ceo Oisin Fanning San Leon's Chairman quoted as saying "two US-based companies are currently interested in buying out our NPI".....
SLE 4.5% Net Profit Interest in Barryroe field 2C NPV10 = $261 million (2) • NPI - No further capital exposure • Operator currently further evaluating field: • 266 MMbbl 2C recoverable resource (1) • NPI valued at $261 million (2) •43o API – premium light quality oil • Highly saleable once Providence farm-out completes Barryroe Field – 4.5% Net Profit Interest (1) July 2013 Netherland Sewell & Associates Inc. CPR for Providence Resources (2) Internal SLE pre-tax calculation, based on July 2013 CPR 2C recoverable oil in a successful development .........
This past week, it was reported that San Leon Energy produced the first oil shale from its Timahdit license, roughly eight months after it signed an MoU with Chevron Lummus Global related to technologies needed to “produce synthetic crude oil from raw shale oil” in the area. The news comes just as investors in the country’s untapped energy sector have begun to express frustration with the progress of exploration and production.
San Leon also announced the spudding of an offshore well.
For Morocco, a domestic production future is vital to creating some level of economic independence. While sharing the North African coast with some of the continent’s largest oil and gas producers, Morocco currently imports about 95 percent of its energy needs, putting it in a precarious situation where energy prices can, and have, skyrocketed overnight.
Meanwhile, for foreign firms, Morocco represents a stable, if unproven, frontier in North Africa. This reality has become especially clear over the last three years. In the case of Libya, the country’s new government has struggled to retain control over its energy assets and export facilities under the pressure of local militias. In neighboring Algeria, a legacy of underperforming projects, institutional corruption and political uncertainty has made it difficult to pique the interest of new investors. While the country largely escaped the kind of broad political unrest experienced in Tunisia, Libya and Egypt, they have encountered some spillover, including a direct attack on a BP-Statoil held gas facility in January 2013. Leaving scores dead, including foreign staff, the attack rattled both firms, forcing a reevaluation of their presence in the country. By comparison, Morocco seems quaint, even if it doesn’t provide the potential of its neighbors.
However, Morocco’s serene landscape is not the only thing drawing firms to its Atlantic shores. Larger outfits like Chevron and BP have joined firms like Kosmos and Carin in enjoying a potential 75% revenue share, with the remaining 25% reserved for the Moroccan government.
spot on Mallorca..it is very expensive for offshore drills..hence the delay with Albania and sle getting rid of irish licences..Albania wont be got rid of though its a prized procession in the sle farm out draw..and it will be JV"d..with the updates and results soon through bnk/3legs..no doubt the big boys are a watchin!!..cheers links
President Bronislaw Komorowski signed into law about tax on Monday informed the President of the law firm-stations. The company, which will be in Poland would listen to shale gas, from 2020 will pay special taxes.
Adopted by the Parliament at the end of July, the Act on special tax stations (EPZ) introduces a system of taxation of extracted minerals, among others. oil and gas. The total load to be investor-absorbed by the State pension for your targeted raw materials of ok. 40% of Pension has to create a special hydrocarbon tax whose rate has a range from 0 to 25%, depending on the relationship of income to expenditure and tax on the extraction of certain minerals (in the case of conventional gas, the rate is 3% and 1.5% unconventional gas, while in the case of conventional oil will be 6% and 3% of non-conventional).
G1lo This is indeed very true. The cost of offshore exploration and production is getting into the level where it is no longer viable. They reckon a barrel of Arctic oil would need $130 just to extract! BP's mishap in the Gulf of Mexico has cost it dearly and underlines what it can cost when offshore goes wrong. . .The other problem apart from the huge initial outlay is the time it takes to bring a major field offshore field on to production. Could be up to 7 years from the initial drill. . . Now with a shale oil or gas field, you start drilling on Jan 1st, fracing in March, production by April and by Oct all being well you've repaid your well costs. If the Russians invade you, you stop drilling, take your rig and go. Come back when they've gone home. Very low risk,and a cash flow most business would die for. So I expect to see a huge rush to shale by the O&G majors. Poland has to be the number one target in Europe due to the geology and more importantly the mindset of the government and people. . . they want it. And if Europe ends up going to war against Russia as is looking increasingly likely we're hardly going to be buying their gas at the same time. . we are all going to want it.
The Polish Oil and gas by the end of 2014 plans to execute or to start drilling in Poland 25 research and operational holes, both conventional and non-conventional as well as hydrocarbons. This means you or start drilling a record number of 40 holes. In the first half of 2014. the company has 15 such wells.
Planned drilling are to open a new, poorly identified exploration areas for non-conventional deposits of shale gas/oil and tight gas in the red rocks spągowca (Dumbarton 4), Carboniferous rocks (Kobylin 1, Welichowo 8) rocks of the Miocene an autochthonous (Kramarzówka 1).
These wells pose a challenge due to the new destination geological so far not recognized in this region and open up opportunities for new perspectives in the future.
In addition, the company will begin to phase in so-called case horizontal holes. roofing slate, in the Pomeranian Voivodeship The first drilling of this cycle is to Wejherowo, concessions 4 h Lubocino pad Lubocino, and follow-up will be more horizontal boreholes in the area of Pomerania in 2015.
Within the framework of conventional exploration on poorly recognized under the Carpathians is drilled deep hole Fredrik-1, the aim of which is to recognize formations and podsolnych to check the possible accumulation of oil and gas. The acquired data will help determine potential zasobowy research area and plan further work aimed at the discovery and sharing of deposits of hydrocarbons.
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