balance_builder Member Profile balance_builder Share Saturday, September 26, 2009 8:06:57 AM Re: None Post # of 243472
SPP...thanks for the piece of information. Sounding positive.
Here is what AREN stated yesterday (9-25-09) in their presentation as it relates to their 4.4% interest in block 1:
"Nigeria – São Tóme & Príncipe Joint Development Zone The Block 1 participants (Afren 4.41%) have agreed to enter the next exploration period, and discussions with the authorities are progressing. One commitment well will be required during this phase. In 2006, Chevron made the Obo-1 discovery which contained 150 feet of net pay and proved a working oil and gas system in the JDZ. Post well studies have been completed and an attractive prospect inventory developed. In the neighbouring blocks a multi-well drilling campaign has commenced; a clearer understanding of the next steps to commerciality and future exploration will come once the results of these wells are made available publicly." http://www.afren.com/ (see 0-25-09 interim results)
Why did they walk away? Because the oil found wasnt worth their time and expense. They werent kicked out as some here keep touting to make themselves feel better.
Badog, do a search on Obo-1 the press releases are still out there - 1 billion barels- it also states that it is not comercial as a stand alone development because of infastructure costs.