Mx Oil Share Discussion Threads

[socktrade1] 05/5/2016 10:22

11,000 bopd? alot of people seem to think that it will flow 11,000 straightaway, im sure i read that it would flow just 1,000 bopd and then it will take time to get it flowing to 11,000 bopd? if you have have more info on this please let me know

[toolsmoker] 05/5/2016 08:20

But I was correct though back to placing price next

[tracy_moore] 04/5/2016 14:26

Out of interest Toolsmoker what is your native language ?.

[toolsmoker] 04/5/2016 11:24

Here we go next placing coming .frango out supping poo with he's earnings today

[toolsmoker] 04/5/2016 10:06

Down on the day anyone

[toolsmoker] 04/5/2016 09:03

Stefans comments are priceless Was they written by a 3 year old Sell now they will need funds when the sale falls through

[primatologist] 04/5/2016 08:59

This is your chance to sell 1p. Take it on the chin and move on.

[andy] 04/5/2016 08:45

I guess the $1 million has to be paid now then!

All good news for Cornhill, what about the shareholders of this company?

[qackers] 04/5/2016 08:21

PANORO ENERGY ANNOUNCES FIRST OIL PRODUCTION AT AJE
Publish Date: 04-May 07:22


Oslo, 4 May 2016 - Panoro Energy ASA (“the Company” or “Panoro” with OSE ticker: "PEN"), the independent E&P company with assets in Nigeria and Gabon, notes the recent announcement made by its partner, the Operator of OML 113 Yinka Folawiyo Petroleum Company Limited, and is pleased to announce that the first oil production from the Aje field, offshore Lagos, commenced yesterday 3 May 2016.

Subsea installation activities had been underway at Aje since January and were completed in early March ready for the hook-up of the Front Puffin FPSO, which arrived in Nigeria on the 16th of March.

Oil produced from the Aje field will be stored on the Front Puffin which has production capacity of 40,000 barrels of oil per day and storage capacity of 750,000 barrels.

Flow rates will be provided in Panoro’s next operations update, following a period of commissioning and well stabilisation.

Panoro’s Chief Executive Officer, John Hamilton, said: “We are extremely pleased to announce the start of first oil production at Aje. This is a transformational milestone for Panoro and represents a great achievement by the Aje project teams. It is also a key building block in our strategy to become a full cycle E&P company focused on West Africa. The commencement of production at Aje is also significant for Nigeria as it is the first commercial production for the country in the emerging Dahomey Basin.”

Aje is an offshore field located in OML 113 in the western part of Nigeria in the Dahomey Basin. The field is situated in water depths ranging from 100 to 1,000 metres about 24 km from the coast. The Aje Field contains hydrocarbon resources in sandstone reservoirs in three main levels - a Turonian gas condensate reservoir, a Cenomanian oil reservoir and an Albian gas condensate reservoir. As previously disclosed, AGR TRACS International calculated the gross Cenomanian oil Proved plus Probable Reserves estimate associated the Aje-4 and Aje-5 wells, and the gross Contingent Resources estimate associated with the future drilling of Aje-6 and Aje-7 wells. At that time AGR TRACS International calculated these as 23.4MMbbl and 15.7MMbbl respectively (on a gross basis), indicating a mid-case expected ultimate recovery of 39.1MMbbl from the Cenomanian Oil Reservoir once all four wells have been drilled. AGR TRACS International also calculated the Turonian gas and condensate/oil best estimate gross contingent resource as 163 MMboe.

For further information about this press release, please contact:

John Hamilton, Chief Executive Officer
Tel: [phone]
email: [e-mail]



About Panoro Energy

Panoro Energy ASA is an independent E&P company based in London and listed on the Oslo Stock Exchange with ticker PEN. The Company holds high quality production, development, and exploration assets in West Africa, namely OML 113 offshore western Nigeria and the Dussafu License offshore southern Gabon. In addition to discovered hydrocarbon resources and reserves, both assets also hold significant exploration potential. For more information, please visit the Company’s website at www.panoroenergy.com.

[primatologist] 03/5/2016 19:28

The news should be the SO ponzi scheme has imploded and he's on the run.

[dlg3] 03/5/2016 16:08

looks like news tomorrow boys and girls...

[primatologist] 03/5/2016 12:30

Frangos and SO spiv scammers

[andy] 03/5/2016 11:29

mostyn,

The cynics think they are holding onto the AJE field until first oil so that Cornhill receive their $1 million agreed fee.

Once first oil is confirmed then you might see what the real intention is for AJE.

I have always thought that deal looked convenient and suspect, we'll soon know if I was right or not. It allowed them to get round their below par value placing problem, which they then reduced to avoid that problem in the future, it all looked like a chess match to me.

[mostyn] 03/5/2016 09:39

Andy,

I agree that the report is only as good as the competent person who writes it, but it is the best estimate we are going to get prior to drilling. If they didn't expect a decent increase in the amount of potential oil in place, I doubt they would have swapped 3 licences for an increased stake in this one. I tend to discount wild headlines or estimates which are primarily used to ramp the share price, but unless the management manages to land themselves in the mire regarding short/medium term financing needs (depending on whether we sell or hold the Aje field) the shares look cheap at this level.

This is just my opinion and others obviously disagree.

[socktrade1] 03/5/2016 09:33

Mostyn true but one must think to himself why did Stefan leave at the last minute and did not give a presentation at the investor show after paying for a stand and investors made the effort to come and he just left

[andy] 03/5/2016 09:28

mostyn,

CPR's are not proven drilling.

They used to get people excited, but I think most now realise it's a best guess, paid for by the client who wants to see a good result!

Headlines of "billions of barrels" used to move prices, whereas people realise there is a huge difference between what is in situ, and what can be recovered, and there are still hurdles along the way.

In the olden days they used to drill and prove oil was there, rather than speculate using reports prepared by people that are being paid to write it.

[mostyn] 03/5/2016 09:20

socktrade1,

From Panoro's website. Presentation page 16

hxxp://mb.cision.com/Public/399/9910884/9cda07a1d4bff4cb.pdf

Looks to be end of week or very early next week. I'm surprised that we are getting selling at this level when we know first oil is only days away, and the CPR for the Mexican asset is imminent.

[socktrade1] 03/5/2016 08:32

I read some where that the hook up process takes 2 weeks plus 3 daysflow test, we were told the hook up process srarted on the 19th or 20th so if it goes to plan we should get news by the end of the week

[toolsmoker] 03/5/2016 07:46

No news still .shocking

[dlg3] 02/5/2016 18:06

The nearest city to Tecolutla, Poza Rica, means "rich well" and this is the center of Mexico's oil industry.

[socktrade1] 02/5/2016 13:42

Tool what he does in his personal life does not concern me but what he does with mxo does and leaving the investor show is not a good sign

[socktrade1] 02/5/2016 13:36

Ive never seeen him but i do like frangos and think is a good businessman