Well, I dipped a tentative toe back in the water today. The news from 3legs was bad but there is still BNK, Ireland, Morocco and these new wells (if they happen) to provide potentially positive news. The article about Fanny was nothing that we didn't already know and I wonder if today's drop is a little over-done considering the fall that had already occurred last week. Plenty of scope for further disappointment/falling knife, however, so I will be keeping a close watch! :). GLA
We are due an update regarding Genel regarding offshore Morocco. Our increased holding 10% will be most welcome if this strikes oil or gas.
Update due on Albania, hopefully there is a JV near completion.
Spain has welcomed fracking, new law recently passed. France will give the green light to fracking public opinion is changing there.
The following from the RNS dated 21.08.2014
New Three-Well Polish Drilling Programme:
The Company intends to drill two exploration wells in the Karpaty area and one exploration well in the Permian Basin in Poland during a single campaign using a rig from Exalo, beginning in mid-September. All wells are relatively shallow and are in a proven hydrocarbon trend area. All three wells are expected to be completed before the end of the year:-
1. Kety, on the Bestwina concession in Karpaty, targeting gas in Miocene sandstone with a 4 Bcf mid-case recoverable target. 60% San Leon Energy (Operator), 40% PGNiG.
2. Gieraltowice on the Bielsko-Biala concession in Karpaty, targeting gas in the Upper Carboniferous sandstone primary target and Lower Carboniferous limestone secondary target with a 4 Bcf mid-case recoverable target. 60% San Leon Energy (Operator), 40% PGNiG.
3. Niwiska, on Block 243 in the Permian Basin, targeting oil, in the naturally-fractured Main Dolomite, with a 400,000 bbl mid-case recoverable target plus some gas. San Leon Energy will operate the well, and this drilling will fulfill the final stage of its farm-in, leaving the equity split 50% San Leon Energy and 50% Celtique Energy.
Oil Shale Sampling And Bench Testing, Morocco:
Surface and core sampling of oil shale from the Timahdit oil shale project was completed earlier this year. These samples are currently the subject of bench tests at the EOT/Enefit facility in Frankfurt, Germany to confirm the quality of the various layers of oil shale, and the oil yield possible from those layers.
Oil has successfully flowed from the Enefit retort process, and while tests and analysis are ongoing, the initial results are very encouraging. Final results will be utilised to update the project feasibility study and enable consideration of the upgrading options for the raw oil.
I do not post here often mostly because of the bell ends Hopefully Barry roe cash soon we have also pnr plus the cash from the placement so should be very cash positive we all know we have great assets just need some luck to bring them to futration ripping the crap out of the company doesn't do anyone any good unless short or trying to buy cheaper Fingers crossed for Morocco to get the ball moving again
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