One of the presentations was from Wentworth, who you know will likely be producing before AEX and Solo. They spoke in depth about the potential market. I can assure you, adding Wentworths + Aex/Solo's production does not even come close to the commercial and residential present or future needs.
I may indeed agree with that. I can't find the well test unfortunately (what was the back pressure?) to be sure. However, the question should be: how large will the market be? Their neighboor competitor is planning to drill more wells, and for at least the next 12 months or so, there may in fact not be a market at all for Aminex/Solo. So regarding well potential: you are correct. Regarding actual production: that remains to be seen.
Advised Burj Petroleum regarding its acquisition of participating interests in OML 141; Eremor Marginal Field located within OML 46 and Qua Iboe Marginal Field located within OML 13. Worked as part of the team conducting extensive due diligence on all the assets and the relevant material contracts and liabilities.
Estimating profit is difficult of course, since the capital costs (well drilling, connecting to pipeline) have already been sunk. So what you need to do to estimate future profits is is to deduct future expenditure (operating costs) and costs for new wells+infrastructure (capital expenditure) from the future cash flow. Aminex may contractually be obliged to drill more wells (as they have to do in Nyuni) and since each well costs ca. 20 million, this would cost Solo 13% of it, so 2.9 million. Altogether Solo is pretty much guarantied not make any profit for many years to come, if they can survive the next 12-24 months in the first place.
Today 11:20 Price: 0.55 bigdouble 2,277 posts oil voice Solo exchanged its shareholding in Pan Minerals Oil and Gas AG for a direct holding of 15.9% in Burj Petroleum Africa Limited.  Solo will acquire an additional 5% holding in Burj Africa at closing through a payment of US$200,000 in cash and, in due course, the equivalent of US$300,000 in 39,750,000 new Ordinary Shares at an issue price of 0.51 p per share. Solo today announces that it has exchanged its shareholding in Pan Minerals Oil and Gas AG for a direct holding of 15.9% in Burj Petroleum Africa Limited, a private UK registered company created with the purpose of participating in the current marginal field licensing round in Nigeria. Burj Africa has partnered with Mr. Phil Mulacek the founder of InterOil Corporation (NYSE: IOC) which has been credited with one of the most significant natural gas discoveries in Asia in the past 20 years. Burj Africa, together with its partners, Global Oil and Gas and Truvent Consulting, has made application for two marginal fields in the current marginal field licensing round in Nigeria. These two adjacent fields contain a total of 10 wells that were drilled by an international major. These fields are believed by Burj Africa based on internal estimates to contain proven and possible recoverable oil reserves of 59.3 million barrels (13.5 million barrels net to Burj Africa after royalty). Solo has also entered into an agreement to increase its investment in Burj Africa. Solo will acquire an additional 5% holding in Burj Africa at closing through a payment of US$200,000 in cash and, in due course, the equivalent of US$300,000 in 39,750,000 new Ordinary Shares at an issue price of 0.51 p per share. Upon completion, Solo will hold a total interest of 20% in Burj Africa. Solo has also obtained the right, at its election, to convert the equity position in Burj Africa for a participating interest directly in the JV with Global in Nigeria. Terms of which are to be determined based on an independent third party valuation at a later date. Solo will participate in the technical decision process with Burj Africa and Global, being represented on all relevant committees. Global will be the designated operator of any operations carried out by Burj Africa. The holding cost of Solo's shares in Pan Minerals is currently equal to the acquisition cost of those shares, approximately £800,000. Following the transaction to convert those shares to a holding in Burj Africa and the acquisition of additional Burj Africa shares the total holding value in Solo's accounts will be approximately £1.1 million. About Burj Africa: Burj Africa was created to pursue marginal field opportunities in Nigeria. With its joint venture partners, Truvent Consulting, an indigenous Nigerian oil and gas development company, and Global Oil and Gas a company founded and controlled by Phil Mulacek, Burj Africa has completed an application for two marginal fields in the current marg
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