the-ground permitting, and it covers vast acreage very quickly. It tells explorers exactly where to do their very expensive 3D seismic, greatly reducing the time and cost of getting accurate drilling information,” NXT Energy Solutions President and CEO George Liszicasz, told Oilprice.com in a recent interview.
Mexico’s state-owned oil company Pemex has already put the new technology to the test both onshore and offshore in the Gulf of Mexico, and was a repeat customer in 2012. They co-authored with NXT a white paper on their initial blind-test used of the survey technology.
At first, management targeted the technology to frontier areas where little seismic or well data existed. As an example, Pacific Rubiales Energy is using SFD technology in Colombia, where the terrain, and environmental concerns, make it difficult to obtain permits and determine where best to drill.
The technology was recently contracted in the United States for unconventional plays as well.
references to JDZ with Sinopec and Addax abandoning blocks 1,2,3,4.
will we ever get confirmation on this?
The JDA ,IMO, doesn't want to make this public yet.
http://www.businessdailyafrica.com/-/539546/2169792/-/15b6hkf/-/index.html
Vanoil to loose licence in Kenyan Blocks 3A and 3B.
You are correct sir!!
It seems there is not much left at this time, for big oil and Kenya to make deals on. This IMO is very positive for smaller players that have secured Blocks awarded previously. Good job ERHC seemingly 1 or 2 steps ahead of the pack.
Baz
www.upstreamonline.com/live/article1350905.ece
News Wires
30 January 2014 18:48 GMT
.
Kenya will delay licensing new oil exploration blocks until a new law regulating the sector that is being sent to parliament by June is in force, a senior official said according to a report.
Energy and Petroleum Principal Secretary Joseph Njoroge told Reuters that seven new blocks will be up for licensing once the new energy law is in place.
"We are still working on the Energy Act," he said according to the news wire.
"We want first of all to get the policy and the Act in place which will happen before the end of this financial year, that is before June. And then from there we will be able to know how to move," Njoroge said.
Oil discoveries in Kenya by Tullow and its partner Africa Oil Corp in the northwest of the country have increased inquiries from others seeking exploration blocks.
In an update this month, Tullow and Africa Oil doubled the estimate of their discoveries in the South Lokichar basin to 600 million barrels.
Consultants Hunton & Williams and Challenge Energy - employed by help review the law - have recommended the Act includes clearly defined policies for upstream, midstream and downstream sections to avoid overlaps and reduce inefficiency.
It is also expected to provide guidance on natural gas exploitation, not adequately covered under existing law.
The government has said in the past that some companies licensed to prospect for oil and gas were reluctant to do so due to concerns over the lack of a legal and fiscal framework to commercialise natural gas discoveries.
The new law will also allow for the creation and management of a sovereign wealth fund for petroleum revenue, and specify how revenue will be shared between national and local governments and communities where discoveries were made.
Hmmm that doesn't make me feel warm all over.
Glad that others about the globe were warm.
The jet stream was/is not our friend and I only hope it won't form a holding pattern for the months to follow.
Maybe ERHC will soon light our fires!
Hi Umbra
Safe and sound here in Winnipeg Canada...the coldest winter in 88 years and second coldest since data was recorded. We are used to extreme temperatures here from -53 Celsius with the wind chill(-43) without to +40 Celsius in summers sometimes. We don't like it but we are tough weather wise, and very adaptive to the extremes.
Happy winter to You and all who are in winter.
...2IRA-- not just media hype...
Baz
oops 43.5 mil
yes I did miss IMO by you.
Taipan's deal with Premiere is worth 53.5 mil to Taipan
were you just talking about cash in the hand before.
This is money that doesn't need to be raised by Taipan ....so a large placement "seems" may not be required by ERHC.IMO.If similar deal or better (I would expect) is done with CEPSA.
http://online.wsj.com/article/PR-CO-20131219-902973.html
SSC...try this ..and it was not with ABUDABAI OIL COMPANY(IPIC)
Taipan Resources Inc. Completes $30.5mm Farmout With Premier Oil for Block 2B Onshore Kenya
NAIROBI, KENYA--(Marketwired - Dec. 19, 2013) - Taipan Resources Inc. ("Taipan" or the "Company") (TSX VENTURE:TPN), through its wholly-owned Kenya-based subsidiary Lion Petroleum Corp. "Lion"), has completed the previously announced farmout agreement with Premier Oil Investments Limited ("Premier"), a subsidiary of Premier Oil plc (LSE:PMO), whereby Premier has acquired a 55% participating interest in Block 2B onshore Kenya. Taipan retains a 45% interest and operatorship during the exploration phase in Block 2B.
Under the terms of the farmout agreement Premier will carry Taipan through the cost of the work program for the First Additional Exploration Period totalling a gross cost of up to $29.5mm. This includes the drilling and testing of the Pearl-1 prospect that is estimated to have gross prospective resources of 200 million barrels of oil (mmbbls). The remaining lead inventory on Block 2B in addition to Pearl-1 is capable of delivering in excess of 500 mmbbls gross.
Premier will also provide a guarantee for the minimum work and expenditure obligations for the First Additional Exploration Period on Block 2B of US$13 million and will pay Taipan $1 million in back costs.
Taipan will retain operatorship of Block 2B during the exploration phase with Premier having the right to assume operatorship of any development.
Mr. Maxwell Birley commented, ""We look forward to working with Premier Oil, a company with a strong track record of exploration and development success. The Pearl-1 exploration well is targeting a Tertiary prospect similar to Tullow's Ngamia, Twiga, Ekales and Agete discoveries. The Company also has multiple prospects similar to Tullow's Eutko discovery. The Anza Basin is one of the largest Tertiary-age rift-basins of the East African Rift systems that together contain multi-billion barrel oil discoveries. We believe that the 'sweet spot' of the Anza Basin is located on Block 2B."
About Premier Oil plc
Premier Oil plc (LSE:PMO) is a leading FTSE 250 independent exploration and production company with interests in the North Sea, South East Asia, the Middle East, Africa, Pakistan, Brazil, and the Falkland Islands. Its portfolio of producing assets delivered production of 58,600 boepd in the first half of this year, and it has various projects in the development phase which should increase production to over 100,000 boepd in the medium-term. Premier became active in Kenya in 2011.
About Taipan Resources Inc.
Taipan Resources Inc. (TSX VENTURE:TPN) is an independent, Africa-focused oil exploration company with interests in Block 1 and Block 2B onshore Kenya through its wholly owned subsidiary Lion Petroleum Corp.
Taipan operates and holds a 45% working interest in Block 2B (1.35 million acres / 5,464km2) and a 20% working interest in Block 1 (5.497 million acres / 22,246 km2) which is operated by East Africa Exploration (Kenya) Ltd, a subsidiary of Afren plc.
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 release. The statements contained in this release that are not historical facts are forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from the targeted results. The Company relies upon litigation protection for forward looking statements.
By definition of the COGC Handbook - "Undiscovered resources are those quantities of oil and gas estimated on a given date to be contained in accumulations yet to be discovered." Further the Handbook states - Caution (per NI 51-101/5.9(2)(v)(B)) - "There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources." In addition, per NI 51-101/5.6 "the estimated values disclosed do not represent fair market value."
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Taipan. As a result, Taipan cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and Taipan will only update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
Taipan Resources Inc.
Max Birley
Chief Executive Officer
+254 705 643 745
Opinion? or inside info....you should really qualify your post.
"seems so obvious"
LOL
manuel06 Thursday, 12/12/13 08:34:33 AM
Re: tamtam9042 post# 4077
Post # of 4506
TamTam
are we talking about circle oil getting paid 5% of ERHC's interest when ERHC starts making money from block 11A or a carried 5% of the BLOCK 11A, where ERHC goes from possibly(according to mromro)35% to 30% interst in Block 11A.
this would be a Question for Dan the Man....I'm heading to the Hospital today sick relative.
thanks in advance ..cherry man!
Baz
P.S. sorry I was reading AOI board
yeah more entertainment value!for itself as well
finally a rational and fair post by you.
ty midtier.
Hi BMU
In Canada you can change any account to "right of survivor" attached .You list the name(s) of the others you choose to register as "R O S". when the holder of his/her account passes on the account will revert to the next listed owners. I did this with my inheritance that my sister and I later split to our own accounts. The estate was just split up in half without the Estate going to probate etc. Check to see if this is Kosher in the U.S.A. I hope this can help.
Baz
IMO, entertaining to itself....to most of the rest here it's more like constant white noise. It is there and annoying, oh well.
Block 2 EEZ Sao Tome.Several years ago JDZ block 2 had sig bonuses paid before drilling.
LOL....the article isn't very clear but with Majors it took 5 years to find out there was about 83 million barrels uneconomical for EXXON, CHEVRON, TOTAL. Oranto etc. will be a lot quicker to drill deep sea.... We shall see in the years ahead when and IF oil is brought to the surface in commercial quantities.....but you know best!
I think I'll hang here for another five years Gremlin to see all the oil that's produced from the JDZ.....
Bazil---here 14 years and counting.
15 years?
JDZ is dead to me as I won't be waiting another 15 years!
Many other ERHC assets that will be more current than 15 years.
I only have a 5 year horizon left (self imposed) for this stock.
waiting....waiting...waiting
seeing is believing when it comes to the JDZ
LOL...glad I'm not getting the Basher treatment!
Hope so...still with "training and such IMO it is still several years out and efforts are better used for Kenya Chad and EEZ (outside shot at JDZ).LOL we were also all smiles with Peter on that video...wouldn't read too much into his attitudes.....Show me The money...whether it comes from exploration or a sell out for large bucks . Been here long enough to not get excited till paydirt(substantial appreciation in share price)....but "keeps me hanging on"(Supremes or The Vanilla Fudge).
Baz
nice to see you back Krom!
Kingpindg
though it seems like I have been away...I have been lurking and waiting for news and share price appreciation.
I think I recall hearing about this 1 WEEK TRAINING course "IN HOUSE". Are they trying to train the SAO TOMEANS to do deep sea marginal oil and gas field exploration?
I cannot get too excited about this and the Sao Tomeans. After 12+ years of being here with ERHC,I would hardly have any confidence in the technical abilities of the Sao Tomeans. We know it will take more than 1 week training and a small FSPO to get the work done, and even then there is no way to tell if JDZ marginal fields will be cost effective with marginal quantities reported. IMO it will be many years out. I will forget about the JDZ and all its gifts, and only consider this as an outside chance of success. We (ERHC) have much better opportunities arising that will surely require our immediate attention.
I'm sorry but I have written off the JDZ and its 14 billion barrels of oil.
I am excited about Kenya and Chad. I also think the EEZ has some potential but again Offshore and time lines are several years away IMO. I think this deep offshore marginal field recovery training will be a waste of time IF we are waiting for the Sao Tomeans to get trained and get personnel upgraded to eventually do the work.
King I do appreciate your contributions to the board.
I am trying to be realistic about our present situation. I am Tainted towards dealings with Sao Tome,as they are desperate and I think they are waiting for the rumored oil to be lifted to their wallets even though IMO it might be harder for them to convince working oil companies( with JDZ information about quantities of hydrocarbons therein) to chase what appears to be ghosts of Hydrocarbons scattered about in JDZ blocks.
My timeline for being in ERHC is narrowing, and, I am hoping that oil will be found for US in the next 2 to 5 years. I don't think that ERHC will be benefiting from the JDZ as they have much better opportunities ahead onshore to expend their energies and monies.
back to lurking and skimming over the JDZ talk.
GLTU Kingpind
Troy
I would be happy to see the JDZ resurrected....but if so, this surely is down the road. Competitive advantage may only apply if ToTal is back in!
Do you think china will buy out Totals Infrastructure and the related fields near by for expedience sake?
Its all opinion....Mine sees the JDZ not worth the time for the big players as BIOGENIC GAS may not be commercial in Quantities therein.
Your position is noted. I can't see another company taking on the risk that TOTAL would have taken....and without nearby infrastructure..IMO
Like I said before IMO any rational company that has experienced personnel will sort out all the information that is available from all reports via the JDA etc. and IMO the COSTS will not be worth the small net cash at the end if any. Total had the nearby infrastructure to make some kind of find commercial by %s of oil recoverable...and they BALKED at block 1.Im sorry I missed ToTal's statement that they will develop the JDZ. this is not consistent with their actions so far. We were told by our company that only biogenic natural gas was found throughout the drilling program with no oil except for small quantities in Blocks 1 and 2. IF I agree with our companies(JV) findings, and trust what they have written to paper, then where do you see commerciality coming from?
TamTam
Dangnote has rights to working interests in block 1. It doesn't cost them anything more to hold out till or IF the JDZ is proclaimed useless for commercial oil. All the NoN operators have nothing to lose to keep holding their percentages( barring selling their positions for what ever they could get for it).We haven't heard of any other interest from Operators after ToTal proclaimed Block 1 subcommercial. While there is no work going on it costs(the small players) nothing more to sit and wait. IMO the days of enticing operators for the JDZ are gone.
Sorry I have no private posting privaledges.
good luck Cherry man!!
Bazil
hi Arnim
CEPSA seems to be interested in Kenya (as far as ERHC is concerened). Yes there are a lot of offshore drillers....I think they are rational and when they look over the JDZ information they will most likely look over getting involved where other experienced drillers failed to find anything that looks commercial.
I hope I understood you.
all the best Arnim and keep up the good work posting
Baz
Hannuka!
Happy thanks giving all