Africa Oil Corp. - World-Class East Africa Oil Exploration (Seite 212)
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http://www.nation.co.ke/News/Chinese+firm+used+new+technolog…
Chinese firm used new technology to find oil
Secrets of how oil was found in Turkana are now out.
A Chinese company contracted by Tullow Oil to collect data on rock formations and underground properties in Ngamia 1 had the technology to locate the oil deposits.
The Chinese firm hit Ngamia 1 with huge sound bursts and with special listening devises resulting in them being able to point out the most likely oil hotspots.
“Loaded with the information we were ready to go,” said Mr David Sloan, one of the senior technical people at Tullow Kenya during a media tour of the site on Thursday.
“The use of this advanced and expensive technology — 3D seismic shooting — which had not been used in earlier digs made a major difference,” says Mr Martin Haye, a Commissioner for Petroleum Energy at the Ministry of Energy.
According to the Permanent Secretary in the ministry Patrick Nyoike, it costs about $40,000 (Sh3.2 million) to shoot one square kilometre and you cannot do less that 200 square kilometres.
“This find which was announced by the government last month is largely attributed to these advanced data collection technologies,” Mr Nyoike said on Friday in an advertorial.
But deliberate government policies may also have helped in bringing about the Turkana oil find. According to a brief from Tullow Oil, a recent revision of guidelines on investing in the sector made the country attractive for major players with strong financial and technical exploration capabilities.
Such companies, says PS Nyoike include, Anadarko, BG Group, Total, Tullow Oil, Africa Oil and Ophir. Between June and end of next year, Njoike says some five exploratory wells will have been dug.
Indian Ocean
It is not clear from which side Kenyans should expect the next oil news with Mr Haye optimistic that this may be coming soon from planned offshore drilling at the Indian Ocean by the American outfit called Apache.
But Tullow is already preparing to move to another site in Marsabit County at a place called Papai-1. Already, explained Mr David Hawes who is in charge of drilling operations at Ngamia-1, a platform to place a drilling rig is nearing completion at the Marsabit site.
Last week Environment minister Chirau Mwakwere, hinted that the shooting technology which can be delivered either from a ship, land vibrators or from a light plane will be aggressively deployed in future search for minerals.
Mr Mwakwere said his ministry proposed to spend Sh15 billion for an aerial survey to prospect for more minerals. He said mining was the new frontier in the country’s development but resources were needed to fully open up the sector.
Mr Mwakwere said his ministry had tabled a Bill in Parliament to revise the Mining Act, that will also address the mining hours which the National Environmental Management Authority had set at 8am to 5pm while the country was moving towards a 24-hour economy.
The Ngamia 1 well drilling is a 24-hour operation supported by diesel electricity power generators producing over 1500 horse power. It employs about 200 people and according to Mr Martin Nyoro, the Tallow Kenya general manager, getting competent technical people within the country remained a major challenge.
Actual drilling work, says Tullow Kenya, General Manager Mr Martin Nyoro, took about three months before they struck oil, much earlier than they had expected.
But at the site you do not see the oil, not even smell it, not even a whiff of the black gold even while standing at the foot of the rig that rises to about 140 ft. The oil, explained Mr Howes, is not like a lake but more like the sponge used while bathing. “The act of pressing induces the oil to come out.”
Chinese firm used new technology to find oil
Secrets of how oil was found in Turkana are now out.
A Chinese company contracted by Tullow Oil to collect data on rock formations and underground properties in Ngamia 1 had the technology to locate the oil deposits.
The Chinese firm hit Ngamia 1 with huge sound bursts and with special listening devises resulting in them being able to point out the most likely oil hotspots.
“Loaded with the information we were ready to go,” said Mr David Sloan, one of the senior technical people at Tullow Kenya during a media tour of the site on Thursday.
“The use of this advanced and expensive technology — 3D seismic shooting — which had not been used in earlier digs made a major difference,” says Mr Martin Haye, a Commissioner for Petroleum Energy at the Ministry of Energy.
According to the Permanent Secretary in the ministry Patrick Nyoike, it costs about $40,000 (Sh3.2 million) to shoot one square kilometre and you cannot do less that 200 square kilometres.
“This find which was announced by the government last month is largely attributed to these advanced data collection technologies,” Mr Nyoike said on Friday in an advertorial.
But deliberate government policies may also have helped in bringing about the Turkana oil find. According to a brief from Tullow Oil, a recent revision of guidelines on investing in the sector made the country attractive for major players with strong financial and technical exploration capabilities.
Such companies, says PS Nyoike include, Anadarko, BG Group, Total, Tullow Oil, Africa Oil and Ophir. Between June and end of next year, Njoike says some five exploratory wells will have been dug.
Indian Ocean
It is not clear from which side Kenyans should expect the next oil news with Mr Haye optimistic that this may be coming soon from planned offshore drilling at the Indian Ocean by the American outfit called Apache.
But Tullow is already preparing to move to another site in Marsabit County at a place called Papai-1. Already, explained Mr David Hawes who is in charge of drilling operations at Ngamia-1, a platform to place a drilling rig is nearing completion at the Marsabit site.
Last week Environment minister Chirau Mwakwere, hinted that the shooting technology which can be delivered either from a ship, land vibrators or from a light plane will be aggressively deployed in future search for minerals.
Mr Mwakwere said his ministry proposed to spend Sh15 billion for an aerial survey to prospect for more minerals. He said mining was the new frontier in the country’s development but resources were needed to fully open up the sector.
Mr Mwakwere said his ministry had tabled a Bill in Parliament to revise the Mining Act, that will also address the mining hours which the National Environmental Management Authority had set at 8am to 5pm while the country was moving towards a 24-hour economy.
The Ngamia 1 well drilling is a 24-hour operation supported by diesel electricity power generators producing over 1500 horse power. It employs about 200 people and according to Mr Martin Nyoro, the Tallow Kenya general manager, getting competent technical people within the country remained a major challenge.
Actual drilling work, says Tullow Kenya, General Manager Mr Martin Nyoro, took about three months before they struck oil, much earlier than they had expected.
But at the site you do not see the oil, not even smell it, not even a whiff of the black gold even while standing at the foot of the rig that rises to about 140 ft. The oil, explained Mr Howes, is not like a lake but more like the sponge used while bathing. “The act of pressing induces the oil to come out.”
Den Januar-Termin sollten wir uns im Auge behalten:
From the Tullow website:
Date Event Details
11 Jan 2013 Trading statement and operational update Regulatory announcement and conference calls
13 Feb 2013 2012 full year results Regulatory announcement, presentations, webcast and conference calls
From the Tullow website:
Date Event Details
11 Jan 2013 Trading statement and operational update Regulatory announcement and conference calls
13 Feb 2013 2012 full year results Regulatory announcement, presentations, webcast and conference calls
Kenya: Oil Expectations Rise in 2013
By Solomon Kirimi, 28 December 2012
Kenya has no confirmed oil deposits yet but the year 2012 will remain the best for Kenya's quest to join the league of oil producers.
For a country which a year ago had no reason to think of ever becoming an oil producer, two wells at appraisal stage in Northern Kenya and gas finds at the coast is exciting.
It all started on March 26th of 2012, with the announcement that Ngamia-1 oil well in Lokichar area of Turkana in the Rift Basin had 20 metres of net oil pay.
Tullow Oil made the announcement that the Ngamia-1 exploration well, located in Block 10BB, had then been drilled to a depth of 1,041 metres, within which light waxy crude was discovered.
"This is an excellent start to our major exploration campaign in the East African rift basins and to make a good oil discovery in our first well is beyond our expectations and bodes well for the material programme ahead of us," said Tullow Exploration Director Angus McCoss, We look forward to further success as seismic and drilling activities continue to gather pace."
Two months later the Ngamia-1 well encountered oil and gas shows over a gross interval of 140 metres from a depth of 1,800 metres to 1,940 metres.
"God can not be so unfair to give our neighbor oil and gas and leave Kenya with nothing," energy minister Kiraitu Murungi said in reference to oil discoveries in Uganda, huge gas deposit find in Tanzania and the already oil producing Sudan.
The discoveries by Tullow suddenly the interest in exploration of in Kenya were revived just over a half a year after being dampened by the exit of Chinese explorer CNOOC from Isiolo in October 2012 after finding just traces of gas.
The Isiolo Boghal-1 well in block 9 well was plugged and abandoned because the gas was deemed to be of no commercial value.
"If the gas was of commercial value, Kenya would have received a lot of interest for exploration blocks," The then discouraged Energy permanent secretary Patrick Nyoike said.
CNOOC had sunk $26 million (Sh2.2 billion) to drill the well to a depth of 5,085 metres and quit before reaching 5,556 metres initial target.
CNOOC partner in the initial venture African Oil have now partnered with Marathon Oil to re-open the well following the successes by Tullow oil up north.
The lucky streak by Tullow oil followed them offshore to Mbawa1 in Lamu basin where 50 metres of net gas pay was found.
Tullow is a minor shareholder in the block L8 with Amerca's Apache corporation, Austalia's Pancontinental. Although the gas find was not of commercial value and was plugged, this increased the appetite for explorers with prospects looking good for presence of oil and gas of the Kenyan coast.
Tullow Oil's good run of results followed them to Twiga South-1 exploration well in Block 13T where in late November they encountered oil, confirming a rush announcement by partners Africa Oil Corp on October 26 2012.
Tullow Oil plc announced that the Twiga South-1 exploration well drilling had encountered 30 metres of net oil pay. A further potential of a gross interval of 796 metres net pay is to be assessed before being declared.
The finds have now moved Kenya from a high risk exploration country to high value target for world majors looking for a piece of the action in a region promising to be latest exploration frontier.
http://allafrica.com/stories/201212281070.html
By Solomon Kirimi, 28 December 2012
Kenya has no confirmed oil deposits yet but the year 2012 will remain the best for Kenya's quest to join the league of oil producers.
For a country which a year ago had no reason to think of ever becoming an oil producer, two wells at appraisal stage in Northern Kenya and gas finds at the coast is exciting.
It all started on March 26th of 2012, with the announcement that Ngamia-1 oil well in Lokichar area of Turkana in the Rift Basin had 20 metres of net oil pay.
Tullow Oil made the announcement that the Ngamia-1 exploration well, located in Block 10BB, had then been drilled to a depth of 1,041 metres, within which light waxy crude was discovered.
"This is an excellent start to our major exploration campaign in the East African rift basins and to make a good oil discovery in our first well is beyond our expectations and bodes well for the material programme ahead of us," said Tullow Exploration Director Angus McCoss, We look forward to further success as seismic and drilling activities continue to gather pace."
Two months later the Ngamia-1 well encountered oil and gas shows over a gross interval of 140 metres from a depth of 1,800 metres to 1,940 metres.
"God can not be so unfair to give our neighbor oil and gas and leave Kenya with nothing," energy minister Kiraitu Murungi said in reference to oil discoveries in Uganda, huge gas deposit find in Tanzania and the already oil producing Sudan.
The discoveries by Tullow suddenly the interest in exploration of in Kenya were revived just over a half a year after being dampened by the exit of Chinese explorer CNOOC from Isiolo in October 2012 after finding just traces of gas.
The Isiolo Boghal-1 well in block 9 well was plugged and abandoned because the gas was deemed to be of no commercial value.
"If the gas was of commercial value, Kenya would have received a lot of interest for exploration blocks," The then discouraged Energy permanent secretary Patrick Nyoike said.
CNOOC had sunk $26 million (Sh2.2 billion) to drill the well to a depth of 5,085 metres and quit before reaching 5,556 metres initial target.
CNOOC partner in the initial venture African Oil have now partnered with Marathon Oil to re-open the well following the successes by Tullow oil up north.
The lucky streak by Tullow oil followed them offshore to Mbawa1 in Lamu basin where 50 metres of net gas pay was found.
Tullow is a minor shareholder in the block L8 with Amerca's Apache corporation, Austalia's Pancontinental. Although the gas find was not of commercial value and was plugged, this increased the appetite for explorers with prospects looking good for presence of oil and gas of the Kenyan coast.
Tullow Oil's good run of results followed them to Twiga South-1 exploration well in Block 13T where in late November they encountered oil, confirming a rush announcement by partners Africa Oil Corp on October 26 2012.
Tullow Oil plc announced that the Twiga South-1 exploration well drilling had encountered 30 metres of net oil pay. A further potential of a gross interval of 796 metres net pay is to be assessed before being declared.
The finds have now moved Kenya from a high risk exploration country to high value target for world majors looking for a piece of the action in a region promising to be latest exploration frontier.
http://allafrica.com/stories/201212281070.html
Antwort auf Beitrag Nr.: 43.961.447 von x_trader am 27.12.12 10:48:48Hallo X-Trader,
ich verwende einen anderen Slow STO mit %K(14),%D(3) und der sieht etwas anders aus als Deiner. ( Es ist mein Favorit:kiss
Hier laufen wir fast parallel nach oben und befinden uns erst bei 57,55% zu 52,91%. Also haben wir noch viel Luft nach oben.
MACD ist nun auch im grünen Bereich.
RSI ist bei 39,01% und somit auch im grünen Bereich und noch viel Luft nach oben.
Interessant wirds nun beim SAR. Hier muß die Marke von 7,24 CAN$ getroffen werden.Dann geht so richtig die Post ab
Das GAP bis 7,50 CAN$ haben wir dieses Jahr leider nicht geschlossen, aber ich denke das sich das Anfang 2013 sehr schnell erledigen wird
Wer wie ich zugekauft hat, kann sich schon jetzt über einen guten Gewinn freuen und es wird noch weiter gehen.
Im Nachhinein wird sich der Zukauf bei 5,03€ als einmaliger Glücksfall herausstellen. Wie schnell das gehen kann hat man ja schon ende Juni sehen können. Da lief der Kurs in 5 Tagen von 6,5 CAN$ bis auf über 10 CAN$.
Bei einer guten Meldung können wir dies in 2013 bei weiten noch toppen
So dann verabschiede ich mich mal für dieses Jahr und wünsche allen aoi Investierten einen guten Rutsch ins Jahr 2013.
Niki
ich verwende einen anderen Slow STO mit %K(14),%D(3) und der sieht etwas anders aus als Deiner. ( Es ist mein Favorit:kiss
Hier laufen wir fast parallel nach oben und befinden uns erst bei 57,55% zu 52,91%. Also haben wir noch viel Luft nach oben.
MACD ist nun auch im grünen Bereich.
RSI ist bei 39,01% und somit auch im grünen Bereich und noch viel Luft nach oben.
Interessant wirds nun beim SAR. Hier muß die Marke von 7,24 CAN$ getroffen werden.Dann geht so richtig die Post ab
Das GAP bis 7,50 CAN$ haben wir dieses Jahr leider nicht geschlossen, aber ich denke das sich das Anfang 2013 sehr schnell erledigen wird
Wer wie ich zugekauft hat, kann sich schon jetzt über einen guten Gewinn freuen und es wird noch weiter gehen.
Im Nachhinein wird sich der Zukauf bei 5,03€ als einmaliger Glücksfall herausstellen. Wie schnell das gehen kann hat man ja schon ende Juni sehen können. Da lief der Kurs in 5 Tagen von 6,5 CAN$ bis auf über 10 CAN$.
Bei einer guten Meldung können wir dies in 2013 bei weiten noch toppen
So dann verabschiede ich mich mal für dieses Jahr und wünsche allen aoi Investierten einen guten Rutsch ins Jahr 2013.
Niki
Antwort auf Beitrag Nr.: 43.962.121 von Kimbel am 27.12.12 14:27:00Man geht von circa 5 Jahren bis zum Produktionsstart aus. Das wäre wesentlich schneller als in Uganda, wo Tullow schon in 2006 Öldiscoveries bohrte. Spielt aber auch keine Rolle, weil Africa Oil wahrscheinlich nicht das Unternehmen wird, das Öl fördert und verkauft. Bis dahin ist das Unternehmen meiner Meinung nach an einen Major verkauft. Machen die Lundins immer so.
Trading Spotlight
Hallo zusammen!
Demnächst (Januar) werden die nächsten Bohrergebnisse aus Kenia und Äthiopien erwartet. Kann mir jemand sagen, wie lange es dauert bis Africa Oil die ersten Umsätze mit verkauftem Öl machen wird? Kann man hierzu schon eine zeitliche Abschätzung abgeben?
Beste Grüße
Demnächst (Januar) werden die nächsten Bohrergebnisse aus Kenia und Äthiopien erwartet. Kann mir jemand sagen, wie lange es dauert bis Africa Oil die ersten Umsätze mit verkauftem Öl machen wird? Kann man hierzu schon eine zeitliche Abschätzung abgeben?
Beste Grüße
Der slow stochastic ist wieder mal am Scheitelpunkt.
Was das zu 90% bedeutet, ist ja jedem Trader bekannt.
Schaun wir mal, was AOI draus macht.
Was das zu 90% bedeutet, ist ja jedem Trader bekannt.
Schaun wir mal, was AOI draus macht.
Antwort auf Beitrag Nr.: 43.959.794 von gabbo62 am 25.12.12 17:07:10While 2013 may see some changes in the regulatory environment that could be less favorable...
2012's Top 5 Oil & Gas Plays
by Jen Alic
|
OilPrice.com
|
Tuesday, December 25, 2012
2012 has been a stellar year for oil and gas. From East Africa to North America, new technology, major new discoveries, an unparalleled appetite for exploration and a metamorphosing perception of risk have changed the playing field.
We're looking at potential rather than existing production, and here are our Top 5 picks for this year:
Turkana County, Kenya
We have to start with Kenya, the biggest success story of the year.
In March, the UK's Tullow Oil and Canada's Africa Oil Corp. discovered 100 meters of oil in the Ngamia-1 well. The euphoria was in part because this discovery was made on the very first try in the very first well. Stocks shot up to record highs as a result.
The euphoria has not abated. In late November, the same duo made another find of 30 meters of oil in the nearby Twiga-1 well.
September also saw Kenya strike 53 meters of natural gas in its first-ever offshore find in the Mbawa-1 well, off the coast of Malindi. US-based Apache Corp. owns 50% the well in a consortium with a handful of other companies. They're still digging, hoping that going deeper will reveal the oil.
The bigger picture, however, is that only the surface has been scratched in terms of exploration. The East Africa Rift is believed to hold over 70 billion barrels of untapped crude oil, while offshore Kenya, Tanzania and Mozambique have a joint estimated 250 trillion cubic feet of natural gas. There may be offshore oil, too. The oil discoveries in Kenya so far have been confined to one massive basin, and there are six more.
In addition to the size of the prize here, Kenya is favorable for other reasons as well: It offers relative political stability in the midst of a rather restless Africa; it offers attractive fiscal terms; it offers easy access to export markets; and it has an appetite for infrastructure that is hard to beat.
While 2013 may see some changes in the regulatory environment that could be less favorable, as for 2012, Kenya remains THE number one East African play in terms of potential. Next year will give us a better idea of commercial viability.
Bakken, North Dakota
The Bakken shale play has placed North Dakota ahead of Alaska, making it the number two oil producer in the US for 2012, after Texas. Because of Bakken, the US has increased oil production this year to a level it hasn't seen in almost a decade and a half. In one month alone this year, North Dakota issued 370 drilling permits.
Stretching from Eastern Montana to Western North Dakota and across parts of Saskatchewa and Manitoba in the Williston Basin, the Bakken Shale Play could yield some 4.3 billion barrels of oil, according to the US Geological Survey. That's the modest estimate. Continental Resources—one of the major Bakken players—estimates as much as 40 billion barrels.
The clincher is that much of the vast Bakken Petroleum System has not even been tapped. So far, drilling has primarily targeted the Middle Bakken and the upper Three Forks Zones. The Three Forks Zones have not been fully tapped, and the Upper Bakken Shale hasn't really been tapped at all.
Eagle Ford, South Texas
Eagle Ford is potentially the next Bakken. It's one of the most ACTIVE plays in the US right now. And what the majors and juniors are playing with is 7,500 in total acreage, five producing wells, two more wells being drilled, and the potential for 100 wells. This year, oil production has increased to some 300,000 bpd (as of August).
Natural gas is also a major Eagle Ford offering. Last year, it produced 914 million cubic feet of natural gas, though that has dropped slightly for this year.
So far, drilling seems to have had even better results than in Bakken. And there is a great deal of confidence and optimism. Enough so that Marathon Oil is planning to shift its primary focus from Bakken to Eagle Ford and spend one-third of its operating budget there. Right now Marathon is producing around 40,000 net barrels of oil equivalent (boe) per day and plans to more than double this next year. It's already doubled production this year (and, incidentally, seen its profits jump 11% in the first quarter).
The biggest producer is EOG Resources, putting out about 110,000 boe/day and holding reserves of around 1.6 billion boe.
Analysts think Eagle Ford could end up out-producing the Permian Basin in west Texas—and soon.
Mediterranean Plays
The Levant Basin in the Mediterranean has an estimated 122 trillion cubic feet of recoverable natural gas, and around 1.7 billion barrels of recoverable oil. And the area has seen a flurry of activity recently.
Between 25 and 33 billion cubic feet of this gas is in Israeli waters. The rest is carved up between Greek-held Northern Cyprus (which is a bit problematic), Syria and Lebanon.
Of course, along with this potential comes some uncomfortable geopolitics; on one hand among Israel, Lebanon and Syria; on the other hand between Israel, Turkey and the Greek Cypriots.
The first new natural gas field in the region is expected to begin full-scale production this year, with two additional fields coming on-line over the next six years.
Specifically, we're talking about:
•The discovery to two offshore natural gas fields in northern Israel (Leviathan and Tamar) with an estimated 25 trillion cubic feet (about 100 years year of gas for Israeli domestic use)
•Estimates that Israel has a potential 1.9 billion barrels of untapped oil
•About 5-6 tcf of natural gas in the Aphrodite field claimed by Greek-held Northern Cyprus (just west of Israel's Leviathan field)
Exploitation will be a bit expensive, though. Israel's offshore fields are located 100 kilometers from the coast and in 6,000 feet of water. The natural gas is some 5,000 feet under the sea bed.
Offshore Tanzania & Mozambique
Tanzania has become a gas sensation in a very short time, with recent offshore discoveries of some 33 trillion cubic feet.
Sweetening the deal, we have political stability and low security risk, relatively speaking, as well as an existing 70-million-cubic-feet/day capacity for natural gas processing. More gas infrastructure is in the works.
Next door, Mozambique's 130 trillion cubic feet of gas in its offshore Rovuma Basin is eye candy for foreign investors, and officials believe there is double this amount still waiting to be discovered. It's not as attractive as Tanzania for one reason: There is no infrastructure.
http://www.rigzone.com/news/article.asp?hpf=1&a_id=122948
by Jen Alic
|
OilPrice.com
|
Tuesday, December 25, 2012
2012 has been a stellar year for oil and gas. From East Africa to North America, new technology, major new discoveries, an unparalleled appetite for exploration and a metamorphosing perception of risk have changed the playing field.
We're looking at potential rather than existing production, and here are our Top 5 picks for this year:
Turkana County, Kenya
We have to start with Kenya, the biggest success story of the year.
In March, the UK's Tullow Oil and Canada's Africa Oil Corp. discovered 100 meters of oil in the Ngamia-1 well. The euphoria was in part because this discovery was made on the very first try in the very first well. Stocks shot up to record highs as a result.
The euphoria has not abated. In late November, the same duo made another find of 30 meters of oil in the nearby Twiga-1 well.
September also saw Kenya strike 53 meters of natural gas in its first-ever offshore find in the Mbawa-1 well, off the coast of Malindi. US-based Apache Corp. owns 50% the well in a consortium with a handful of other companies. They're still digging, hoping that going deeper will reveal the oil.
The bigger picture, however, is that only the surface has been scratched in terms of exploration. The East Africa Rift is believed to hold over 70 billion barrels of untapped crude oil, while offshore Kenya, Tanzania and Mozambique have a joint estimated 250 trillion cubic feet of natural gas. There may be offshore oil, too. The oil discoveries in Kenya so far have been confined to one massive basin, and there are six more.
In addition to the size of the prize here, Kenya is favorable for other reasons as well: It offers relative political stability in the midst of a rather restless Africa; it offers attractive fiscal terms; it offers easy access to export markets; and it has an appetite for infrastructure that is hard to beat.
While 2013 may see some changes in the regulatory environment that could be less favorable, as for 2012, Kenya remains THE number one East African play in terms of potential. Next year will give us a better idea of commercial viability.
Bakken, North Dakota
The Bakken shale play has placed North Dakota ahead of Alaska, making it the number two oil producer in the US for 2012, after Texas. Because of Bakken, the US has increased oil production this year to a level it hasn't seen in almost a decade and a half. In one month alone this year, North Dakota issued 370 drilling permits.
Stretching from Eastern Montana to Western North Dakota and across parts of Saskatchewa and Manitoba in the Williston Basin, the Bakken Shale Play could yield some 4.3 billion barrels of oil, according to the US Geological Survey. That's the modest estimate. Continental Resources—one of the major Bakken players—estimates as much as 40 billion barrels.
The clincher is that much of the vast Bakken Petroleum System has not even been tapped. So far, drilling has primarily targeted the Middle Bakken and the upper Three Forks Zones. The Three Forks Zones have not been fully tapped, and the Upper Bakken Shale hasn't really been tapped at all.
Eagle Ford, South Texas
Eagle Ford is potentially the next Bakken. It's one of the most ACTIVE plays in the US right now. And what the majors and juniors are playing with is 7,500 in total acreage, five producing wells, two more wells being drilled, and the potential for 100 wells. This year, oil production has increased to some 300,000 bpd (as of August).
Natural gas is also a major Eagle Ford offering. Last year, it produced 914 million cubic feet of natural gas, though that has dropped slightly for this year.
So far, drilling seems to have had even better results than in Bakken. And there is a great deal of confidence and optimism. Enough so that Marathon Oil is planning to shift its primary focus from Bakken to Eagle Ford and spend one-third of its operating budget there. Right now Marathon is producing around 40,000 net barrels of oil equivalent (boe) per day and plans to more than double this next year. It's already doubled production this year (and, incidentally, seen its profits jump 11% in the first quarter).
The biggest producer is EOG Resources, putting out about 110,000 boe/day and holding reserves of around 1.6 billion boe.
Analysts think Eagle Ford could end up out-producing the Permian Basin in west Texas—and soon.
Mediterranean Plays
The Levant Basin in the Mediterranean has an estimated 122 trillion cubic feet of recoverable natural gas, and around 1.7 billion barrels of recoverable oil. And the area has seen a flurry of activity recently.
Between 25 and 33 billion cubic feet of this gas is in Israeli waters. The rest is carved up between Greek-held Northern Cyprus (which is a bit problematic), Syria and Lebanon.
Of course, along with this potential comes some uncomfortable geopolitics; on one hand among Israel, Lebanon and Syria; on the other hand between Israel, Turkey and the Greek Cypriots.
The first new natural gas field in the region is expected to begin full-scale production this year, with two additional fields coming on-line over the next six years.
Specifically, we're talking about:
•The discovery to two offshore natural gas fields in northern Israel (Leviathan and Tamar) with an estimated 25 trillion cubic feet (about 100 years year of gas for Israeli domestic use)
•Estimates that Israel has a potential 1.9 billion barrels of untapped oil
•About 5-6 tcf of natural gas in the Aphrodite field claimed by Greek-held Northern Cyprus (just west of Israel's Leviathan field)
Exploitation will be a bit expensive, though. Israel's offshore fields are located 100 kilometers from the coast and in 6,000 feet of water. The natural gas is some 5,000 feet under the sea bed.
Offshore Tanzania & Mozambique
Tanzania has become a gas sensation in a very short time, with recent offshore discoveries of some 33 trillion cubic feet.
Sweetening the deal, we have political stability and low security risk, relatively speaking, as well as an existing 70-million-cubic-feet/day capacity for natural gas processing. More gas infrastructure is in the works.
Next door, Mozambique's 130 trillion cubic feet of gas in its offshore Rovuma Basin is eye candy for foreign investors, and officials believe there is double this amount still waiting to be discovered. It's not as attractive as Tanzania for one reason: There is no infrastructure.
http://www.rigzone.com/news/article.asp?hpf=1&a_id=122948
So schließe ich mich meinem Vorgänger an und wünsche ebenfalls einige besinnliche Tage,
sowie viel Kraft und Nerven in 2013 bei event. Kursen unter 5 CAD. (wobei ich diese Kurse niemanden wünsche)
Vielleicht erbarmt sich in 2013 ein Major den Laden für 7 oder 8 CAD zu übernehmen,
denn ein no-brainer ist dieses Invest in keinem Fall...
Anbei nochmal ein (imo) guter Artikel, welcher vor einem Monat von vielen (auch ich habe ihn belächelt) verspottet wurde.
(siehe untere comments)
How Close is the Africa Oil Bubble to Bursting?
By Nathan Kirykos - November 23, 2012 28 Comments
Nathan is a member of The Motley Fool Blog Network -- entries represent the personal opinions of our bloggers and are not formally edited.
Introduction
The investors often propel some companies' valuation at high levels making them a bubble. I like identifying and exposing these bubbles before they implode. The greed isn't a wise investment strategy. Many people are driven by greed and they want a bubble to go higher as they have a biased perception of reality. Once the implosion occurs, they recognize their mistake but it is too late. So I'll analyze the case of Africa Oil Corporation (TSXV: AOI). Is it a result of people's greed or ignorance?
Operations Overview
Africa Oil is a Canadian energy company with assets in Kenya, Ethiopia, Mali and Somalia through its 45% stake in Horn Petroleum Corporation. Africa Oil's East African holdings are in excess of 300,000 square kilometers. The company doesn't have any production today and it is in a multi-well drilling campaign in Kenya and Ethiopia during the last months.
Corporate Developments
The company found oil with the first hit in March 2012. The initial successful results from Ngamia-1 well (AOI 50% WI, Tullow 50% WI) in Kenya encountered over 100 meters of net light oil in the Upper Lokhone Sand Section that grew during the next months finding an additional 43 meters of potential oil in the Lower Lokhone Sandstone Section. This was the first oil discovery in Kenya and this boosted the share price by more than 500%. However Tullow, Africa Oil's partner, indicated it would be at least a year before it knows whether its March discovery (Ngamia-1 well) can be extracted and exported.
The next well of Africa Oil, Twiga South-1, was drilled in September and it represents the next step in expanding the play and proving up the 'string of pearls' concept. The company said recently that it encountered oil but no further details have been provided yet so the commercial viability of this discovery has yet to be ascertained.
The company will continuously drill high impact exploration targets for the remainder of 2012. In onshore Kenya, the Paipai-1 well in Block 10A, was drilled in October and the market still awaits for the results. In onshore Ethiopia, the exploration drilling campaign will commence with the Sabisa-1 well in the South Omo Block before year end.
Regarding Somalia, the first 2 wells drilled by Horn Petroleum (45% owned by Africa Oil) didn't find oil.
Valuation
Africa Oil Corp trades with a price to book value of 9.3. The company has zero production so it has zero revenue and thus negative funds from operations. The company holds $55 million cash but the drilling cost in Kenya is about $15-20 million per well. The company also announced an increase at its reserves in Aug 2012. However they are Prospective reserves and they aren't Proven and Probable Reserves (2P). Prospective reserves means that there is no certainty that any portion of the Prospective Resources will be discovered. If discovered, there isn't certainty that the discovery will be commercially viable to produce any portion of the resources.
Some holders will debate that Africa Oil has a big acreage and new discoveries have been announced on all sides of Africa Oil's land position including the major Albert Graben oil discovery in neighboring Uganda. I'll comment that it's widely known in the oil & gas universe that you and I could be neighbors and you are sitting on 1 billion barrels recoverable and I have goat pasture. So this acreage statement lacks punch.
Insiders
According to regulatory filings, the insiders have been selling since July 2012. I accept that the insiders sell for many reasons. The insiders also buy only for one reason and I havn't seen any of them buy since the share price has jumped to the current levels.
Geopolitical risks
The geopolitical risks of Africa are well known. The social unrest, the political turmoil, the civil wars, the pirates attack, the lack of infrastructure are usual. "No matter where you are in the world, where there's no infrastructure and no history of the oil business, it will take at least half a dozen years to go from exploration phase to development concepts," Tim O'Hanlon, Tullow's vice president for Africa, told Reuters.
In Uganda, the pipeline to get the oil to the coast for export will not be in place before 2018 at the earliest. In Kenya, the Government has already started to complain about its current 10% stake and they want a 25% share although the country has not found any commercially viable oil source yet. Tullow indicated it would be at least a year before it knows whether its March discovery with Africa Oil (Ngamia-1 well) can be extracted and exported.
Conclusion
I believe Africa Oil Corporation's current market cap defies any logic and I can't find any rationale behind it. I think long investors had better stay away from Africa Oil as there are significant downside risks. Speculative investors should consider a short position capitalizing on the asymmetric risk/reward proposition at these unsustainable levels. A sharp revaluation to the downside may be coming.
http://beta.fool.com/traderinvestor70/2012/11/23/how-close-a…
(Es würde mich stark verwundern, wenn es bei 25% Regierungsanteil bleiben sollte. Eher 50%, sobald der erste Tropfen Richtung Küste fließt.)
sowie viel Kraft und Nerven in 2013 bei event. Kursen unter 5 CAD. (wobei ich diese Kurse niemanden wünsche)
Vielleicht erbarmt sich in 2013 ein Major den Laden für 7 oder 8 CAD zu übernehmen,
denn ein no-brainer ist dieses Invest in keinem Fall...
Anbei nochmal ein (imo) guter Artikel, welcher vor einem Monat von vielen (auch ich habe ihn belächelt) verspottet wurde.
(siehe untere comments)
How Close is the Africa Oil Bubble to Bursting?
By Nathan Kirykos - November 23, 2012 28 Comments
Nathan is a member of The Motley Fool Blog Network -- entries represent the personal opinions of our bloggers and are not formally edited.
Introduction
The investors often propel some companies' valuation at high levels making them a bubble. I like identifying and exposing these bubbles before they implode. The greed isn't a wise investment strategy. Many people are driven by greed and they want a bubble to go higher as they have a biased perception of reality. Once the implosion occurs, they recognize their mistake but it is too late. So I'll analyze the case of Africa Oil Corporation (TSXV: AOI). Is it a result of people's greed or ignorance?
Operations Overview
Africa Oil is a Canadian energy company with assets in Kenya, Ethiopia, Mali and Somalia through its 45% stake in Horn Petroleum Corporation. Africa Oil's East African holdings are in excess of 300,000 square kilometers. The company doesn't have any production today and it is in a multi-well drilling campaign in Kenya and Ethiopia during the last months.
Corporate Developments
The company found oil with the first hit in March 2012. The initial successful results from Ngamia-1 well (AOI 50% WI, Tullow 50% WI) in Kenya encountered over 100 meters of net light oil in the Upper Lokhone Sand Section that grew during the next months finding an additional 43 meters of potential oil in the Lower Lokhone Sandstone Section. This was the first oil discovery in Kenya and this boosted the share price by more than 500%. However Tullow, Africa Oil's partner, indicated it would be at least a year before it knows whether its March discovery (Ngamia-1 well) can be extracted and exported.
The next well of Africa Oil, Twiga South-1, was drilled in September and it represents the next step in expanding the play and proving up the 'string of pearls' concept. The company said recently that it encountered oil but no further details have been provided yet so the commercial viability of this discovery has yet to be ascertained.
The company will continuously drill high impact exploration targets for the remainder of 2012. In onshore Kenya, the Paipai-1 well in Block 10A, was drilled in October and the market still awaits for the results. In onshore Ethiopia, the exploration drilling campaign will commence with the Sabisa-1 well in the South Omo Block before year end.
Regarding Somalia, the first 2 wells drilled by Horn Petroleum (45% owned by Africa Oil) didn't find oil.
Valuation
Africa Oil Corp trades with a price to book value of 9.3. The company has zero production so it has zero revenue and thus negative funds from operations. The company holds $55 million cash but the drilling cost in Kenya is about $15-20 million per well. The company also announced an increase at its reserves in Aug 2012. However they are Prospective reserves and they aren't Proven and Probable Reserves (2P). Prospective reserves means that there is no certainty that any portion of the Prospective Resources will be discovered. If discovered, there isn't certainty that the discovery will be commercially viable to produce any portion of the resources.
Some holders will debate that Africa Oil has a big acreage and new discoveries have been announced on all sides of Africa Oil's land position including the major Albert Graben oil discovery in neighboring Uganda. I'll comment that it's widely known in the oil & gas universe that you and I could be neighbors and you are sitting on 1 billion barrels recoverable and I have goat pasture. So this acreage statement lacks punch.
Insiders
According to regulatory filings, the insiders have been selling since July 2012. I accept that the insiders sell for many reasons. The insiders also buy only for one reason and I havn't seen any of them buy since the share price has jumped to the current levels.
Geopolitical risks
The geopolitical risks of Africa are well known. The social unrest, the political turmoil, the civil wars, the pirates attack, the lack of infrastructure are usual. "No matter where you are in the world, where there's no infrastructure and no history of the oil business, it will take at least half a dozen years to go from exploration phase to development concepts," Tim O'Hanlon, Tullow's vice president for Africa, told Reuters.
In Uganda, the pipeline to get the oil to the coast for export will not be in place before 2018 at the earliest. In Kenya, the Government has already started to complain about its current 10% stake and they want a 25% share although the country has not found any commercially viable oil source yet. Tullow indicated it would be at least a year before it knows whether its March discovery with Africa Oil (Ngamia-1 well) can be extracted and exported.
Conclusion
I believe Africa Oil Corporation's current market cap defies any logic and I can't find any rationale behind it. I think long investors had better stay away from Africa Oil as there are significant downside risks. Speculative investors should consider a short position capitalizing on the asymmetric risk/reward proposition at these unsustainable levels. A sharp revaluation to the downside may be coming.
http://beta.fool.com/traderinvestor70/2012/11/23/how-close-a…
(Es würde mich stark verwundern, wenn es bei 25% Regierungsanteil bleiben sollte. Eher 50%, sobald der erste Tropfen Richtung Küste fließt.)
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