Member Info for Jarv55

Well said Y-Alam lets keep it civil. I will put it another way do you think 4.5p is a good take over price for a company producing 20k barrels of oil per day?

Luckcounts. Lets say everything goes to plan and they finalise the jv and get the funding and lets be conservative and say they don't get that other licence back would you say its worth more than 4.5p?

Due diligence will be undertaken and the financial terms and cost of capital will be finalized following final investment decision. The final investment decision is subject to the satisfaction of customary conditions precedents, including the credit committee approval of financing parties and the execution of definitive project agreements. Site mobilisations are tentatively scheduled for late Q3 2019.



Lekan Akinyanmi, CEO of LEKOIL said, "This MOU is a significant milestone for LEKOIL and the Otakikpo JV. It secures the necessary funding, subject to the various conditions being satisfied, to drill additional wells and unlock further value at Otakikpo. We are pleased to be working with Schlumberger (who brings world class implementation) and other members of the consortium. We look forward to the transformation of operations infrastructure and an opportunity to earning revenue along the value chain".

LEKOIL (AIM: LEK), the oil and gas exploration and development company with a focus on Nigeria and West Africa more generally, is pleased to announce the Otakikpo Joint Venture (JV) between Green Energy International Limited ("GEIL") and LEKOIL (with LEKOIL as Technical Partner). The JV has signed a Memorandum of Understanding ("MOU") with Schlumberger and a subsidiary of a major international oil company which has been operating in Nigeria for more than half a century ("Major Oil Company"). The MOU covers a comprehensive infrastructure sharing and drilling programme around a group of marginal field assets in OML 11. Standard Chartered Bank ("SCB") is to act as the lead financial advisor for the Project and perform financial advisory, security and banking services required for the Project.



The phased development plan of the project consists of drilling up to five new wells in Otakikpo, expanding processing infrastructure to comprise an onshore terminal to be located outside the Otakikpo field operations area, construction of an export pipeline connecting the onshore terminal to an offshore buoy to handle Otakikpo and other fields in OML11. The Otakikpo Joint Venture will partake in the costs of its field development with funds provided for such participation by the development consortium ("Consortium") (see below for further details). Project management and associated asset management costs provided by Schlumberger will be shared between the Otakikpo Joint Venture and the operators and owners of other marginal fields participating in the Project.



Capital expenditure to be incurred by the Otakikpo Joint Venture is expected to be approximately US$170 million covering new wells and processing infrastructure, of which LEKOIL is expected to fund US $68 million. The anticipated costs consist of debt repayment to financing parties, including the Major Oil Company, in addition to a project implementation fee paid to Schlumberger. Repayment of the facilities anticipated to be provided to the Otakikpo Joint Venture pursuant to the project will be made from production revenues from Otakikpo, in priority to any existing lending facilities (subject to agreement with existing lenders), future CAPEX and returns to equity holders.


Under the terms of the MOU, the Major Oil Company will provide funding to the Otakikpo Joint Venture alongside the other funding partners, subject to due diligence, project economics, entry into definitive documentation and final investment decision. The Otakikpo Joint Venture will enter into an exclusive offtake agreement with the Major Oil Company for the sale of crude produced pursuant to this project. Schlumberger will act as technical and project execution partner to provide oilfield services and project management services to assist in ramping up production and long-term field management. The Consortium will also form multidisciplinary project management teams from LEKOIL and GEIL.

LEKOIL (AIM: LEK), the oil and gas exploration and development company with a focus on Nigeria and West Africa more generally, is pleased to announce that the Company has finalised an updated Competent Person's Report ("CPR") detailing recoverable volumes expected within the Otakikpo Marginal Field ("Otakikpo") in OML 11. The Company is pleased to announce a significant upgrade to 2P oil reserves estimates and prospective resources (unrisked) for LEKOIL Nigeria's 40 per cent participating interest in the field. The CPR, prepared by McDaniel Associates & Consultants Ltd. ("McDaniel"), focuses on the Company's discovered conventional oil accumulations only. The Company expects to see the field's significant gas resources reflected in a future update to the CPR. McDaniel carried out a comprehensive review of the surface and subsurface data provided by LEKOIL following the completion of 3D seismic acquisition onsite. This supersedes the previous CPR completed on Otakikpo by AGR Tracs International Ltd ("AGR Tracs") in 2015.



The effective date of the CPR is 1 February 2019. Summary Reserves and Resources tables are shown below.



Both the McDaniel and AGR Tracs reports are available to download for reference from the LEKOIL website www.lekoil.com



Highlights of CPR Recoverable Volumes figures:



· 48.6 million barrels (MMbbl) Gross 2P reserves (previous CPR 15.0 MMbbl); 19.42 MMbbl net to LEKOIL Nigeria

· 331.6 million barrels of Gross aggregate stock tank oil in place (STOIIP) prospective volumes on a P50, unrisked basis, mean estimate (previous CPR 163.0 MMbbl), of which 132.6 MMbbl is net to Lekoil Nigeria

· 2P NPV10 of US$226 million, after income taxes, net to LEKOIL Nigeria



Lekan Akinyanmi, CEO of LEKOIL said, "We are very pleased that McDaniel's review has further confirmed our view of the attractiveness and future potential of the Otakikpo project. This CPR doubles the estimates for unrisked oil resources net to LEKOIL Nigeria and reinforces the economics of the development. We now look forward, subject to securing the necessary funding, to the multi-well drilling programme aimed at increasing production to approximately gross 15,000 to 20,000 bopd."

Luckcounts
Operational Highlights

Otakikpo

· Production levels averaged approximately gross 5,345 bopd, (2,076 bopd net to LEKOIL)

· Phase Two preparations for development commenced with acquisition of 3D seismic in February, with an updated CPR being finalised ahead of publication

· Subject to agreement on funding with one or more industry partners, plans underway for a three to five well drilling programme, targeting to increase production levels to approximately gross 15,000 to 20,000 bopd (6,000 - 8,000 bopd net to LEKOIL)

He worked for Rab Capital and Earnest Young

Is this a new appointment? https://beta.companieshouse.gov.uk/officers/7KR4l_Uy15zG-cALPGOUGmrEi7Q/appointments

Nice to see Tom in The Times

· Acquired seven additional mineral leases that cover approximately 12,500 acres in aggregate and are estimated to contain over 1.2bn barrels of potential oil (as measured by the United States Geological Society). The leases are located within the Uinta Basin, in the same Green River formation as the Leases

Subject to securing the necessary funding, the Company will seek to undertake a field test programme on its own Holliday block to seek to demonstrate the suitability of the RF technology to the recovery of oil & gas from its oil shale assets on a commercial basis. Should the RF technology be shown to be commercially viable, the Company believes that there would potentially be additional licensing and royalty opportunities for the technology.

In March 2017, we announced the formation of a new Utah-based subsidiary, TurboShale. Its executive and technology team comprises of Andrew Jones, Ray Kasevich and Jeb Rong of Massachusetts-based JRT and Graeme Hossie of UK-based Venture Development Partners Ltd.



TurboShale has acquired two key patents from JRT that form the basis for the RF process: US7891421B Method and Apparatus for In-Situ Radiofrequency Heating (US Application 62/017/408), and its patent application US2015/035433A1 Subsurface Multiple Antenna Radiation Technology (SMART). We have every confidence that the TurboShale technology represents the best opportunity for the Company in unlocking the value of its oil shale assets in the near to mid-term.



The Company is therefore seeking to build on the findings of the BART Programme and I am delighted to say that good progress continues to be made. This has included the commencement of preliminary lab work in September 2017, and the continued review of the historical data to finalise the proposed work programme for TurboShale.



Having identified significant cost savings, the Company plans, subject to the Company securing the requisite funding, for TurboShale to undertake a four to six month field test programme on the Company's Holliday Block, to seek to demonstrate that the RF technology can be used to recover oil & gas on an economic basis with the ultimate goal of moving towards commercial production of its oil shale assets. I look forward to keeping shareholders updated on our progress in this regard.

During the financial year, the Company announced that it had identified an oil shale extraction technology, proven from a technical feasibility perspective, which demonstrated the benefits and efficacy of using a process involving the use of radio frequency ("RF") in the extraction of oil & gas from oil shale. The Company believes that this relatively low-cost and environmentally benign disruptive technology has the potential to unlock TomCo's oil shale assets. As a result, the Company formed TurboShale Inc. ("TurboShale") to become the Company's technology arm, and in which JR Technologies LLC ("JRT") became a shareholder and TurboShale acquired the relevant patents for the RF technology and process from JRT.



Subject to securing the necessary funding, the Company will seek to undertake a field test programme on its own Holliday block to seek to demonstrate the suitability of the RF technology to the recovery of oil & gas from its oil shale assets on a commercial basis. Should the RF technology be shown to be commercially viable, the Company believes that there would potentially be additional licensing and royalty opportunities for the technology.



Through a joint venture between Badger, Raytheon and Texaco ("BART") during the early 1980's, a multimillion dollar commercial scale pilot programme was carried out on Texaco's Vernal, Utah oil shale block (located approximately 10 miles from TomCo's Holliday block) (the "BART Programme"). The BART Programme sought to apply RF energy to facture and retort in-situ oil shale to enable the recovery of oil & gas using conventional lifting methods. Laboratory testing, theoretical analysis and full-scale field testing resulted in a fundamental understanding of the production economics, equipment design parameters, and other shale physical and electrical properties for oil & gas recovery. The oil produced demonstrated a very high quality, low sulphur content similar to high quality Arabian crude. However, whilst the BART Programme demonstrated a low cost of production of approximately US$4.5-9 per barrel, due to the low oil price at that time, the technology was never commercialised.



The BART Programme was technically overseen by JRT's Ray Kasevich, while he was Technical Director of BART at Raytheon.

Gap to fill at 9.55

think eveyone is going back to Advfn

Notmyjob to research seems fitting
15/01/2018 7:00am
RNS Non-Regulatory

TIDMETX

e-Therapeutics plc

15 January 2018

e-Therapeutics

('e-Therapeutics' or the 'Company')

e-Therapeutics to collaborate with Intellegens and Biorelate

to enhance and extend its AI technology capabilities

Oxford, UK, 15 January 2018: e-Therapeutics, a company pioneering the use of Network-Driven Drug Discovery (NDD) to create new and better drugs, today announces agreements with Intellegens and Biorelate. Both companies have artificial intelligence (AI) tools which, after pilot studies, have been proven to enhance ETX's existing computational NDD technology. No financial details were disclosed.

Intellegens is a spin-out from the University of Cambridge that has developed a unique AI method for training neural networks from incomplete data. The collaboration will allow e-Therapeutics to apply Intellegens' technology to the predication and error correction of large-scale biological and chemical data. This will enable neural networks to be trained on the sparse data typical of biological and chemical problems. Application of the technology will result in the enhancement of e-Therapeutics' existing proprietary databases facilitating greater coverage of chemical space. In addition, it will be used to develop a novel computationally guided approach to medicinal chemistry.

Manchester-based Biorelate provides biomedical knowledge by using AI to create curated databases from the analysis of published literature. Its cutting edge technology uniquely combines natural language processing (NLP) and machine learning with human expert curation. The result is the extraction of structured biological knowledge from the wide body of expert journals. The aim of the collaboration is to directly feed this knowledge into e-Therapeutics' Network-Driven Drug Discovery engine facilitating the pursuit of novel disease mechanisms.

Dr Jonny Wray, Head of Discovery Informatics at e-Therapeutics said "I'm excited we're entering into partnership with these two companies. We already utilize machine learning heavily in our discovery platform to augment empirical biological and chemical data. These partnerships will enhance and extend our internal capabilities via collaborations with companies at the cutting edge of AI research and application."

Dr Gareth Conduit, founder of Intellegens, said: "We are very excited to be entering into this relationship with e-Therapeutics. We believe our novel deep learning technology, specifically suited to sparse data problems, will significantly improve the data and enable more opportunities to be investigated within e-Therapeutics' Network-Driven Drug Discovery approach"

Dr Daniel G Jamieson, founder & CEO of Biorelate, said: "The partnership with e-Therapeutics is an important milestone in our on-going mission to curate truths in biomedicine. We will be supporting e-Therapeutics' drive to better understand how complex diseases w

https://www.investegate.co.uk/e-therapeutics-plc--etx-/rns/director-pdmr-shareholding/201907020700101026E/

Woodford is 100% out look at the updated shareholders register on the website

Ceo is on international business at the moment ring the secretary for any questions to be forwarded.

01993 883125

company tweet https://twitter.com/e_Therapeutics/status/1145602888233869312

Just sit back and wait for the re-rate quality bod cutting costs, working on contracts.