Aoi (Regs) Share Discussion Threads

[juju44] 31/8/2013 17:49

Tullow not having a good run ........


Tullow OilThe UK oil firm, Tullow Oil, did not find oil in the first exploration well it drilled in its concession in the South Omo basin, it was learnt.

Reliable sources told The Reporter that the drilling crew of Tullow Oil Ethiopia did not find oil flow in the first exploration well dubbed Sabisa-1. The well is drilled in a locality 15 km from Omorate town. Tullow started drilling on the first well last January. In a statement issued in April, Tullow said it encountered hydrocarbons requiring logging and further evaluation.

The Sabisa-1 well in the South Omo Block in Southern Ethiopia has been drilled to a total depth of 1810 metres. Tullow said hydrocarbon indications in sands beneath a thick claystone top seal have been recorded whilst drilling, but hole instability issues have required the drilling of a sidetrack to comprehensively log and sample these zones of interest.

The sidetrack commenced in April and was completed in June. A Polish drilling contractor, OGEC, is conducting the drilling operation. The crew drilled horizontally due to the challenging nature of the well. Sources told The Reporter that the crew collected useful data that indicate the presence of oil in the area but did not find the oil reserve.

According to sources, the company is in the process of starting work on the second well. "Tullow will soon mobilize its drilling crew to the second well site once the rainy season is over," sources said. The second well will be drilled near Chew Bahir.
Officials of Tullow declined to comment on the matter saying that they would soon issue a press statement.

Tullow has a 50 percent stake on the South Omo concession while the Vancouver-based company, Africa Oil, owns 30 percent and the US company, Marathon Oil, has 20 percent stake.

Petroleum experts The Reporter talked to said that Tullow did not find an oil inflow in the well. The company targeted to drill 2600 meters but was unable to go deeper than 1810 due to the instability of the well. The experts said that the instability is caused by the existence of oil shell in the area.

"Since there are oil shells in the well, the earth could not hold the drilling pipe tight this has been a very challenging task for the drilling crew. There is sandstone (reservoir rock) and shell (the source rock). These are the hydrocarbon indications that the company found in the well," the experts said.
Though Tullow did not note oil inflow it has encountered a working petroleum system (reservoir rock and source rock).

"This shows that though there is no oil in the first well the existence of reservoir and source rock is an indication of oil reserve in the region. In the history of oil exploration you do not discover oil reserve in the first exploration well. These findings would be useful information for the planned second and third exploration well. The results obtained in the first well are encouraging to carry out further exploration work. It is not discouraging," the experts said. The company spent more than 60 million dollars in the first well.

The seismic data collected by BGP Geo Services, the Chinese company contacted by Tullow Oil, from the South Omo concession has demonstrated the presence of oil in the area. "I am sure oil would be discovered in the second or third exploration well," one of the experts told The Reporter.

[marty51] 23/8/2013 22:20

Well youll be pleased to know that a girl off the estate down here in Pompey is going out with Nat Rothschild, he flies her backwards and forwards from Farnborough to Switzerland and its very serious, he is the money behind GENEL so ill be making some enquiries on that score.
Please research it W1....her name is Natalie,lovely girl..known her years..know her step Dad better.. nice to have Hayward onboard too.
I will say though that there is no upward movement coming anytime soon here, this is a ten year plan.
Holes in the ground.....just like Kurdistan, no way of cashing it in....just keep drilling and keep diluting and hope there are enough holes one day to think about building a roadlink ..........Im 49.....havent got the patience for it.
Did you get chucked off W1???

Not really surprising is it?

[warnado1] 13/8/2013 22:33

Hi trinderm,

Cornish?

Not at all buddy and if it implied something else I no clue what you are talking about.

Anyway, I note that you have an interest in GENL, have you seen that they our new partner Adigala Block in Ethiopia?

GENL acquired 40% of New Age original 50% so the percentages are as follows now -

AOI - 50%
GENL - 40%
New Age - 10%

Nice to have GENL on-board with a decent percentage stake which speaks volumes in my opinion.

It could be a very nice block and a fair bit of work has already been carried out on it including 7,600sqkm of FTG last year (2012) as well as original (2009) and reprocessed (2012) 2D covering 560km.

Large structural closures have already been identified in excess of 50sqkm and the potential is very attractive.

More seismic will be conducted this year to identify an initial target and with GENL on the percentage list now I feel things could happen a lot more quickly.

It's all good ;)

[eipgam] 06/8/2013 19:43

Hello

Goodbye

[mcbeanburger] 06/8/2013 19:42

how about posting your thoughts here.... or remind me what they are.....

[meljohn] 05/8/2013 16:25

Thanks, eipgam, I was wondering what was up ...

[eipgam] 05/8/2013 14:33

TSX hols today

[itsonlyme2] 03/8/2013 09:11

HELLOOOOOOOOOOOOOOoooooooooooooooooooooo Yep there is an echo lol lol

[fraserdean] 31/7/2013 12:21

Worth listening to the TUllow presentation, Angus McCoss is incredibly bullish about the future for Kenya, if you can hold for a few years this could be very, very impressive.

[arthurly] 31/7/2013 10:37

Sweden 6.47% up at the moment. Not surprised. I think this share is cheap compared with prospects over the next few years.

[itsonlyme2] 31/7/2013 09:33

yep starting to shape up WELL now

[arthurly] 31/7/2013 08:29

From Tullow Results today - the basin is commercial and an additional 50 metres of net pay at Etuko-1 -

The exploration and appraisal programme has delivered significant resource upgrades in the first half of 2013 with the Ngamia-1 and Twiga South-1 flow tests in Kenya confirming resources of over 250 mmbo. Following the Etuko-1 discovery, the Kenya Pmean basin resources are expected to be well in excess of 300 mmbo, exceeding the basin threshold for development studies to commence.

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 31, 2013) - Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the "Company") is pleased to announce that the Company's major exploration success in Kenya continues with the Etuko-1 discovery on Block 10BB. The Etuko-1 has been deepened to penetrate Miocene-age sandstones of the Lower Lokhone formation and has encountered approximately 50 metres of potential net pay. This is in addition to the over 40 metres of net pay confirmed in the shallower Auwerwer and Upper Lokhone reservoirs previously announced.

[eipgam] 25/7/2013 16:07

www.africaoilcorp.mwnewsroom.com/press-releases/africa-oil-spuds-ekales-1-well-in-kenya-tsx-venture-aoi-201307240888267001

[meljohn] 19/7/2013 20:06

Yep. Time to sit tight and enjoy the weather ...

[cashandcard] 17/7/2013 16:57

Looking good back over CAD$7.00, I'm sure alot happening in the background with Etuko, further drills planned.

Cash

[juju44] 17/7/2013 16:23

the day is not over yet

[fraserdean] 17/7/2013 16:20

Must be summit wrong, this share has gone up two days in a row

[fraserdean] 09/7/2013 09:25

double or treble from here seems a more than fair return to me given that oil is already proven, think when they reach the commercial export levels then that means something, just a waiting game.

[marty51] 08/7/2013 22:01

Had its day in the sun last year, its worth around a billion pounds, thats a thousand million, yes there is a lot of oil down there and we will keep finding it....but theres a lot of oil in Kurdistan too.......its holes in the ground with no way of getting the oil out...it can only sell for so much, shareholder return is phenominal already....this has multibagged already......expedential growth from here....naaahh, maybe double in a few years....or even treble, huge dilution required.

I sold out at $8 average and glad I did.