:) Realer Möglichkeit von 1000% oder Totalverlust :) - 500 Beiträge pro Seite

[MrZork2002]

Hallo Leute,

mein geheimer Tenbagger!!!!!!!!!!!!!!!!!!

KZ: 1$

Unbedingt beachten: Dies ist ein alles oder nichts Zock. Entweder wird das eingesetzte Kapital innerhalb von den nächsten 2 Jahren verzehnfacht oder es ist einfach futsch. Deshalb ist dieser Investmenet nur für erfahrene Zocker geeignet.


LIEST EUCH DIE ANALYSE DURCH!!!!!!!!!!!!!!!




Dirks & Company, Inc. Phone: 1-800-774-0778

18 East 53rd Street 6th Floor 212-832-6700

New York, N.Y. 10022 Fax: [phone]

SPECIAL SITUATION ANALYSIS July 9, 2002

RECOMMENDATION: STRONG BUY Ray Dirks: 212-832-2294



Transmeridian Exploration, Inc.

(OTC–BB: TMXN)





Price Range (1 year): $2.20–$0.20 Outstanding Shares: 59,627,129

Current Price: $0.50 Market Capitalization: $33 Million

One Year Target price: $3.00 Shareholders Equity (12/31/01): $6 million



Earnings Per Share: 2000 ($0.06) Discounted Value of Proven Oil

2001 ( 0.04) Reserves: $2.25 per share

2002E 0.00

2003E 0.25 Discounted Value of Ultimate

2004E 0.80 Recoverable Oil Reserves: $10 per share

2005E 1.30

2006E 1.70



Estimated Revenues from Alibek South: 2002 $ 5 million

2003 75 million

2004 200 million

2005 325 million

2006 415 million



Summary


Transmeridian Exploration, Inc. is an independent energy company established to acquire and develop identified and underdeveloped hydrocarbon reserves in the region of the former Soviet Union known as the Confederation of Independent States (CIS), particularly in the Caspian Sea region.



________________________________________________________

In compliance with the Securities Act of 1933, Section17(b), Dirks & Company, Inc. discloses the receipt of $5,000 received from Dynamic Market Initiatives, Inc. for the publication of this report. Dirks & Company, Inc. received no other compensation.

No statement or expression of opinion or any other matter herein contained is, or is deemed to be directly, an offer or a solicitation of an offer to buy or sell the security referred to above. The information contained herein is taken from sources believed to be reliable, but its accuracy cannot be guaranteed. There can be no assurance that future recommendations by these sources will prove profitable or will equal the performance of past recommendations. The principals and employees of Dirks & Company, Inc. may trade in securities mentioned herein subject to self-imposed restrictions: such affiliated persons may at any time hold positions in issues recommended within this publication. Dirks & Company, Inc. may be a market maker in the securities referred to herein. Some of the statements in this report and all of the estimates regarding possible revenues, sales, profit margins, earnings and income in the future should be considered forward-looking statements within the Private Securities Litigation Reform Act of 1995. These statements involve a high degree of risk and uncertainty that exist in the Company’s operations and business environment and are subject to change based on various factors.



Transmeridian’s management team has a total of about 50 years experience working in the region. The company has targeted the acquisition of proven and potential oil and natural gas reserves at below the industry’s international finding cost rates.



The first property the company purchased is the 9,920-acre Alibek South Field, which is in the Caspian Region of western Kazakhstan and is in an area of high oil industry activity. This oil-rich field is near pipelines, railroads, power transmission lines, regional roads, and other related oil field infrastructure needs. The proximity to existing infrastructure for exportation of oil and gas reduces associated costs and the time needed to place new fields in production. The Alibek South Field was discovered in 1994. A license was awarded in 1999, for a six-year evaluation period. The Kazakh government has recently accepted the commerciality of the field, allowing the contract to be converted to a 25-year term.



Transmeridian Exploration announced on June 13 that the ultimate recoverable oil reserves in the South Alibek Field in Kazakhstan could be as much as 378 million barrels. Ryder Scott Company, one of the largest, oldest and most respected reservoir-evaluation consulting firms in the petroleum industry, confirmed this estimate. Previous engineering estimates were for 220 million barrels. In addition to these reserves, the reserve potential has not yet been estimated for oil-bearing sands overlying the field and deeper carbonates not yet drilled in this area, but that makes up part of the 7-billion-barrel Tengiz Field and the recently discovered Kashagan Field.



Recommendation


Dirks & Company recommends Transmeridian Exploration as a Strong Buy with a one-year target price of $3.00 per share. We base this price target on our analysis of price/earnings ratios of rapidly growing energy companies and our earnings estimates of $0.25 in 2003 with the prospect of $0.80 in 2004.



Transmeridian Exploration’s market capitalization of $33 million provides an opportunity for investors to make profits of several times their investment. The capital needed to develop the company’s oil field has been obtained at favorable borrowing rates. The initial financing is a line of credit of $20 million from a local financial institution, of which about $7.5 million has been drawn down to pay off debt, cover operating expenses, invest in early stage production and initiate drilling the first oil wells. An additional $30 million is also available, based on terms described below. It will allow for the acceleration of field development and the leasing of additional drilling rigs



Ownership and Opportunity


Transmeridian Exploration has a 90% interest in the oil field in Kazakhstan; a Kazakh private company holds another 10%. Another Kazakhstan company, Kazstroiproect, controlled by the Turan Alem Bank Group, acquired an option for a 50% equity interest in the property in exchange for providing a $50-million financing package and $15 million in equity contributions to the project. Thus far, a $20 million credit line has been issued, and more than $7.5 million has been drawn down, as previously mentioned.



Originally, drilling had been prohibited in the South Alibek area by a Soviet military zone although the surrounding area was subject to discoveries of major oil fields and rapid field development. Drilling was only allowed in the 80’s, and up to the time of the collapse of the Soviet Union in 1992 the South Alibek discovery well was just beginning to be drilled as part of the fully delineated Alibekmola Field. Alibekmola Field, now being developed in part by Nelson Resources, and South Alibek Field share identical world class carbonate reservoirs and are separated by a fault that cuts the field in two halves. Transmeridian Exploration acquired the license to the South Alibek Field in 2000, and following initial production testing of the discovery well and an evaluation by independent engineers, has determined the high potential of the field and the need to proceed in the field development program.



The Kazakh government has given approval of commercial reserve status for the South Alibek Field the commercial reserve status allows Transmeridian Exploration to convert its Exploration operating contract to an Exploration and Production operating contract, which will encompass a work program for the development of the South Alibek oil field.



The Company is negotiating the new Exploration and Production Operating Contract. The contract contains all commercial and operating aspects of exploration and production, including terms for full commercial production. This will replace the existing contract that covers the Exploration phase of License 1557 for the South Alibek Field.



The company will now move ahead with its early oil testing and production program. The installation of drilling equipment, testing and early production, and treating facilities should be completed on schedule. Accordingly, the start-up drilling program will begin this summer.



Transmeridian recently acquired an interest in a railroad terminal nearby its oil field for access to the local and export crude oil markets. In addition, the company is in touch with the Kaztrans Oil Pipeline group for an allotment to its new (Kenkiyak-Atyrau) pipeline that is scheduled for completion late next year. Kenkiyak Field is only 10 miles from South Alibek Field.



Transmeridian has also contracted for the building of testing and early production and treating facilities in its South Alibek Field. The $2.5 million contract will enable testing of up to 5,000 barrels per day in the 3rd quarter, and when Phase I of the project is completed, the capability will exist for treating and processing up to 30,000 barrels of oil per day. The total capital cost for Phase I of the construction program is estimated at $3.2 million. The facilities can handle weather typical of this area, similar to weather in the north central plains of the U.S. Accordingly, it is unlikely that there will be any postponement of the testing and production schedule.



The initial $20 million of credit available from Turan Alem Bank should be enough to bring production up to 40,000 to 50,000 barrels per day.



Transmeridian Exploration has taken down about $7.5 million of its bank line of credit, as of June 20. The money has been used as follows:

Purchase of Land Drilling Rig: $1 million first payment, and another $3 million payable over the next 18 months. Part of the purchase price of the rig was paid with shares of TMXN stock at $2.00 per share, redeemable by the seller, with 500,000 shares to be delivered in September and another 500,000 in December.
Repayment of Debt incurred by Transmeridian Exploration in start-up expenses of $1.14 million and recoupment of past costs of $1.7 million.
Purchase of production tubing and casing for three wells and testing facilities for up to 10,000 barrels of oil per day: $3.5 million.
Burn rate of Transmeridian Exploration, including employee compensation and payment to outside consultants


The drilling program in the third quarter will begin on two 14,000-foot wells. By owning its equipment, which can drill in excess of 20,000 feet, there will be a 30% cost saving as compared with using international drilling services firms.



Management’s expectations of success have been bolstered by the recent announcement of production results from new Nelson Resources wells in the same reservoir about a mile away. The new wells came in at more than 1,000 barrels per day. The company estimates that wells are capable of more than 5,000 barrels if standard Western practices are followed, with acidizing the reservoir and using artificial lift.



In January 2002, Transmeridian Exploration completed its initial public offering by selling 553,700 shares to the public at $2.00 per share. In addition, there were 15,868,600 shares registered in the offering document. These shares had been sold privately in previous years. There are about 59,627,129 shares outstanding.



Employees



Transmeridian’s staff consists of an experienced management team with five professionals in its Houston-based headquarters, plus the support of expert engineering and geoscience consultants as needed, and an operations management team and staff in Kazakhstan of 65, as well as contract employees supervised by expatriate engineers.



Management



Lorrie Olivier, President and Chief Executive Officer, owns 30% of Trans-
meridian Exploration. From February 1, 1991 to March 30, 2000, he was employed by American International Petroleum Corporation as a Vice President of Operations and President of American International Petroleum Kazakhstan, American Eurasia Petroleum, and American International Petroleum Holdings. He was the lead manager in developing the company’s interest in the Caspian Sea region with the acquisition of a several large properties, the last three years focused on Kazakhstan. He has been developing experience and business contacts in Russia and other CIS countries. In 1988 Mr. Oliver established his own international business consulting firm specializing in South American petroleum ventures, after 15 years working in domestic and international petroleum operations with initially Shell Oil USA and Pecten, and Occidental Petroleum Corporation.



Bruce Falkenstein is Vice President of Exploration and Geology. He served for 20 years with Amoco, and later with British Petroleum from February 1994 to August 2000, as Chief Geophysicist and a manager of the Kazakhstan Exploration team. Since 1992 he has been working and managing the identification, technical evaluation and capture of oil fields and operations of licenses in the CIS, with particular focus on the Caspian Sea region, 7 years of the time concentrating on Kazakhstan.



Jim Tucker is Vice President of Finance. From 1966 to 1972 he was employed by Texaco Inc., where he was Vice President of Texaco Nigeria Ltd. From 1976 to 1988 he served with Texas Oil and Gas Corp., holding positions as Assistant Controller, Vice President and assistant to the President. From January 1, 1990 until January 20, 2001 he served as the Vice President of Finance of Crossroads Environmental Corp.



Growth Strategy



Transmeridian’s growth strategy is dependent on the success of the South Alibek field. The company expects to utilize the cash flow from these oil operations to generate the capital to continue with its business plan of low cost green-field acquisitions in the region. The bank financing provided by the credit facility with the Turan Alem Bank alleviates any need to raise funds for the further drilling and development program for the South Alibek field. Additional equity financing could facilitate the purchase of new fields in the region of South Alibek, and the Caspian Sea region.



There is no question that there is opportunity in Kazakhstan. The Soviets discovered several major fields with proved reserves and left these fields for the Kazakhstan Government to develop. The Government has turned to independent companies for exploration and development capital. Transmeridian expects to continue to participate in this program and will dedicate excess cash reserves to the acquisitions of more fields within the region. The government of Kazakhstan takes a percentage of the profits engendered through production of oil and gas. The earnings estimates for Transmeridian Exploration in this report are after paying the government its share of the profits.



Management’s plan is to rapidly develop production in the South Alibek field. This will include the drilling and completion of at least ten wells and the installation of permanent production facilities to process production of at least 3,000 barrels a day. Once stable production and sales stream is achieved, or if additional funds become available sooner, Transmeridian is likely to acquire other properties in the region. Such properties would have to match its criteria for ownership and control: low entry cost per barrel of proven and potential reserves, access to infrastructure for oil production, and ready access to shipping facilities.



Another Pure Play in Kazakhstan Oil


The clearest comparison to Transmeridian Exploration is Hurricane Hydrocarbons (HHLF), which is also a pure play on oil and gas exploration and production in Kazakhstan. Hurricane acquired oil properties in Kazakhstan beginning in 1991. After substantial investments over many years Hurricane Hydrocarbons attained production of 147,000 barrels per day recently. In the first quarter of 2002, ending March 31, production averaged 123,372 barrels per day, up 38% from a year earlier.



Revenues were $143.3 million. Net income was $31.6 million, excluding non-recurring items, for a net profit margin of 22%. This was equal to 37 cents per share before non-recurring items. Earnings allocated to shareholders after non-recurring items totaled $23.1 million, or 28 cents per share. There are about 81 million shares of Hurricane Hydrocarbons outstanding. At a current price of $9.60, its market capitalization is about $775 million.





APPENDIX A


Transmeridian Exploration, Inc., (TMXN)

(Relevant Statistics – Estimates or Otherwise)


Most recent estimate of Ultimate Recoverable Oil Reserves – 378 million barrels



Maximum Field Area under License as the South Alibek License Area - 9200 acres



Estimated Net Per Share Value of Ultimate Recoverable Reserves

@ 10% annual discount - $582.7 million = $10.00 per share



Estimated Net Proved Oil Reserves recoverable within 240 acres – 17.675 million barrels



Net Present Value of Total Proved Oil Reserves - $128.9 million = $2.25 per share



Financial Consideration for Initial $20 million bank financing from Kastroiprockt (KSP)

a) 15% annual simple interest

b) No interest and principal payments for 18 months

c) Option for KSP to become 50% owner of South Alibek License Area by furnishing additional $30 million and pay the lender $15 million of the initial financing

d) Option for KSP to not take ownership of 50% of South Alibek property by not furnishing additional $30 million after new well results become available.



APPENDIX B


Other Companies and Fields in the Caspian Sea Region of Kazakhstan


Company

Partners Oil Fields
Chinese National Petroleum Company
60%/40% with KazOil
Zhanazhol and Kenkykyak

Nelson Resources (Canada)
50%/50% with KazOil
Alibek, Khozhasai, Tenge

Mearsk Oil and Gas (Denmark)
60%/40% with Veba Oil and Gas (Germany)
Saicak and Dunga

Turkish Petroleum
50%/50% with KazOil
Karatube, South Karatube, Akzhar, Loktibai and Zanatan

Chevron-Texaco (USA)
60%/40% with Exxon-Mobil et al
Tengiz, Karashaganak, Korolev, Korona, and North Buzachi

Shell (Dutch)
Phillips, Conoco, Okiok North Caspian Sea Consortium
Kashagan

Hurricane Hydrocarbons (Canada)
Kazakh Oil
Kumkol

LukOil (Russia)

[Kubanisch_Rauchen]

Ein bisschen neuer...

Transmeridian Exploration Inc. Retains MRB Investor Relations as Investor Relations Counsel
December 19, 2002

HOUSTON--(BUSINESS WIRE)--Dec. 19, 2002-- Company Intends to Intensify Its Communications Efforts Towards All Segments of the Investment Community
Transmeridian Exploration Inc. (OTCBB:TMXN), an overseas oil and gas exploration company focusing on the Caspian Sea region and with existing proven fields in Kazakhstan, announced today that it has retained MRB Investor Relations, LLC to provide a focused outreach to all segments of the investment community, as well as maintain communications with the company`s current and future shareholders.
Commenting on the appointment, Mr. Lorrie Olivier, chief executive officer of Transmeridian, stated, "As the Company continues to push our efforts towards the completion of the set-up of our fully functioning well on our existing proven oil field, it is important to present the story of the progress that we have made in recent months and the exciting results we are on target to achieve in the upcoming months to all segments of the investment community. We are looking forward to working with MRB Investor Relations and its in-depth investor and public relations expertise in the field of oil and gas exploration."

About MRB Investor Relations
MRB Investor Relations` core expertise lies in the design and execution of programs to maximize the relationships of emerging, growth-oriented public companies with all segments of the investment community. MRB has over 80 years of securities experience, SEC law experts on staff, journalists on staff (published in leading trade media) and an award-winning PR staff compiled from leading agencies. MRB staffers have been quoted in Business Week, NY Times, Fortune, Forbes, Wall Street Journal, Success and others.
MRB`s scope of activity includes traditional investor relations, financial public relations, product/service-oriented marketing communications, capital raising, and merger and acquisition assistance. A fully integrated 10 year-old firm, MRB has in-depth knowledge and direct experience in each of these areas. MRB is experienced across a broad range of traditional and "new economy" industries, representing a varied and broad spectrum of companies with one common element, a strong desire to expand.
The collective experience of MRB`s principals and staff includes investment banking, retail and institutional brokerage, legal training, public company senior level management, merger and acquisitions work, as well as traditional investor relations` disciplines, financial public relations and marketing communications.
MRB is therefore better able to provide complete guidance in all areas essential to the growth of an emerging public company and to do so under one comprehensive affordable retainer agreement.

About Transmeridian Exploration Inc.
Transmeridian Exploration Inc. (TMXN) is an independent energy company established initially to acquire and develop identified and underdeveloped oil reserves in the region of the former Soviet Union known as the Confederation of Independent States (CIS) and more particularly the Caspian Sea region. TMXN targets medium-sized fields of 20 - 50 million barrels with significant reserves upside which require minimum capital for production and reserves growth at below international finding cost rates.
South Alibek Field: TMXN`s main project is the South Alibek Field, which the company holds 90% interest through its subsidiary Caspi Neft TME in Kazakhstan. Total potential recoverable oil reserves in this field is about 338 million barrels, of which 17.6 million is already proven. The company expects its drilling program should result in significantly increasing the proven reserves in this field. The current net proven reserves has a net present value (at 10%) of $129 million.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Although Transmeridian Exploration Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any assumption could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion should not be regarded as a representation by Transmeridian or any other person that the objective and plans of Transmeridian will be achieved.
Business Wire

[MrZork2002]

Transmeridian Announces the Infusion of Equity
Tuesday November 12, 9:53 am ET


HOUSTON--(BUSINESS WIRE)--Nov. 12, 2002--Transmeridian Exploration Inc (OTCBB:TMXN - News) announced today that KSP, a private company controlled by the Turan Alem Bank Group, has notified the company that they are preparing to exercise their option for 50% ownership of our wholly owned subsidiary, Caspi Neft TME, by contributing $15MM in equity and providing an additional $30MM in financing. Caspi Neft TME will use these funds to pay off the bank debt and remain debt free while it continues its drilling program.
The drilling of SA 1 is going well with 13 3/8 inch surface casing set at 2,400 feet and drilling ahead at 4,000 feet towards its target depth of 13,400 feet.

For more information visit our Web site at www.tmei.com.

[MrZork2002]

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