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[greatfull dead] 19/5/2010 14:48

My bets for the World Cup are on Ivory Coast then Brazil.

[davethechef] 19/5/2010 14:38

Yesterdays update links in Scandoil.com & Rigzone.com
Most stocks taking another hammering today.

[pheonix07] 19/5/2010 13:24

East Africa Oil Boom


NAIROBI // The north and west African states of Nigeria, Angola, Algeria and Libya have long enjoyed the benefits of being the continent's biggest oil producers. But in recent years, oil companies have turned their attention on east Africa, scouring the previously untapped region for more of the precious resource.

Oil finds in Sudan and Uganda as well as natural gas deposits in Tanzania and Mozambique have oil companies excited about east Africa for the first time. As firms from around the world, including the Middle East and China, rush to prospect for oil in the region, experts have urged governments to astutely manage their newfound resources.

Kenya is close to becoming the next oil-producing country. Thirteen companies have divided the country's north and east and are drilling exploratory wells, according to Kiraitu Murungi, Kenya's energy minister.

"There is a lot of interest in oil exploration in our northern frontier region," Mr Murungi said last week at a conference on east African oil in Nairobi. "We Kenyans are praying for a commercial discovery within the coming months. We are very encouraged by the results we have seen."

The China National Offshore Oil Corporation drilled a 5000-metre well in northern Kenya, the deepest well in the country, and has hit natural gas deposits. The company hopes that oil is also in the vicinity. Africa now provides China with 30 per cent of its oil needs.

As the Chinese have scrambled to extract Africa's mineral wealth to fuel its booming industrial complex, they usually offer governments more than money in return for resources. In Kenya, China is building hundreds of kilometres of new roads.

"It's a win-win situation for everyone," said Shi Jicheng, east Africa manager of BGP, a subsidiary of China National Petroleum Corporation. "They get roads here and we get some benefit back in China."

Uganda, Kenya's neighbour to the west, found oil along Lake Albert in 2006. London-based Tullow Oil estimates that there are more than 2 billion barrels of oil in the Lake Albert basin.

"Lake Albert is a proven petroleum province," said Fred Kabanda, the principal geologist in the Ugandan energy ministry. "It has opened the whole east African rift system to oil exploration."

Since Uganda is landlocked, development of its oil resources will require construction of a 1,200-kilometre pipeline to the coast of Kenya. Such a massive project has not been undertaken in Africa since the oil pipeline between Chad and Cameroon was launched in 2000.

Tanzania is using natural gas found off its coast to provide half of its energy needs and drive the growing east African economy. Industries from beer bottlers to cement factories are powered with Tanzanian gas.

"This has been a huge benefit," said Peter Clutterbuck, deputy chairman of Orca Exploration, which is extracting gas in Tanzania. "Without the gas it would be a huge economic disaster for Tanzania."

Companies are also prospecting for oil in Ethiopia, Democratic Republic of Congo, Eritrea and parts of Somalia. East Africa is the new west Africa in terms of oil exploration, according to industry leaders.

"Why is everyone in east Africa? Because it's underdeveloped," said Rob Shepherd, finance director of Dominion Petroleum. "What we find exciting is that people are moving away from the traditional areas like Angola and Nigeria and they are chasing the geology in east Africa."

But as east African countries come to terms with their newfound wealth, experts warn that the resource could be a curse if not managed properly. Nigeria, Africa's biggest oil producer, is dealing with an armed rebellion in its oil-rich Niger Delta. Other African oil states, such as Gabon and Equatorial Guinea, are plagued with corruption.

Uganda and DR Congo have already clashed over the oil reserves in Lake Albert, which both countries share. The border region remains militarised and tense as the two countries try to delineate the border.

"It is very important for the African continent that the energy industry is done properly," said Duncan Clarke, chief executive of Global Pacific & Partners, an oil consulting firm. "Is there an oil curse? I think it's a myth. The oil curse is a curse of politics, not one of oil. It's up to governments to correct those themselves."

Kenya has already begun reviewing its energy regulatory regime in anticipation of potential oil finds. The review will involve putting in place oil and gas management policies aimed at ensuring equitable distribution of oil revenues while taking into account the interests of the communities in oil-producing regions, Mr Murungi said.

"We don't want to get caught up in the resource trap," the minister said. "It is my belief that oil and gas should not be a curse. We will take into account the host communities and give the host communities their share."

[notarealdr] 19/5/2010 12:47

I'll mention it GD though that would have to be when PL and or AE are next in London.

[cashandcard] 19/5/2010 11:06

The PR approach is exemplary compared to so many other smallcap oilco's. How many of them do you see giving interviews to radio shows? answering questions regularly on miningmaven? even bothering to have an 'independent' assessment of what their resources could be worth? (sorry, my mistake, most of them have zilch to talk about) This is setting us up nicely as the first Puntland drill draws nearer.

Cash

[greatfull dead] 19/5/2010 10:56

notarealdr,

No that just a news release by OB. A presentation where investors listen to the CEO and then talk with the CEO other board members of the company is what RRL need.

GD

[captainnelsonforties] 19/5/2010 10:50

GD,

Good luck with the job app. I hope you get it. Would be lovely weather over there too, you'll be able to get a good tan, your job is clearly quite global. If you get the opportunity to see some of the matches in person that would be great, superb atmosphere at the world cup. I've never seen them in person but would try and see all the matches on telly, hopefully plenty of goals and little defencive footy this year. The argies could be a force this year now that messi has more experience.

Captain Nelson Forties

[poisson rouge] 19/5/2010 10:48

Bafin's ban on shorting has spooked the markets big time. But it will all blow over as it always does, and then RRL will be ready to roll. Sitting tight.

[fairdeal2008] 19/5/2010 10:30

Lovely orchestrated down move by the MMs at 10am ;-)

[notarealdr] 19/5/2010 10:29

You mean this GD?

[greatfull dead] 19/5/2010 10:26

notarealdr,

Again thanks. Obviously the more publicity the better for RRL.

They do need to do a presentation at Oilbarrel. Thats if they have not aleady done so already. The more presentations done there the better. A lot of institutions attend them as well as some individual big time investors.

GD

[notarealdr] 19/5/2010 10:06

"the reformed pirates returned to the lucrative but risky business after failing to get other source of income as promised by the government."

I guess it was pretty demoralising being a goat-heard again.

[pheonix07] 19/5/2010 09:55

Nice work doc

Seems the Puntland Govt are doing all they can do improve security for the pending drilling

Somalia: Puntland forces arrest wanted pirates in Garowe
18 May 18, 2010 - 5:30:41 AM




Security forces in Puntland's administrative capital of Garowe on Tuesday nabbed a group of suspected pirates led by famous Somali pirate called Abdirizaq Abdullahi "Boyah".

The forces also seized some $26000, pistols and a Toyota Surf 4x4 vehicle, which belonged to the pirates.

Reports said Boyah and four other men were planning to leave the city, when the security forces got the information and caught up with them.

The man gained international publicity through the media when he led sea gangs in hijacking many foreign vessels, making millions of dollars in ransom. However, he recently denounced piracy after heeding with local clerics' appeal.

According to some clerics who spoke to Garowe Online, the reformed pirates returned to the lucrative but risky business after failing to get other source of income as promised by the government.

Officials from the Nugaal regional administration and security officers told reporters that the arrest is part of the Puntland's plans to get rid of the piracy in its shorelines.

The government of Puntland led by President Abdirahman Mohammed Farole has vowed to eradicate the piracy scourge along its coastlines, a move that has seen the decline of pirates' activities in regions under Puntland's control.

But the government lacks support from the international community, which deployed fleets in Somalia, to tackle the menace.

GAROWE ONLINE

[notarealdr] 19/5/2010 09:47

GD the company are pushing the publicity buttons like mad atm on the back of the Smith report. Fox-davies and edison investment research and others are doing research for release soon, and PL and AE have been doing interviews with British journos with the aim to get the story out there.
The Range story is being given the rounds for anyone who cares to listen.

We'll just have to wait and see how long it takes for a market reaction.

[alistair4444] 19/5/2010 09:43

notarealdr - All good PR from Mr PL, personally I think he must be congratulated
for the way he is handling Ranges developing news story not an easy task IMO.
PS. forgot to mention Anthony Eastman always around helping PL get the story out.

[sirraman] 19/5/2010 09:39

managed to add 50k at 3.81.....shown as sell ??

[greatfull dead] 19/5/2010 09:39

notarealdr,

Thank you, much appreciated.

GD

[notarealdr] 19/5/2010 09:36

Interview done.Will have to wait for BRR to post it. Here is a link you might check from time to time.

[greatfull dead] 19/5/2010 09:33

notarealdr,

Have you a link, time and date?

GD

[notarealdr] 19/5/2010 09:32

GD we wish you every success.

[greatfull dead] 19/5/2010 09:31

CNF,

I applied yesterday for a job with a company that has its Headquarters in Aberdeen. If I get through the interview and get the job I will be involved with a project in South Africa, Cape Town I was told.

I would be making buisness trips to South Africa starting sometime in June/July June if I get invited for an interview and hopefully get the job. Maybe their client will have spare World Cup Tickets!!!!!

Fingers crossed.

GD

[notarealdr] 19/5/2010 09:29

New Boardroom Radio interview with PL shortly.

[captainnelsonforties] 19/5/2010 09:00

GD,

Its all in jest. ;) As long as there is grog in it that will lift paint any pub is a good pub! Oh'll I'll be indulging in some footy soon, I'll hardly been seen in June and July. Might even be cheering on the Oztraileans. ;)

Captain Nelson Forties

[greatfull dead] 19/5/2010 08:51

CNF,

Be a tad careful if you go to a WalkAbout pup to watch Footie or Rugby especially if it has an aussie manager runs it. Then you may not indulge in those chain of OZ pups here in the UK, not your type of place I suspect. I go now and again to watch footie on a big screen.

Their not bad as the beer is cheap and very basic, but really good for the big screen, they can be noisy too, which I don't like.

GD

[notarealdr] 19/5/2010 08:46

Thanks CNF, I did not look back far enough to see WF.

Lots of good posts happening. Keep up the research chaps.

Shrek, I wasn't going to mention the Poms given the present company. Seriously the poms were taking mere trinkets compared to the sort of exploration and wealth now being stolen.