Good morning,
Here’s brief summary of AOI meeting yesterday, new one will be held today and tonight. Apoligize for lack of structure.
Key points
Agete loggad (=oil contact)
Early production plan skipped
Change of listing not before year end
Agete <$20m drilling cost, aiming to keep that
More:
AOI 20-35% interest to keep when taking in partner, end 2014/mid 2015
KH promoted particularly Tertiary Basins – a bit downplay of Cretaceous, dont know if bad for Bahasi
1week/10 days to Amosing spud
Agete - announce results by end of month – passed sweetspot (upper Auerwer Sands), logged which means oil contact but not clear whether commercial, Agete will be 1st result to be announced
<$20m Agete drilling cost (ex halt), aiming to keep that, wich would be fantastic
Agete/Twiga – possibly interconnected, nothing that separates the two wells right now, if common pressure gradient then possibly interconnected
Tultule results in 2-3 weeks
Rift Valley Basin -met farmer last week that complained as he was drilling wells for water he kept getting oil/kerosene stuff in the water, good sign but early sign
Rift Valley Basin – 50% AOI 50% MRO, MRO pays 100% costs, AOI operator during exploration and MRO operator during development phase, 1st spud end 2014,
South Kerio starts looking more and more like Lokichar, similar string of pearls structure and size as Lokichar
Pipeline – GoK says first oil 2017 (incidentally one week before election), AOI says 2018, TLW says 2019
1/3 of all wells next year appraisal wells
Early production plan skipped, GoK to pay $150m för road infrastructure, that was probabaly what stopped it, no big deal for AOI though
Now 4-5 basins that are Lokichar look alikes
Etuko new well to test zones close to surface, Marriott, then Ewoi
Twiga fracking pay zone now 800m, earlier 700m (on top of conventional oil)
Listchange to Toronto as well, but not pre new year
/D
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