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Equator Exploration Share Discussion Threads
Showing 114901 to 114923 of 114925 messages
|muto,point taken i could have picked my words better but the life support is still plugged in and switched on.but you get my drift about the question why haven,t we been finished up is it to do with the blocks being awarded to eel|
|Don't know about alive and kicking maff96, more like on life support.|
|a question blocks 321 & 323 were awarded to eel then it was taken off them then oando
took over eel.my question is if oando pulled the plug on eel would ownership of 321 & 323 blocks go to oando or not and could this be the reason EEL is still alive and kicking|
|Cheers Mr. K.
Something to look forward to perhaps.
|Cheers MrK, appreciate that.|
|peace talks stalling hence the drift.|
|I think that's his opinion rather than based on anything.Bearing in mind he bought this POS in the first place, I'd take it with a pinch of salt.|
beeks of arabia
|thanks for update MR K.
so we may re list in future...
cant see a problem getting in under 8p as the price is 6.75-7.25|
|Wonder how the Peak winding up order is going.....oh no, thats right, it's worthless....|
|Only about 10 more years of appeals on that one then......|
17 Mar '17 - 12:16 - 64153 of 64153 0 0 Moderate | Ban
If only we were still listed and benefit from news.
As each of these long standing issues are currently being resolved I think it is fair to assume that a listing at some point in the future may be more than likely.
|If only we were still listed and benefit from news.|
|KNOC loses bid to win back Nigerian acreage
Supreme Court backs Nigerian government decision over revoked OPLs 321 and 323
Barry Morgan London
17 Mar 2017 00:00 GMT
The Nigerian Supreme Court has ruled in favour of a federal government decision to reallocate deep-water exploration licences OPL 321 and 323 away from a consortium led by Korea National Oil Corporation (KNOC) to a partnership including Nigerian players and India’s ONGC Videsh.
KNOC’s licence was revoked in 2009 by then-president Umaru Yar’Adua, citing failure to meet key conditions, including full payment of signature bonus and delay in beginning construction of a 1200-kilometre gas pipeline from the southern oil swamps to the capital Abuja, and in meeting a commitment to provide 2250 megawatts of power generation.
The blocks had initially been won under the 2005 licensing round by indigenous combine Oando Energy Resources affiliate Equator Exploration, British Virgin Islands-registered Owel Petrol¬eum Services, India’s ONGC Videsh and two minor local players — NJ Exploration and Tulip Energy Resources.
The 2005 round was carried out during the tenure of president Olusegun Obasanjo, whose administration issued guidelines according preference to applicants willing to commit and demonstrate capacity to build power plants and refineries to spur domestic consumption.
It was in this context that KNOC was able to exercise a right of first refusal on OPLs 321 and 323 in return for pledging downstream infrastructure expenditure — a commitment on which four years later the Yar-Adua presidency accused them of reneging.
However, KNOC contested the loss of the blocks, initially winning in the Federal High Court but having to argue its case again in the Court of Appeal as late as 2012 over jurisdictional issues.
Now, as a result of the Supreme Court ruling, title to the two blocks has formally been restored to the original consortium, though in 2014 ONGC Videsh had indicated to Equator that it had lost interest in the judicial process, bringing out-of-court settlement discussions to a halt.
Partners remain uncertain as to whether ONGC Videsh will resume interest in the acreage or release equity.
“We were caught in the middle during this conflict and it was very painful for us, just waiting for the government to prescribe a solution,” Oando Energy chief executive Pade Durotoye told Upstream.
“Because of the way the judgement was crafted, there is concern that the picture may change again on appeal as some aspects were thrown back to the lower court. We are consulting with lawyers to determine the way forward.”
The last Netherland, Sewell & Associates best-estimate of reserves for OPL 323 was 1.3 billion barrels of crude and 5 trillion cubic feet of gas spread across five structures, while total gross unrisked prospective resources for OPL 321 were pegged at 1.6 billion barrels of oil across four structures.
Meanwhile, year-old analysis carried out by Equator indicated that poor exploration achievement in the Nigerian deep since 2009 suggests lower probabilities of geological success, rendering the current 2005 fiscal terms marginal.
“The parties will therefore be seeking some form of relief from existing terms in order to regain economic attractiveness,” Equator said of its analysis.
Equator retains a 30% stake while in theory the operating stake of 60% remains with ONGC Videsh, leaving 10% with a local content vehicle (LCV) that the Department for Petroleum Resources required at the time to participate in all production sharing contract applications.
“Neither are we quite sure of the LCV status in the current line-up as there may be issues left unresolved related to the initial bidding — so we have a lot of work to do yet,” Durotoye added.
|Why anyone would take a share tip off a hopeful clown on here is anyone's guess.GPX now 6.5 to sell.|
beeks of arabia
|EEZ Seismic on EEL's blocks
Seismic Data Interpretation
Competent Persons Report [CPR] on several billion barrel prospects in EEL's EEZ acreage
Oando Relists EEL on AIM @ circa 30p per share to raise capital for drilling
|Thanks Mr K|
|Exile. Will do when back in uk. Just thought I'd ask in case someone knew.|
|Digger....................why don't you call them and ask them yourself. If you are lucky you may even get Phil Dimmock on the phone. 02072974280|
|Cheers Mr K. Do you or does anyone else know why we've been left hanging for all these years? Has anyone asked them why they haven't pulled the plug? What reasons do they have to keep this going apart from our bod collecting their salaries?
If the question hasn't been asked then please ask or let us know what their reply was.|
Operations update Conference Call to take place mid April.
Exact details will be posted on the BB & emailed to all SLG members on the register when confirmed.
|ramping kod at the mo & threw his chips in here,any news on kosmos takeing a portion of eel shares ?|
|yes updates please.|