Addax Petroleum Share Discussion Threads

[scottishfield] 30/5/2009 21:31

Tea, anyone?

[scottishfield] 26/5/2009 10:08

Kurdistan oil exports to help reduce budget deficit- lawmakers
May 23, 2009 - 11:04:05

BAGHDAD / Aswat al-Iraq: Several Iraqi parliamentarians have expressed their backing for a deal between the Kurdistan Regional Government and Baghdad, under which the first will export 100,000 barrels of oil per day as of next month, saying it help cut the budget deficit.

Abdulhadi al-Hassani, a member of the parliamentary hydrocarbon committee, told Aswat al-Iraq news agency that the northern region will export 100,000 barrels of oil per day from the Tawke and Taq Taq fields, noting that the revenues will help overcome the deficit in this year's budget.
According to Hassani, it will increase Iraq's exports of crude oil to around 1.95 million barrels per day (bpd).
On May 9, the Ministry of Natural Resources in the regional government announced the official start on June 1, 2009 of oil exports from the Tawke field at an average rate of 60,000 bpd.
The ministry also said that 40,000 bpd of crude exports from Taq Taq field, which has estimated oil reserves of 1.2 billion barrels, would begin traveling by truck and through an Iraqi-Turkish export pipeline.
It added that the exported crude from both fields will be marketed by Iraq's State Oil Marketing Organization (SOMO), noting that the revenue will be deposited to the federal government's account.
Sami al-Atroushi, a member of the financial committee in the Iraqi Parliament, described the current budget deficit as "large."
"The deficit will further increase by 10 percent if exports decline to less than 2 million bpd...We hope that oil prices increase by the launch of exports from the Kurdistan region," Atroushi noted.
The Iraqi Ministry of Oil has been exporting an average of 1.85 million bpd since the beginning of the current year.
Iraq's 2009 federal budget, totaling $62 billion U.S. dollars, is based on an oil price of $50 a barrel.
Speaking to Aswat al-Iraq, Iraqi Minister of Finance Baqir Jabr al-Zubeidi said that current oil prices are ranging between $50 and $52.
"The Ministry of Oil should raise exports to 2.2 million bpd... We are approaching mid-year and exports figures are still between 1.75 and 1.85 million bpd," the minister added.

[scottishfield] 20/5/2009 16:14

LONDON (Dow Jones)--Canadian oil and gas company Addax Petroleum Corp. (AXC.TO) is seeking a second partner to join its development of the large Taq Taq oil field in Iraqi Kurdistan, a person familiar with the matter told Dow Jones Newswires.

Addax wants to retain control of the development and keep existing Turkish partner Genel Enerji AS, but thinks bringing in a second partner with stronger ties to the government in Baghdad would overcome political sensitivities, the person said.

Oil contracts signed by the Kurdish regional government with companies such as Addax, DNO International ASA (DNO.OL) or Heritage Oil PLC (HOIL.L) have provoked fierce criticism from the Iraqi central government in Baghdad.

The process of finding a partner is at a very early stage and Addax has not decided how much of its 45% stake in the field it could offer nor selected any potential candidates, the person said. Addax declined to comment.

After two years of refusing to permit exports, the federal government said earlier this month that for the first time it would allow the Kurdish region to start transporting crude from new fields from June 1.

But political uncertainty remains. Shortly after approving exports, Iraq's oil minister Hussein al-Shahristani said contracts between the Kurdish government and around 25 foreign oil companies remain illegal because Baghdad was not consulted before they were signed.

A large number of foreign oil companies, including most of the major international players, have been pre-approved by the Baghdad government to bid for oil licenses in southern provinces. Companies that have signed agreements with the Kurdish government have been largely excluded from this process.

Existing facilities at the Taq Taq field provide for production capacity of up to 40,000 barrels a day and Addax is in the process of expanding the facilities to 70,000 barrels a day capacity. Following initial exports by truck, a pipeline is expected to be constructed to allow full field development.

Iraq currently exports around 400,000 barrels a day from its northern Kirkuk oil fields in the Kurdish region.

[leeson31] 20/5/2009 13:45

me too, im holding tightly. :p

[tamtam3] 20/5/2009 13:41

The moments of truth in the JDZ are finaly coming close leeson, hope we will see good drill results
TT

[leeson31] 20/5/2009 13:14

cheers Tam Tam :-)

[tamtam3] 20/5/2009 12:58

Drilling in JDZ block's 2 and 4 in July!!



Tamtam

[scottishfield] 19/5/2009 22:27

Sort of mid trading range, as far as I can tell. All relevant news points to a higher price.

S-F

[yangou] 18/5/2009 15:00

Sold mine 2170 after newsletter advised fully valued for now but come back in after further developments later on.
Good luck

[leeson31] 18/5/2009 13:01

looks like were on the up now... looking for 2200p initially, then some...

[mariachi] 15/5/2009 08:19

I am responding to the article appeared on the Iraq Oil Report stating that [Shahristani called the production-sharing agreements (PSAs) between the KRG and IOCs "illegal and illegitimate"]. In response to that I would like to offer the following:

1. Dr. Shahristani is stating a personal view only, his views do not reflect the views of the Federal Government, or the Federal Parliament or the Federal Energy Committee of the Parliament. Indeed, his views are not even shared by most of his own Oil Ministry staff.

2. Dr. Shahristani's authority in the Kurdistan Region is not recognized, nether constitutionally nor in practice, and he is not in a position to influence what we are legally and constitutional doing.

3. His old slogan of "illegal and illegitimate" is becoming a very boring. This message and his "blackmail list" of companies are unproductive and embarrassing for Iraq as a country. No one is paying any attention about what he saying.

4. We are acting according to the laws of the Kurdistan Region, passed by the constitutionally recognized Regional Parliament. The laws of KRG authorized us to sign contracts and develop the regional petroleum resources for the benefit of all of Iraq. If Dr. Shahristani is calling actions taken under the acts of the Kurdistan Parliament to be "illegal and illegitimate", then he is acting unconstitutionally and as a member of the government nominated in the name of that constitution he should rethink his position again.

5. He is politicizing the situation for personal reasons, and his attacks on KRG's achievements are aimed at shifting the attention away from his own Ministry's poor performances and failures.

6. Perhaps he can explain why MoO has failed to increase the production? Why MoO has not been able to develop at least one of many readily available giant oil discoveries to arrest the decline despite $8 Billion funding made available to him? And why MoO continues to flair all the associated gas valued at least at $10 billion per year?

7. If he disagree with our contracts or he really thinks that they are illegal, then go and do something about it. There is a constitutional process that he should adopt to solve the problem, rather that staging media events to repeat his boring political message, which is harming Iraq.

8. Finally, before he has said many times that we will never be permitted to export, so what has happened to make him change his mind now? The answer is clear that he has no authority and he cannot do anything to prevent it, hence agreeing with the decision made by the KRG. The backdated letter sent to us on 10th May (2 days after our announcement) confirming agreement to the export are appreciated. For now that is what matters to us, the rest is irritation and will go away soon.

Regards
Ashti Hawrami

[leeson31] 14/5/2009 20:44

aye, just hope the share price does go up. lol.

:-)

[scottishfield] 14/5/2009 20:37

Cheers L, you're v busy on 'the other site' - seems to be a competition going on!

[leeson31] 14/5/2009 20:34

aye, low volumes today.... hopefully onwards n upwards tmrw...

[scottishfield] 14/5/2009 20:32

The beast slumbers, only to be aroused in due course. Short term shifting movements should not be indicative of any final result. Excellent creature!

[leeson31] 11/5/2009 13:38

not sure to be honest, but hoping for details from the co. in due course....

[lukethefool] 11/5/2009 13:36

having read on the press release regarding commencment of oil extraction from Taq Taq on/soon after June 1st how much of the 40,000 bopd present production can they expect to truck out of there? Been trying to find out how large oil truck/tankers can be to estimate how many daily movements but not with much success

ltf

[leeson31] 11/5/2009 08:19

2200p on the offer :p

[leeson31] 11/5/2009 08:05

2155 to 2180 lovely...

[leeson31] 10/5/2009 11:14

ty mariachi!

[mariachi] 10/5/2009 06:28

For those of you who have not seen the press release from the KRG about commencement of oil export to Turkey, I suggest you visit the KRG.org website to read it.

I have had it confirmed, that SOMO have agreed for the contractor (Addax, DNO, etc) to have title over their share of the produced and exported oil at the delivery point, i.e. at Ceihan. This will initially be in the form of oil which can then be sold separately by the contractor. The contractor does not have title to the oil on the ground, only their share of the produced oil for the field they work on. The metering stations at the KRG end of the pipelines will be used to determine the quantity that the contractor has title over.

As of yet it is not clear who has agreed to this from SOMO, and you will hear conflicting messages coming from the Iraqi Federal Oil Ministry and Central government as they have not given this export their blessing as of yet.

When it comes to dealing with Iraq everything can change in a blink of an eye, so please do not base any of your investment decisions on the information contained in this message, as I cannot guarantee its full accuracy, middle managers and officials talk the talk but almost always never deliver.

[leeson31] 09/5/2009 18:00

2340p next target, before recovery at 27 odd..


free stock charts from www.advfn.com


subject to continuing bull run of course, but trend is up..

[leeson31] 09/5/2009 10:45

new highs, imho, Yangou.

:p were not that far off now....

[yangou] 08/5/2009 16:49

Then where will the share price be if they get the Afghanistan contract?