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1waving

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  1. 1waving

    Kurdistan Oil fields

    There will be an almighty scramble by the IOCs/NOCs to gain any licenses that remain available and then consolidation with the smaller players with the best license areas being seriously fought over by the majors. Major news over the last couple of days with more to come on Monday. Gulf Keystone Petroleum looks to be in pole position. Iraq to Recognize Kurdish Oil Deals With Foreign Explorers QBy Joe Carroll - Nov 11, 2011 10:43 PM GMT . Iraq, home to the worlds fourth- largest oil reserves, will recognize the validity of drilling contracts signed by the semi-autonomous Kurdish regional authorities under terms of an agreement to be announced this month, two people familiar with the talks said. The deal, worked out between Iraqi Prime Minister Nouri Kamil al-Maliki and Kurdistan Regional Government leader Barham Salih during the past three weeks, ends the risk that foreign oil producers such as Exxon Mobil Corp. (XOM) would be stripped of some oil-field projects as punishment for signing contracts in the Kurdish-controlled north, the people said. They spoke on condition of anonymity because the talks arent public. Hostility between the Baghdad-based central government and Kurdish authorities over how to oversee drilling and allocate revenue from the Persian Gulf nations vast crude reserves has simmered since the fall of Saddam Hussein in 2003. Relations reached a low point in 2009 when oil exports were temporarily suspended. Exxon, the worlds biggest company by market value, recently signed contracts with the Kurdistan Regional Government to explore six blocks in the countrys north, Michael Howard, an adviser to the regional authority, said earlier today in an e- mailed statement. ------------------------------- http://www.bloomberg.com/news/2011-11-11/iraq-to-recognize-kurdish-oil-contracts-with-foreign-explorers.html
  2. 1waving

    Kurdistan Oil fields

    Major news from Kurdistan with Exxon now signing deals there:-- UPDATE 1-Exxon signs oil deals with Iraqi Kurds-adviser LONDON Nov 11 (Reuters) - Exxon Mobil has signed oil and gas exploration deals with Iraq's Kurdistan, becoming the first oil major to deal with the region which has had strained relations with Baghdad, an adviser to the Kurdish government said on Friday. "The KRG has for the last few months been in discussions with a number of major oil companies. This resulted in the recent signing by Exxon Mobil of contracts to explore in six blocks," KRG adviser Michael Howard said. He did not disclose details of the contracts or the locations of the blocks. Iraq's central government has been informed of the deals. ------------------------------- http://af.reuters.com/article/commoditiesNews/idAFL5E7MB0YP20111111
  3. 1waving

    Kurdistan Oil fields

    The gloves are off, looks like Vallares has done a great deal as an early mover in consolidation and acquisition of major Kurdish oilfields. This is where the competition starts in earnest for majors and NOCs to acquire positions in Kurdistan. ----- Ex-BP CEO Hayward to Spark Oil Fight in Iraq Tony Hayward’s $2.1 billion deal for oil assets in Iraq’s Kurdistan region may spark a battle for resources from the area as its export prospects brighten. Vallares Plc, an investment firm led by the ex-BP Plc chief executive officer who left the company following the Gulf of Mexico spill last year, announced plans yesterday to buy Genel Energy International Ltd., an oil producer in Kurdistan. Hayward said more assets will likely be acquired in the northern Iraqi region, “one of the last great oil and gas frontiers.” ..................... Replacing ‘Smaller Players’ “Clearly Kurdistan five years from now will be a far more important part of the Iraqi oil industry,” said Bijan Mossavar- Rahmani, chairman of DNO, the first foreign company to start pumping oil from Kurdistan since the 1970s. “The process of smaller players being replaced by or partnering up with larger players” has started as Marathon Oil Corp., Repsol YPF SA, Talisman Energy Inc. and Hess Corp. enter the region. ------------------- Full article: http://www.bloomberg.com/news/2011-09-08/tony-hayward-to-spark-oil-fight-in-iraqi-last-great-frontier-.html
  4. 1waving

    Kurdistan Oil fields

    Vallares, the oil investment vehicle of Nathaniel Rothschild and Tony Hayward, to merge with Genel. 'Vallares, the oil investment vehicle floated by Nathaniel Rothschild and Mr Hayward, has announced a merger with Turkish oil giant Genel Enerji, an oil and gas explorer with interests in the Kurdistan region in Iraq. The all-share reverse takeover will create a combined business with a value of £2.6bn. It also triggers the vesting of "founder shares" equivalent to 6.67pc of the investment vehicle for Mr Hayward, Mr Rothschild, investment manager Tom Daniel and former Goldman Sachs banker Julian Metherell. The four initially invested a total of £100m in Vallares shares when the company floated in June. Vallares will issue new shares worth $2.1bn at a price of £10 a share to acquire 100pc of Genel, giving Vallares and Genel’s current owners equal stakes in the combined business. The enlarged company will be renamed Genel Energy and aims to move to the London Stock Exchange's main market "early in 2012" . Trading in Vallares shares has been suspended. ' Full article:-- http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/8746223/Tony-Hayward-in-line-for-14m-windfall-with-Vallares-Genel-merger.html Adds further credibility to oil companies in the Kurdistan region.
  5. 1waving

    Kurdistan Oil fields

    5 September 2011 Gulf Keystone Petroleum Ltd. (AIM: GKP) Kurdistan Operational Update Gulf Keystone today provides an update on its ongoing exploration and appraisal programme for the Shaikan block in the Kurdistan Region of Iraq. Shaikan is a major discovery with independently audited gross oil-in-place volumes of between 4.9 billion barrels to 10.8 billion barrels calculated on the P90 to P10 basis with a mean value of 7.5 billion barrels. Shaikan-2 Well Test Update Further to the announcement of 18 August on the new Triassic discovery with the Shaikan-2 Appraisal Well, the Company has completed a flow test in the lower section of the Kurre Chine B zone in the Upper Triassic zone of the Shaikan-2 Appraisal Well drilled approximately nine km to the south-east of the Shaikan-1 discovery well. The Kurre Chine B flow test in Shaikan-2 achieved flow rates of 2,600 barrels of 40 degree API oil per day with associated gas of 5.4 MMcf per day through a 48/64"choke. So far, the Company has conducted three wells tests on Shaikan-2 with the maximum aggregate flow rate in excess of 15,000 barrels of oil per day ("bopd") with up to five additional tests still to be performed as part of the ongoing Shaikan-2 testing programme in the Triassic and Jurassic. The next test will be conducted on the upper section of the Kurre Chine B. Shaikan-4 Drilling Update The Shaikan-4 Appraisal Well, drilled six km to the west of the Shaikan-1 discovery well, is currently drilling ahead at a measured depth (MD) of 2,580 meters. Preliminary well logs through the upper Jurassic (down to the top of the Butmah formation) indicate that the net pay count on this well for the upper Jurassic reservoirs is significantly better than those achieved with either Shaikan-1 or Shaikan-2. John Gerstenlauer, Gulf Keystone's Chief Operating Officer commented: "This latest in a series of successful Shaikan-2 well tests follows the announcement of the new Triassic discovery made with this well earlier this month. Together with the progress in the Shaikan-4 drilling operations and the oncoming spudding of Shaikan-5, it is a confirmation of Gulf Keystone's success in both drilling and proving the value of the giant Shaikan field, which is our immediate focus". ------------------- Full Release:-- http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=10967459
  6. 1waving

    Kurdistan Oil fields

    Yet more oil for Gulf Keystone, very high API :-- 18 August 2011 Gulf Keystone Petroleum Ltd. (AIM: GKP) Kurdistan Operational Update Shaikan-2 Triassic Discovery Gulf Keystone announces today that it has made a new Triassic discovery with the Shaikan-2 Appraisal Well, drilled approximately nine km to the south-east of the Shaikan-1 discovery well in the Kurdistan Region of Iraq. Gulf Keystone has completed drilling of the Shaikan-2 Appraisal Well to a TD (total depth) of 3,300 meters in the middle Triassic, following which a flow test has been performed in the newly discovered Kurre Chine C zone over a 80 meter interval (3,195m to 3,275m). This new zone is highly pressured and correlates with the high pressure zone penetrated at the bottom of Shaikan-1. The Kurre Chine C flow test in Shaikan-2 has achieved variable flow rates up to a maximum recorded rate of 4,450 barrels of 36 degree API oil per day with associated gas of 813,000 scf per day through a 36/64" choke. After success with this first test, the Company plans to continue with its programme of Shaikan-2 testing in the Triassic and Jurassic. The Company has a 75 percent working interest in the Shaikan block and is partnered with the MOL subsidiary, Kalegran Ltd., and Texas Keystone Inc. which have the remaining 20 and 5 percent working interests respectively. John Gerstenlauer, Gulf Keystone's Chief Operating Officer commented: "The new Triassic discovery is yet another chapter in our Shaikan success story. As a result of these successful Shaikan-2 well test results, oil volumes that will eventually be attributed to this zone, will be in addition to the already impressive 4.86 to 10.8 billion barrels of gross oil-in-place already discovered in the Shaikan field." ------------------------ GKP presenting at Proactive Investors Forum on 25th August. Full release:-- http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=10952822
  7. 1waving

    LENI GAS and OIL

    25 July 2011 LENI GAS AND OIL PLC Farm-in Trinidad Leni Gas & Oil plc today announces an agreement to farm-in to the Advance Oil Company (Trinidad) Limited ("Advance") North Moruga area leases. LGO plans to work-over existing producing wells and drill up to nine (9) new wells on the leases. The Heads of Agreement with Advance sets out the framework for a full farm-in agreement and joint operating agreement by which LGO will: · take over operatorship of the Advance leases, · reactivate production from the existing wells on the leases, · drill a minimum of three (3) exploration and up to six (6) development wells, · obtain an immediate 33% interest in net production revenues, · on conclusion of the farm-in work programme, and depending on the number of wells drilled, earn between 33% and 49% interest in the Advance leases. ------------------------- Full release:-- http://tools.euroland.com/investortools/rnsclient/LoadAnnouncement.aspx?aID=10928936&tidm=LGO&cid=51437&transLang=en&sesLang=&source=rns Also further production to come on line this week after the workover and perforation over a new 40 metre reservoir zone at their Hontomin well in Spain. CEO Neil Ritson is delivering.
  8. Surely this series of reports belong in the Investor Education & Beginners Forum.
  9. Former BP executive and Regal Petroleum CEO, Neil Ritson took over as CEO at LGO in Nov 2010. Since then the company's fortumes have taken a sharp turn for the good and is already starting to deliver stong production growth at it's Spanish assets. There is major potential in Spain where it is re-developing a known field with 104 million barrels OIP (P50)  Discovered in 1964 by Chevron  Largest onshore field in Spain, 53 wells  37oAPI fuel oil grade low sulphur crude  Total production 17 mmbbls, peak in 1969  Remaining oil in place 104 mmbbls (P50)  Original facilities handling 10,000 bopd  Acquired by LGO in October 2007  Future potential in EOR and deeper targets Latest operations update demonstrates strong production increase from a workover of just 7 of the 53 wells. Latest ops update:-- http://tools.euroland.com/investortools/rnsclient/LoadAnnouncement.aspx?aID=10906923&tidm=LGO&cid=51437&transLang=en&sesLang=&source=rns Will be developing on existing Trinidad production within months and announcing a further acquisition there shortly. Has a small interest in a Gulf of Mexico producing field with further production to come there also. Further interest in an offshore exploration project in the Mediterranean with MOG Latest Presentation http://www.lenigasandoil.com/images/presentations/document_LGO_Corporate_Overview_June_2011.pdf'>http://www.lenigasandoil.com/images/presentations/document_LGO_Corporate_Overview_June_2011.pdf Very strong potential here for major increase in the SP. The new mangement have started to transform this company and are delivering. Chart looking ready for a strong upside break -- Further production update expected soon in Spain and farm‐in to exploration and production leases in Trinidad at HoA stage -- expect announcement shortly. Website:-- http://www.lenigasandoil.com/ DYOR -
  10. 1waving

    Kurdistan Oil fields

    Gulf Keystone AGM and award of the prized Shaikan back in rights to KNOC GKP had their AGM yesterday and announced that they had been informed by the KRG that the Korean National Oil Company, KNOC, had been awarded the 15% back in rights for the Shaikan license area. No details of how much they paid was given but Korea recently confirmed a major oil & economic agreement with Iraq so it was no great surprise that KNOC got the prized Shaikan back in rights. There was also strong speculation from a few investors before the AGM that KNOC would get these. Operational Update:-- 16 June 2011 Operational Update Prior to today's AGM and further to the announcements of 23 May, 27 May and 14 June 2011, Gulf Keystone is pleased to provide an update on its operations in the Kurdistan Region of Iraq highlighting that: · Shaikan-2 deep appraisal well is currently at a depth of 3,166 meters with the final total depth (TD) still planned for the lower Triassic or the upper Permian · Sheikh Adi-1 exploration well is currently at a depth of 3,515 meters in the Triassic Kurre Chine B and a cased hole testing programme will be undertaken once the drilling has reached TD · After spudding on 27 May 2011, the Shaikan-4 deep appraisal well is currently at a depth of 462 meters · Preliminary results of the Shaikan 3D seismic data interpretation suggest a larger structure (by 5-10%) than originally mapped based on the earlier 2D seismic data · Bekhme-1 exploration well on the Akri-Bijeel block is drilling ahead at a depth of 2,828 meters. John Gerstenlauer, Gulf Keystone's Chief Operating Officer commented: "With three Gulf Keystone wells underway on the Shaikan and Sheikh Adi blocks, the second exploration well being drilled in partnership with MOL on the Akri-Bijeel block, and the first exploration well expected to be drilled on the Ber Bahr block in partnership with Genel later in 2011, we are firmly focused on adding further oil-in-place volumes in all four blocks in the Kurdistan Region of Iraq." ---------------------------- Worth noting this extract on Shaikan 2:-- Shaikan-2 The Shaikan-2 deep appraisal well is currently at a depth of 3,166 meters. The well has penetrated both the Triassic Kurre Chine A (which tested 1,700 bopd in Shaikan-1) and the Kurre Chine B (which tested 6,000 bopd in Shaikan-1). The forward plan is to set casing at this depth just above the Triassic Dolomite prior to drilling into this highly prospective section. Previously high pressure, which exceeded the tolerance of the Shaikan-1 well design, forced the cessation of drilling in the Triassic Dolomite despite the evidence of oil and gas. --------------- Full release:-- http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=10893446 The Korean National Oil Company award of the Shaikan rights gives a major boost to support the credibility of Kurdistan oilers. Gulf Keystone will also benefit in particular in having them as a partner in Kurdistan.
  11. 1waving

    Kurdistan Oil fields

    The Iraq Finance Ministry has transferred the cash. Reuters Article extracts:-- "In a potential breakthrough for companies active in Iraq's north, regional Prime Minister Barham Salih said Baghdad has sent the first-ever payment for exports -- $243 million -- to local officials for transfer to contractors after years of dispute over terms." "The sum was transferred today from Baghdad to the KRG and for sure it will reach the companies in the next few days," Fadhel Nabi, Iraq's deputy finance minister in Baghdad, told Reuters. http://in.reuters.com/article/2011/05/05/dno-iraq-idINLDE7441SX20110505 Watch for confirmation from DNO. SEY has shown much promise but had major drilling problems and some experienced oil investors are keeping faith at the moment -- but not one for me.
  12. 1waving

    Kurdistan Oil fields

    Kurdistan to pay oilers as per contracts:-- PRESS RELEASES KRG.org 16:15:06 05 May. 2011 Prime Minister Salih's statement on oil export payments The Kurdistan Regional Government (KRG) has received a written notice from the federal Ministry of Finance in Baghdad, confirming release of the first oil export payment to the KRG contractors, Prime Minister Barham Salih announced today. The Prime Minister said, This confirmation of payment to the KRG for the Regions contractors amounts to around 50 percent (US$243 million) of net revenues derived from the export of over 5 million barrels of oil from the Kurdistan Region between the start of February 2011 and March 27. The payment is part of the recent interim agreement on revenue allocation reached by the KRG with the federal Prime Minister Nuri al Maliki and the federal Ministers of Oil and Finance. That arrangement allowed for the resumption of oil exports from newly discovered fields in the Kurdistan Region, marketed by the federal governments State Oil Marketing Organization (SOMO), and with a percentage of the revenues going via the KRG to the contractors to pay exploration and extraction costs. This is a significant and welcome step forward for the Kurdistan Region and Iraq, the Prime Minister said. I am pleased that the KRG and its contractors are making an important contribution to Iraqs oil output and thus to the revival of Iraqs economy. The Prime Minister said, The triggering of the oil payments mechanism signifies the commitment to resolve the outstanding issues between Erbil and Baghdad in accordance with Iraqs Constitution. He said This positive development will add impetus to discussions over a long-delayed raft of federal oil and gas related legislation. The dispensation of the costs to the relevant companies will adhere to our agreement and in accordance with verifiable auditing standards. .... Dr. Ashti Hawrami, the KRG Minister of Natural Resources, said the money from Baghdad would be allocated by the KRG to the producing companies In line with the KRGs contractual obligations and the contributions made by the companies to the oil export from the Region. ------------------------------ http://krg.org/articles/detail.asp?rnr=223&lngnr=12&smap=02010100&anr=39875
  13. 1waving

    Kurdistan Oil fields

    You might note that Shamaran have also just announced very good results from their Atrush drilling, just a few kilometres to the North of Shaikan. That also helps with de-risking:-- APR 13, 2011 - 16:30 ET ShaMaran Announces Major Oil Discovery at Atrush Project, Kurdistan View News Release in PDF Format VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 13, 2011) - ShaMaran Petroleum Corp. (TSX VENTURE:SNM) ("ShaMaran" or the "Company") is pleased to announce a major oil discovery in the recently drilled Atrush-1 exploration well in Kurdistan. The Atrush-1 well was spud on October 5, 2010 and successfully reached a revised total depth of 3400m on January 21, 2011 after 91 days. The well was drilled on time and within budget and encountered a 726 metre potential gross oil column in the Lower Cretaceous and Jurassic (120 metres net matrix pay* in the Jurassic). Drilling shows and log results indicate additional potential net pay zones of up to 140 meters in the Upper Butmah and Cretaceous formations. These particular zones will be further tested and evaluated in future wells. Ten drill stem tests were conducted over horizons in the Cretaceous, Jurassic (main targets of the well) and Triassic to establish reservoir pressure gradients, fluid content and properties and reservoir deliverability. The main targets of the well were the Jurassic fractured carbonate reservoirs proven in neighbouring structures. Excellent flow rates were established totalling over 6,393 bopd from the three Jurassic horizons. The flow rate was limited by tubing sizes and testing equipment. Well analyses show that the intervals are capable of much higher rates when completed for production. The three tests in the middle and upper Jurassic reservoirs produced 26.5 API oil. Pradeep Kabra, President and CEO of ShaMaran, commented, "We are very pleased with these excellent test results from Atrush 1. This is a major new discovery and is anticipated to become a significant producing asset for the Company upon development. We commend the operator GEP and our partner Aspect Energy on the Atrush project on their outstanding job during the drilling and testing of the well." ------------------------------- Full release:-- http://cnrp.marketwire.com/client/shamaran_petroleum/release.jsp?year=2011&actionFor=1427388&releaseSeq=0
  14. 1waving

    Kurdistan Oil fields

    14 April 2011 Gulf Keystone Petroleum Ltd. (AIM: GKP) Shaikan Discovery: P90 volumes increase from 1.9 billion barrels to 4.9 billion barrels Gulf Keystone Petroleum Ltd. (AIM: GKP) today announces a major revision of the gross oil-in-place volumes for the Shaikan discovery in the Kurdistan Region of Iraq. The revised gross oil-in-place volumes for the Shaikan discovery, as calculated by Dynamic Global Advisors (DGA), independent Houston-based exploration consultants, are a P90 value of 4.9 billion barrels to a P10 value of 10.8 billion barrels of oil-in-place with a mean value of 7.5 billion barrels and a P1 value of 15 billion barrels. This is a very significant upward revision from the previously announced range of 1.9 to 7.4 billion barrels of gross oil-in-place with a mean value of 4.2 billion barrels and a P1 value of 13 billion barrels, also calculated by DGA. The revision is based on the data acquired since the last resource evaluation of the Shaikan discovery by DGA issued in January 2010, which was supported by an additional third party analysis by Ryder Scott consultants with a range of gross total petroleum-initially-in-place (PIIP) of 1.52 (P90) to 7.52 (P10) billion barrels. The new data has been acquired as a result of: · Shaikan-2 oil discovery and well test in the upper section of the Jurassic section, nine km to the east of Shaikan-1 · Shaikan-1 extended well test production · Shaikan-3 testing and production results · Preliminary results of the analysis of 3D seismic data acquired for the Shaikan (599km²) and Sheikh Adi (215km²) blocks · Evaluation of existing seismic lines and regional geological data for the Ber Bahr, Akri-Bijeel (Bijeel-1 well) and Sheikh Adi blocks. · PVT (pressure, volume, temperature) analysis of oil samples from the Triassic Kurre Chine tests at Shaikan-1. The Shaikan-2 appraisal well is now drilling deeper into the Jurassic and is scheduled to drill on into the Triassic. Once the well reaches TD at the bottom of the Triassic or into the top of the Permian interval, the Company will consider a possible further revision of the Shaikan oil-in-place volumes, taking into account additional information from the reservoirs previously only penetrated by Shaikan-1 and from potential additional discoveries from possible zones below those reached by Shaikan-1, projected by DGA to contain an additional 1 to 5 billion barrels of prospective resources. John Gerstenlauer, Gulf Keystone's Chief Operating Officer, commented: "We have always believed that the initial gross oil-in-place range for the Shaikan discovery was a conservative estimate that would increase as more information became available. This gross oil-in-place volumes revision by DGA, entirely supported by the Company's management and Board of Directors, confirms that belief. We eagerly look forward to additional drilling results from Shaikan-2, the soon to be spudded Shaikan-4 and the remainder of the Shaikan appraisal drilling program. We firmly believe that even with this upward revision the numbers for the Shaikan discovery are still conservative." ------------------------------ http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=10841162 The adjacent Sheik Adi license, also being drilled currently, has had comments recently from a normally reliable poster elsewhere saying full to spill and ' SA oip numbers will be 3x SH the field is 30BB+ '. Looking forward to results being announced there GKP has an 80% working interest in Sheik Adi
  15. 1waving

    Kurdistan Oil fields

    18 March 2011 Gulf Keystone Petroleum Ltd. (AIM: GKP) Kurdistan Operational Update Shaikan-2 Appraisal Well: Initial Oil Flow Gulf Keystone today reports a significant initial oil flow on the Shaikan-2 Appraisal Well in a 44 meter interval (1,792m to 1,836m) in the Jurassic age formation. Substantial smoke and/ or the oil flare is/ are visible from the Company's office in Erbil some considerable distance from the Shaikan-2 location, indicating that a significant flow has been encountered and prompting the Company to issue this announcement. The Company is currently conducting a test, which is expected to continue for another 72 hours to obtain further results, i.e. flow rate, oil quality and similar information, which will be reported in the next announcement. Shaikan-2 is the first deep appraisal well to be drilled on the Shaikan structure. The well is drilling approximately nine kilometres to the south-east of the Shaikan-1 discovery well. ------------------ http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=10816584
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