Hi guys
I've just got back from the presentation also (stopped off at the pud ) and here is my take. It's pretty much echoing what the other guys have said:
Puntland:
*Rig Mobilisation news will hopefully be Oct-Nov for a Jan 2011 Spud. PL is very unhappy with AOI dragging their heels but he said they want to derisk from their 65% to 45%( Red Emperor taking the 20%) They approached PL to find an interested partner, Max capital put them in contact with Red Emperor.
* They've found nemerous drill targets but Mark Pattison actually chose the Maroodi-1 to target first (very respected man).
*Offshore they wont spend much on seismics and just take a small % an be carried (3ish years away though)
*Rig will be transported via a barge near Dahoor (maybe come in from socotra)
Texas:
*Smith Frac was successful and the choke size was chosen to keep the integrity of the well
*RB1 being hooked up now and flow rates should be Mon/Tues via RNS with reserve report mid Sep. Going to leave it a couple of months before fraccing.
*Each well should profit 2.5mill net to range with 3 being drilled a year. Possibility of 20-25 wells.
*NCR is a big find in the area when looking at comparisons.
*Self funding and should flow for 20-30 years.
Trinidad:
*News flow should start Nov time.
*Shallow wells and easy to connect up. wells can be drilled and hooked up within 5 days.
*possibility of drilling 3-4 wells at a time and staff will increase from 100 to 200.
*The lower formation is meant to be massive which we'll be targeting. Possibility of 6'000bopd in 36 months.
*Compare to company thats just drilled next door and found massive oil in the lower formation.
*very interesting project and already paid for.
Georgia:
*very excited about Georgia. May farm out a % or go at it alone depends where we are with puntland.
*6 wells located but choosing 3 to go ahead with.
*first drill is targeting 90mmbls recoverable. Shallow wells.
*I found PL most excited about Georgia.
*Should spud this year as everything is already in place in Georgia (equipment and team)
Extras:
*All range holders will get an entitlement to be involved in the Red Emperor Placing.
*We have $11m in the bank which is enough for everything but if we decide to go at Georgia alone and Puntland we may need to raise 5-10m. This will be at a much higher price though once punty rig mobilisation news has been announced. 100% from where we are today. That tells me PL expects the sp to be 10-12p on rig mobi news which is due oct-nov.
*Greg Bandy is also very confident in Puntland and they'll be taking the extra 10%.
All in all very positive and heading in the right direction!
Hope this makes sense i did neck quite a few stella's to celebrate
Home 
