Velocity Composites Share Discussion Threads

[dreggspicker] 02/10/2013 22:01

Forget bloody oil, we could soon be back digging fluorspar!!!!!!!!!!!!!!



Wot do you all think about that then!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ???????????????????????????

[dropside] 02/10/2013 21:14

Napoleon, I agree oil companies have frequent delays, it is more frequent than not. However I don't believe they are actually slow drilling,what they said is:
"have agreed to slow down drill site operations" which is open to many interpretations. I guess this is deliberate, but why? The only explanation that seems likely is to do with the political (in its widest sense) situation at the local and national level.
In the end though, if there is oil there it won't go away and these are experienced operators in this part of the world. Lets hope we do strike oil -eventually!

[napoleon111] 02/10/2013 20:38

for any previous avana shareholders, just a note, shares become tradeable from 5th october (if your not aware there was a restriction on the legend of the certificates blocking trading until this day)...not that you would want to be selling now, but at least there will be some valuation placed on the shares in any "online" accounts :)
all that aside...dropside...indeed slow, but anyone with experience in these companies are well accustomed to sometimes years of waiting, lets just hope that they hit something when they do drill!

[dropside] 02/10/2013 19:31

Slow drilling? I could have dug it myself by hand by now.

[napoleon111] 26/9/2013 09:03

deep breaths...anyupdate on rwanda?

[dreggspicker] 26/9/2013 08:32

Yep, we need some news, PLEASE WE NEED GOOD NEWS, are we drilling?

Have we finished drilling on the quiet?????????are we due for testing????????

I Know testing equipment & crews are rare in the area, are we hiring it when Tullow have finished with it???????????

Is there anything worth testing??????????????


Thats better now it is off my chest.........

[napoleon111] 26/9/2013 08:21

good news for tullow, lets hope we can follow in their footsteps

[dreggspicker] 26/9/2013 08:07

Hi Campers,
Tullow have had another good hit;



Tullow Oil PLC Ekales-1 Oil Discovery in Kenya
Print
Alert
TIDMTLW

RNS Number : 9262O

Tullow Oil PLC

26 September 2013

News Release

Ekales-1 Oil Discovery in Kenya

26 September 2013 - Tullow Oil plc ("Tullow") is pleased to announce that the Ekales-1 wildcat, located in Block 13T in Northern Kenya, has made a new oil discovery. Results of drilling, wireline logs and samples of reservoir fluid indicate a potential net oil pay in the Auwerwer and Upper Lokone sandstone reservoirs of between 60 and 100 metres. Future flow testing aims to confirm productivity from these zones.

This is the fourth consecutive wildcat discovery, in the first oil basin opened in Northern Kenya, since our drilling commenced in 2012. The Ekales-1 well is located between the Ngamia-1 and Twiga South-1 oil discoveries and the reservoir properties at this location appear similar to those previously encountered. Once operations have completed the rig will move to drill the exploration prospect Amosing-1 south of Ngamia-1.

Tullow operates the Ekales-1 well and Africa Oil (50%) has a non-operated interest.

Elsewhere in Kenya, the Agete-1 well, also in block 13T, commenced drilling in mid-September and we expect a third rig to be operational in Q4 2013.

Angus McCoss, Exploration Director, Tullow Oil plc commented today,

"This success at the Ekales-1 wildcat is further evidence of the exceptional oil potential of our East African Rift Basin acreage. Having opened the first basin with the Ngamia-1 well last year, we are now increasing the pace of exploration in Kenya aiming for 12 wells over the next 12 months."



To the west of our map.........

[dreggspicker] 10/9/2013 20:55

We have news;



"Vanoil Initiates Conciliation Process to Resolve Oil and Gas Dispute with Republic of Rwanda
Print
Alert
Vanoil Energy Ltd. (TSX VENTURE:VEL) ("Vanoil" or the "Company"), a
Vancouver-based Canadian international oil and gas development company today
announced its intention to initiate "conciliation" discussions with the
government of the Republic of Rwanda to resolve a dispute related to the
Company's exploration and analysis of an oil and gas asset in the East African
country. Conciliation is the first-step in the commercial arbitration process
agreed to by both Vanoil and the Rwanda government to resolve any commercial
dispute.


The Company has been engaged for more than six years in an oil and gas
exploration and evaluation program in the north-western part of Rwanda, better
known as "East Kivu Graben Basin". Vanoil undertook these activities pursuant to
a Technical Evaluation Agreement ("TEA") with the Rwanda government. The TEA was
necessary to facilitate Vanoil's exploration and evaluation activities as Rwanda
lacked the requisite legal framework to promote, protect and otherwise govern
oil and gas exploration in the country.


Under the TEA, Vanoil secured a "Right of First Option" to enter into a
production-sharing contract ("PSC') with the Rwandan government in relation to
any promising oil discoveries identified in the East Kivu Graben Basin. Vanoil
has spent in excess of $3 million (USD) on its exploration activities based on
Rwanda's commitment to conclude a binding PSC with the Company. In June 2013,
after many months of negotiation for a PSC, the Rwandan government, without
notice or justification, summarily terminated negotiations and, with that,
terminated Vanoil's exclusive rights to develop the East Kivu Graben Basin.


Vanoil has selected a lawyer to participate on the three-person conciliation
panel. The Company understands that Rwanda has also selected its representative
to the conciliation panel and it is expected that a third panellist will also be
selected shortly by the parties."



So it is all out in the open now.....

Have people noticed some good buy trades going though in the last week or so, 50k @ 37 cents showing today......

[dropside] 02/9/2013 12:26

Thats the only thing I can think of dreggs, but it is a lot of money to recognise in the accounts before work has started.

I still find it hard to imagine they did much drilling before end of July but none of it is very clear to me.

Would be nice if they had done enough drilling to hit interesting formations though!

[dreggspicker] 01/9/2013 20:40

would they/we need to put a large sum down upfront for the drill?

But I do like the idea we are in the oil!!!!!!

[napoleon111] 21/8/2013 07:43

an oil and gas analyst on cnbc at the moment from brewin dolphin, talking about oil in kenya, he reckons it will be a reasonably big producer by 2016, mentions tullow etc, hopefuly we can be part of that aswell!

[dreggspicker] 20/8/2013 22:27

Well of course you could say they hit oil almost as soon as the drill started to turn...... 200ft down????? Can't see it myself though.......

[napoleon111] 20/8/2013 20:44

dropside, interesting post and itneresting take on things, makes one think!
undertaker, were you an avana or flormin holder? avana warrants were to buy shares at a dollar (cad) a piece up until 15th march 2015 (starting 15th march 2013), with an accelerated expiry clause if we trade at over 1.50 dollarcad between the closing date (15th march 2013) and 4 months from that date. cant remember off hand how many vel shares and warrants it was per avana/flor share, sorry i cant be of more help

[undertaker] 20/8/2013 18:42

I didn't even receive any new certs - TDW just changed them in my account.

I have warrants but no idea what the terms of them are - anyone?

[dropside] 17/8/2013 19:31

Hi Napoleon, it has not affected me at all, maybe it is some condition on the Avana take-over to prevent shareholders dumping their new shares? I'd contact Vanoil on the phone and ask.

[napoleon111] 15/8/2013 18:24

interesting, anyone else get the same problem?

The legends on your shares are as follows:

(1) ALL of the certificates representing the Shares and any Warrant Shares issued on the exercise of the Warrants prior to October 5, 2013 AND any certificates issued in replacement of the Shares or Warrant Shares that are issued before October 5, 2013 shall bear the following legends:

"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE OCTOBER 5, 2013.
WITHOUT PRIOR WRITTEN APPROVAL OF THE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL OCTOBER 5, 2013."
(2) AS WELL, the certificates representing these Shares and any certificates issued in replacement of these Shares, shall bear the following additional legend:
"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"). THESE SECURITIES MAY BE OFFERED, SOLD PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO THE ISSUER, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE 1933 ACT AND IN COMPLIANCE WITH CANADIAN LOCAL LAWS AND REGULATIONS, (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE 1933 ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE 1933 ACT AND ANY APPLICABLE STATE SECURITIES LAWS, AND IN THE CASE OF (C) OR (D), THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO THE ISSUER AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA."

[napoleon111] 15/8/2013 11:20

morning folks, can anyone help me with a query?
I recently got my new vanoil shares certificates (actually about 2 months back, after the avana rto), and i have sent them into my broker to get dematerialised. I got a call from them yesterday after about 6 weeks to say that they had been added to my account, but that I would not be able to trade them as there was some sort of restriction on them, from the company themselves (presumably) via the bny (the custodian). They said that when this expires then i would be able to sell my shares, but they did not know when this expiry would happen, and could not give me any more details. Any one else have this issue with either flor or avana shares? or anywhere else? and any thoughts as to what the best case of action to take is, contact the company perhaps?

[dreggspicker] 07/8/2013 23:46

found this;



Vanoil Halts Kenyan Exploration





One oil company has suspended operations in Kenya due to a disagreement with the residents in the area. According to reports, Vanoil Energy suspended its exploration work in Garissa County until disputes can be smoothed over.
The company said the focus of the residents has been on cash payments instead of beneficial sustainable projects and that was one of the reasons it was halting its operations for now. Area leaders however want the company to get back to work and are willing to step in to ease the tensions.
Governor Nadhif Jama has reportedly stepped in and said that he gives Vanoil his full backing. "It's a new beginning. If oil is found, it will change this county for the better," the governor was quoted as saying in a report by The Star. "If oil is found I think we will see a better county that lives in peace and prosperity."
According to Francis Karanja, one of Vanoil's directors, the company planned to start drilling the first of its two exploratory wells at Madogashe-1 in the South Anza basin in two months. "There is an assumption that there will be about 600 million barrels of oil," he said.

Source: Petroleum Africa


Said it would be about money, must say they all think we will find 600m bls!!!!!!

[dreggspicker] 07/8/2013 16:26

So we have spuded, but with a bit of local aggro; I think it is the different local groups all wanting a bit of the action, (money) if and when we hit oil...

Sorry, but the ADVFN news thing does not work automatically.......

""Vanoil Energy Ltd. (TSX VENTURE:VEL), ("Vanoil" or "the Company") is pleased to
provide an update on the Company's operations at the Madogashe-I drill site
Block 3A in Kenya. As per the condition in the extension granted by the Ministry
of Energy on January 22, 2013, the Company commenced drilling operations prior
to July 31, 2013; thus satisfying the Company's commitment in the amended Blocks
3A and 3B Production Sharing Contract.


Drill site operations have been affected recently by several incidents of local
protest; so at the request of the County Governor the Company has agreed to slow
down drill site operations while working with key stakeholders to address any
concerns they may have.


Aaron D'Este, Vanoil's President and CEO, stated "Vanoil's drilling program in
Garissa is a major project for the county and it must be executed carefully and
safely. Vanoil has engaged with all the key stakeholders to ensure its ongoing
drill program is executed efficiently while having a positive impact on the
local community. The Company acknowledges the cooperation and support received
from the Ministry of Energy, the County Governor and the local members of
parliament (MPs) with regard to the local consultation process".


About Vanoil Energy Ltd.

Vanoil is an oil and gas company with a portfolio of assets in East Africa and
the African state of the Seychelles Islands in the Indian Ocean.


In Kenya, Vanoil holds a 100% interest in onshore Blocks 3A and 3B, acquired in
October 2007 through the signing of a Production Sharing Contract (PSC) with the
Government of the Republic of Kenya. These blocks cover 24,912 km2 between
Tullow Oil's recent oil discoveries and Apache Corp.'s offshore gas well. ""

[tackabrum] 29/7/2013 23:10

so are the rumours of oil strike true? up almost 30% since news article

[dropside] 29/7/2013 20:04

Have a good trip dreggs, hope its all good news by the time you return..