Vallares, a so-called “blank check” company founded by Hayward, financier Nathaniel Rothschild and banker Julian Metherell, raised 1.35 billion pounds ($2.2 billion) from investors in June. Today’s deal values Genel’s reserves at $5.90 a barrel, cheaper than all but one member of London’s FTSE 350 Oil & Gas Index. Genel produces 41,000 barrels a day, a figure projected to reach 90,000 barrels by 2013
Briefly on the assumption that our oil is the same price as Taq Taq oil. My underatanding is that we need to blend our heavier oil it on site. We have lots yes, but unless or until we get good results from SH7 that will provide us with a lighter belending oil we could have to look at piping in dilutants (costly). Also can anyone confirm that we have a good enough water supply to inject the seam required to bring up all our heavy oil? There are lots of key infrastructure and logistics questions here that we are short of info on and which may differ from Genel's fields and hence may effect both profit oil and take over interest/price. Hopefully later this year the picture will be clearer and IMO that may unlock a good deal more value.
hi, been away working just catching up reading the boards , can anyone tell me when we expect to hear the outcome of the pending court case, been in here since the 15p days 4 years ago ouch.! so not really concerned at seeing the present low sp, as we all know gkp can bite you then reward you when least expected seen it so many times now, good times ahead soon eh, good luck all .
You certainly would expect shepherds to check their calculations. The truth is much simpler than all the pedalled complexity imvho. Gulf's March 13 presentation states 2,250 mmbbls estimated gross recoverable resources for their main asset. Tony Hayward paid $1.50 per recoverable barrel for the Genel acquisition, the deal comprising of 2P, 2C & unrisked mean prospective resources. To date, Gulf have not declared a single barrel of 2P, however, for balance, I assume a proportion of the 2,250 number will convert to 2P and hence I think it is reasonable to use Genel's $1.50 number for comparative purposes.
What could Gulf's 51% to 54.4% share of 2,250mmbbls be worth on a comparative basis? A quick play with the abacus suggests a figure in the region of 100p per share, allowing for a dose of Excalibur risk imvho.
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