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1waving

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About 1waving

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  1. 1waving

    LENI GAS and OIL

    25 July 2011 LENI GAS AND OIL PLC Farm-in Trinidad Leni Gas & Oil plc today announces an agreement to farm-in to the Advance Oil Company (Trinidad) Limited ("Advance") North Moruga area leases. LGO plans to work-over existing producing wells and drill up to nine (9) new wells on the leases. The Heads of Agreement with Advance sets out the framework for a full farm-in agreement and joint operating agreement by which LGO will: · take over operatorship of the Advance leases, · reactivate production from the existing wells on the leases, · drill a minimum of three (3) exploration and up to six (6) development wells, · obtain an immediate 33% interest in net production revenues, · on conclusion of the farm-in work programme, and depending on the number of wells drilled, earn between 33% and 49% interest in the Advance leases. ------------------------- Full release:-- http://tools.euroland.com/investortools/rnsclient/LoadAnnouncement.aspx?aID=10928936&tidm=LGO&cid=51437&transLang=en&sesLang=&source=rns Also further production to come on line this week after the workover and perforation over a new 40 metre reservoir zone at their Hontomin well in Spain. CEO Neil Ritson is delivering.
  2. Surely this series of reports belong in the Investor Education & Beginners Forum.
  3. Former BP executive and Regal Petroleum CEO, Neil Ritson took over as CEO at LGO in Nov 2010. Since then the company's fortumes have taken a sharp turn for the good and is already starting to deliver stong production growth at it's Spanish assets. There is major potential in Spain where it is re-developing a known field with 104 million barrels OIP (P50)  Discovered in 1964 by Chevron  Largest onshore field in Spain, 53 wells  37oAPI fuel oil grade low sulphur crude  Total production 17 mmbbls, peak in 1969  Remaining oil in place 104 mmbbls (P50)  Original facilities handling 10,000 bopd  Acquired by LGO in October 2007  Future potential in EOR and deeper targets Latest operations update demonstrates strong production increase from a workover of just 7 of the 53 wells. Latest ops update:-- http://tools.euroland.com/investortools/rnsclient/LoadAnnouncement.aspx?aID=10906923&tidm=LGO&cid=51437&transLang=en&sesLang=&source=rns Will be developing on existing Trinidad production within months and announcing a further acquisition there shortly. Has a small interest in a Gulf of Mexico producing field with further production to come there also. Further interest in an offshore exploration project in the Mediterranean with MOG Latest Presentation http://www.lenigasandoil.com/images/presentations/document_LGO_Corporate_Overview_June_2011.pdf'>http://www.lenigasandoil.com/images/presentations/document_LGO_Corporate_Overview_June_2011.pdf Very strong potential here for major increase in the SP. The new mangement have started to transform this company and are delivering. Chart looking ready for a strong upside break -- Further production update expected soon in Spain and farm‐in to exploration and production leases in Trinidad at HoA stage -- expect announcement shortly. Website:-- http://www.lenigasandoil.com/ DYOR -
  4. 1waving

    The Fuel Cell thread

    Further major fuel cell advances for ITM Power:- "A step change from the current state of the art has been achieved " -- " more than doubling the power density performance presently available on the market. " RNS 1st February 2011 ITM Power plc High Power Density Fuel Cells Test Update ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce an early technical result from the initial phase of the high power density fuel cell membrane testing, an ambitious technology development project supported with GBP108,000 of research funding from the Carbon Trust. ITM Power has demonstrated exceptionally high power densities by developing its proprietary hydrocarbon membrane materials for hydrogen/oxygen fuel cells. A step change from the current state of the art has been achieved, with what is believed to be the highest power density ever recorded for a PEM fuel cell (5.5W/cm2 and 10A/cm2) using pure oxygen. ITM Power has now successfully demonstrated the performance of the membrane in a hydrogen/air fuel cell developing over 2.1W/cm2 and 4A/cm2, more than doubling the power density performance presently available on the market. While the Company's initial investigations focused on hydrogen and oxygen fed fuel cells, a commercial fuel cell system for deployment in a vehicle requires air to be used as the oxidant. This early result with air exceeds the ambitious target of 1.5W/cm2 which was defined as part of the Carbon Trust project and is further evidence of the potential for ITM Power's materials to offer a step change in performance. ---------------------------------- Major car manufacturers will be taking note for their hydrogen fuel cell cars of the future -- ITM's patented membrane has much lower cost and substantially higher performance. Full RNS:-- http://www.londonstockexchange.com/exchang...mentId=10776553
  5. 1waving

    The Fuel Cell thread

    ITM Power driving ahead at the moment and Interims due this Thursday, 20th Jan. ITM has been involved in a trial with the Royal Mail -- Article in The Guardian today looks very promising:-- 'The nation's posties have used the greenest kinds of transport for generations, relying on their feet and their distinctive fleet of red bicycles to make their rounds. Now their delivery vehicles, too, could go green. For the last few months, it has emerged, the Royal Mail has been secretly testing new zero-carbon vehicles on one of the remotest delivery rounds in Britain, in the Outer Hebrides. Instead of diesel-belching vans, postal staff on the Isle of Lewis have been driving hydrogen-powered Ford Transits, converted at a total cost of £100,000. They fill up in Stornoway, at one of the UK's few hydrogen refuelling stations.' Full article:-- http://www.guardian.co.uk/uk/2010/sep/07/r...brides-hydrogen Further Hydrogen On Site Trials/refuelling station trials with very major companies and organisations starts in March with BAA Stansted Airport. Others follow, such as Scottish and Southern Electicity, RAC, Vestas, Autoglass, DHL, May Gurney, Southampton City Council to name a few. Many other projects in the pipeline --- should be a very high profile and active year for ITM.
  6. 1waving

    The Fuel Cell thread

    Outstanding advances for hydrogen/oxygen fuel cells announced in ITM RNS today -- World beating patented technology:-- High Power Density Fuel Cells 2 November 2010 ITM Power plc ITM Power has demonstrated exceptionally high power densities by developing its proprietary hydrocarbon membrane materials for hydrogen/oxygen fuel cells. A step change from the current state of the art has been achieved, with what is believed to be the highest power density ever recorded for a PEM fuel cell (5.5W/cm2 and 10A/cm2). ------ In order to ensure effort is directed most effectively, ITM Power is now seeking partnerships with commercial end users to provide input to the development process. A successful project would provide a pathway towards continued development and qualification of ITM Power’s materials as a commercial alternative to the existing membrane materials currently utilised in automotive fuel cell applications. In this context, this project is considered a first step in the process of justifying a more comprehensive onward development programme with OEM commercial partners. ----------------------------------- Full release:-- http://www.itm-power.com/news/40/High+Powe...Fuel+Cells.html
  7. 1waving

    XTRACT ENERGY ---- XTR

    RNS --- Sarikiz-3 a duster "The production test at Sarikiz-3 did not encounter hydrocarbons in recoverable quantities and Extrem Energy does not consider the well to be commercial. Further evidence of a working hydrocarbon system in the basin was gained, and the well results will be combined with recently completed additional seismic to help determine how best to continue the exploration of the licence area. Further updates will be provided as appropriate." http://www.londonstockexchange.com/exchang...mentId=10471128 Despite having what appears to be a good set of assets, prolonged delays all round and today's failure questions management's strategy and abilities. Brings them under fire - deservedly. Presenting at the Proactive Investors forum in London then Manchester in early June. Management may come in for harsh criticism at the forum unless they can pull something off before then. ---- Suppose they could delay their presentation until the next forum though. ---
  8. 1waving

    The Fuel Cell thread

    ITM Power ---- Quite a dynamic rise over the last few days as a range of new hydrogen producing products are released. Video on website explains the products:-- http://www.itm-power.com/
  9. 1waving

    XTRACT ENERGY ---- XTR

    Xtract shows confidence in their Turkish JV with Merty, Extrem Energy, increasing it's stake from 34% to 50% :-- 12 February 2010 AIM: XTR XTRACT ENERGY PLC Investment update - Extrem Energy Xtract Energy Plc ("Xtract" or "the Company") is pleased to announce that on 11 February 2010 it entered into a further agreement with its Turkish partners Merty Energy ("Merty"). Under the terms of the agreement, Xtract will acquire from Merty a further 16% of the issued capital of its Turkish associate company Extrem Energy A.S. ("Extrem"), taking Xtract's overall share of the business to exactly 50%, with the other 50% held by Merty shareholders. Consideration for the transfer is staged payments by Xtract of US$4.9 million to Merty, which will apply US$0.9 million of the consideration to subscribe for 30 million new ordinary shares in Xtract. In addition, Xtract and Merty have each agreed to contribute a further US$2.0 million to Extrem to fund the ongoing work programme through to the drilling of an exploration well on the Siraseki licence area during the second quarter of 2010. Application will be made for the new Xtract ordinary shares to be admitted to trading on AIM and this is expected to become effective on 18 February 2010. Further details about the proposed exploration well on the Siraseki licence area will be provided shortly, along with an operational update on production and drilling activities in the Sarikiz field and further information about the strategy for the exploitation of other licences within the Extrem portfolio. Commenting on the transaction, Andy Morrison, CEO of Xtract said, "The notable increase of our shareholding in Extrem demonstrates the confidence of the Board in the prospects for Extrem and for its significant licence portfolio in Turkey. The acquisition establishes joint control and represents another important step in the transformation of the company from a passive investor into one with more active involvement with its underlying assets". _________________________________ Forthcoming update on production, drilling and strategy in Turkey will be more than welcome now that production is under way.
  10. 1waving

    XTRACT ENERGY ---- XTR

    Oil in place increased strongly ---- three further expected production wells by December. 27 August 2009 AIM: XTR XTRACT ENERGY PLC ("Xtract" or the "Company") Investment update - Extrem Energy Xtract Energy Plc ("Xtract") is pleased to provide the following update on operations and development plans at its Turkish joint venture Extrem Energy A.S. ("Extrem Energy"). Alasehir/Sarikiz Licence (Extrem Energy 80%) As previously announced, the Sarikiz-2 well has been shut in as a future production well, with commercial production expected to commence in October, once the construction of the necessary surface facilities has been completed. Following the successful production test, the new well data has been analysed together with seismic data, logs from the former East Sarikiz-1 well and GORE geochemical analysis over the licence area. On the basis of this analysis, the estimated (P50) total oil in place within the greater Sarikiz structures has been revised upwards to 371 mbbl ("Development pending - Contingent resources" according to SPE classification). Using a 20% recovery factor (the more conservative end of the previously announced range), the total recoverable oil in the Sarikiz field is now estimated (P50) to be 74 mbbl. In addition to the re-entry of East Sarikiz-1 which was already announced, analysis of seismic and well logs at the former Alasehir-1 well in the same licence area have also indicated the presence of commercial oil. It has therefore been decided to re-enter this well in order to establish production from the Alasehir field. The forward production drilling programme is now expected to be as follows: 1) Alasehir-1 (re-entry) 2) East Sarikiz-1 (re-entry) 3) Sarikiz-3 (new well) Upon mobilization of the required drilling equipment the above programme is expected to commence in early September and continue through to the end of December 2009. An estimate of the total oil in place on the Alasehir field will be made following the production test. Figures for Alasehir will be in addition to the above estimates. Formal field development plans and reserve categorisation will be finalized once commercial production has been established. Production performance from the initial wells will be analysed to determine the optimal well configuration to drain the structures over a reasonable field life of 20-25 years. Siraseki Licence (Extrem Energy 100%) The results from seismic and GORE geochemical surveys over the Siraseki licence area near the Syrian border have now been processed and have given rise to a new prospect called Menekselik. The sandstone structure is a fault bounded anticline with an estimated area of 11.2 square km and an expected pay thickness of 30m. If the structure contains natural gas, the recoverable gas in place is estimated to be 94 bcf using a 70% recovery factor. Extrem Energy intends to drill the prospect in early 2010 following completion of Sarikiz-3. Edirne Licence (Extrem Energy 100%) The additional seismic programme mentioned in the announcement of 3 August was completed on 9 August. The acquisition of GORE geochemical data commenced on 19 August and is ongoing. The seismic and geochemical data will be analysed together to identify drilling targets in this gas-bearing zone. If successful, these targets will be drill-ready by early 2010. The area is close to existing downstream infrastructure, so production can be established quickly in the event of success. Extrem Energy is also working on plans to appraise and exploit its off-shore licences in Candarli Bay and the Sea of Marmara. All operations are controlled and operated by Merty Energy, Xtract's joint venture partner in Extrem Energy. Xtract holds 34% of Extrem Energy. ------------------------------------
  11. 1waving

    GLENCAR MINING GEX

    Gold Discoverer -- am not concerned by the 6 holes drilled by Gold Fields to test a small part of Komana. The GEX position is that the Glencar board have stated in the offer RNS that this should have no material impact anyway. Glad you've done well but am looking for a better offer price as I believe the current 9p is derisory, as do many shareholders. There are gold strikes at Bokoro/Fie, Fingouana, Sanioumale East, Sanioumale West, Sindo, Komana East, Komana West, Gonka, Soloba, Soloba West, Kama, Kabaya South, Niechilela, Faliko, Badogo Malikili, and many more targets to be drilled such as the Bada extension on which exploration has already started. This list is not exhaustive. There are many strikes that Gold Fields have drilled themselves on the 3 licenses in the Sankarani JV as listed previously. The Bokoro/Fie strike and the Sanioumale East and West strikes which are looking very substantial are due for resource definition in the coming season with Fingouana possibly to join that duo and looking to have great potential. Those 5 licenses really do have 5 million ounces plus written all over them ( with 1.25m JORC already ) We now have a hedge fund joining as shareholders, Loeb Arbitrage Management, buying into Glencar:---- Date of disclosure......August 7, 2009 DISCLOSURE UNDER RULE 8.1(a), 8.1 b(i) and 8.3 OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER RULES, 2007 Date of Dealing August 6th 2009 Dealing in (name of company) Glencar Mining Plc (1) Class of (e.g. ordinary shares) Ordinary shares securities (2) Amount bought 1,055,000 Amount sold - Price per unit 8.8 GBp (3) Resultant total ofthe same class owned or controlled (and percentage of class) 3,250,000......................................................1.08% (%) (4) Party making disclosure Loeb Arbitrage Management, LLC --------------------------- Loeb Arbitrage http://www.fatpitch.biz/cgi-bin/f.cgi/psp/...056569.861.html With very low volume in the past week of just over 2% it looks like Loeb picked up about half of that. GF have not really got anywhere this week which is not surprising. The offer from GF is derisory and many shareholders are looking for a much better deal from GF ---- or elsewhere. Loeb Arbitrage Manangement also seem to think there is more to come.
  12. 1waving

    XTRACT ENERGY ---- XTR

    Xtract increases stake to 34% in Extrem Energy:-- 5th July Xtract pays $1.75m for 34% of Turkish well Business Financial Newswire Xtract Energy says that is has paid $1.75m to Extrem Energy following the successful production test at the Sarikiz-2 well in Turkey. Xtract now owns 34% of the joint venture. The subscription money will be used by Extrem Energy to finance forthcoming operations, including the re-entry of East Sarikiz-1 which is expected to begin this month. --------------------------
  13. 1waving

    XTRACT ENERGY ---- XTR

    Production shortly:-- 3 August 2009 XTRACT ENERGY PLC ("Xtract" or the "Company") INVESTMENT UPDATE - Extrem Energy Further to the announcement made on 17 July 2009, Xtract Energy Plc ("Xtract") is pleased to announce that the production test was completed on 30 July 2009 and that the Sarikiz-2 well at Xtract's Turkish joint venture Extrem Energy A.S. ("Extrem Energy") is being shut in as a production well with commercial production expected to commence in October. The rig is now being moved to the site of the former East Sarikiz-1 well and will test the horizons from which commercial production is expected. If successful Extrem Energy will have two commercial wells on stream in the fourth quarter. The results of the production test at Sarikiz-2 indicated a theoretical production potential of 690 bbl/day from the tested zones and a potential of up to 450 bbl/day more from untested zones. Not all levels can in practice be produced at once due to production techniques. Four levels have been selected for initial production. After the results of testing, Extrem Energy has decided to apply an optimised value of initial 350 bbl/day of production in order to maximise the field life and the amount of recoverable oil through time. The pressure and other logging data from the production test will now be processed, which will enable an improved estimate of field size. This will be combined with the results of a recently completed geochemical survey over the wider field area. The information will be used for field development and the site selection for follow-on wells. The process for registering Sarikiz-2 as a discovery well is already under way with the Turkish authorities and the well results will be used to generate the applicable reserve categorisation. Further updates will be provided as appropriate. In addition to progress at Sarikiz, Extrem Energy continues to advance its interests in other licence areas. A short additional programme of seismic acquisition over the Edirne licence in the Thrace Basin in western Turkey was commenced in the second half of July. As at 30 July 2009, the 75.76km project was 40% completed. The results will be used to firm up drilling targets in this predominantly gas-bearing region. A geochemical study on Adana-Siraseki licence has also been completed and sent for analysis. All operations are controlled and operated by Merty Energy, Xtract's joint venture partner in Extrem Energy. -------------------------------
  14. 1waving

    GLENCAR MINING GEX

    Charlie -- Think your time frame is not too far off, possibly a little shorter, but if another bidder comes in it could be longer. The longer it goes, the more chance of a gold price move --- Gold Fields are predicting much higher prices and have put this bid in quickly in that belief. From the offer RNS Gold Fields are looking for acceptances of 80% but at their discretion may move that but to no lower than a percentage which is more than 50%. The media are being used by Gold Fields and are putting about that two holes they drilled for testing purposes at Komana 'may be contaminated' -- The Glencar board have stated in the offer RNS that this should have no material impact anyway. My own observations follow. The Gold Fields drilling is deliberate disinformation put quite simply. The intent is to deliberately deceive GEX shareholders and possibly put off any counter-bidder. The few drill holes done by Gold Fields in a miniscule area are a total red herring put there to distract from the many gold discoveries on the 5 Mali Licenses. There are gold strikes at Bokoro/Fie, Fingouana, Sanioumale East, Sanioumale West, Sindo, Komana East, Komana West, Gonka, Soloba, Soloba West, Kama, Kabaya South, Niechilela, Faliko, Badogo Malikili, and many more targets to be drilled such as the Bada extension on which exploration has already started. This list is not exhaustive. Gold Fields are not releasing full information, particularly over the 3 licenses in the existing joint venture agreement. Gold Fields deliberately baulked at what was in the Letter of Intent for the intended Komana JV at a late stage as part of their strategy to put Glencar in a poor position in order to line them up for a derisory bid. How many millions of ounces of gold on the 5 Mali licenses to come from all the strikes. Gold Fields certainly do not want to give their estimates away, or give information away that would indicate how badly they want those license areas. How much are Gold Fields hiding ?? Gold Fields want those 5 licenses in Mali but do not want any counter-bids --- and will do what it takes -- any story of them walking away because of their spin on the results of two holes is the media being used --- They will not walk away from Glencar as this bid is a strategic move for Gold Fields.
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