reasons to be optomistic26 May 2011 14:00
taken from the RNS 27th april.
Sangaw North-1 exploration well is drilling ahead at 3,760m. The original well design had a planned total depth of 3,660m with an option to continue drilling to a depth of 4,160m. The joint venture partnership has elected to continue drilling to the deeper depth to explore the prospective targets within deeper Jurassic and Triassic formations. For the Sangaw North-1 well, Sterling's share of drilling costs are carried by Addax, with Sterling paying only its participating interest share (53.33%) of testing costs.
Drilling and wireline logging operations are expected to be concluded within one month. Evaluation of the well data yet to be acquired will assist in the determination of intervals where flow testing operations may then be undertaken. Flow testing operations, if undertaken, are expected to take approximately 15 days per flow test.
The first sub-period of the exploration phase of the Production Sharing Contract ("PSC") for the Sangaw North Block has been extended by one year to November 2011, to allow for the completion of operations in the Sangaw North-1 well and the evaluation of the results of this well. The second, and final, sub-period of the exploration phase of the PSC has a duration of 2 years.
The second, and final, sub-period of the exploration phase of the PSC has a duration of 2 years.WHY DID THEY GET 2 YEARS IF ITS A DUSTER?
TAKEN FROM III,
Old news i know but look and read between the lines, these companies are all so close to Sangaw North.
SEOUL — South Korea's state-run petroleum company said Tuesday it has discovered crude oil reserves in two blocks it is exploring in northern Iraq.
The Maeil Business Newspaper said the reserves in the Bazian and Sangaw North blocks in the Kurdistan autonomous region are estimated to total two billion barrels.
But the Korea National Oil Corp (KNOC) said in a statement it was too early to estimate the size of the reserves. It said a formal announcement of the discovery would be made only after consultation with local authorities.
AGAIN,
But the Korea National Oil Corp (KNOC) said in a statement it was too early to estimate the size of the reserves. It said a formal announcement of the discovery would be made only after consultation with local authorities
COULD IT BE THE KURDS ARE HOLDING BACK GOOD NEWS AS WE KNOW THE PROBLEMS GKP HAVE AND ARE HAVING OVER CONTRACTS.
http://www.iii.co.uk/investment/detail/?display=news&code=cotn:SEY.L&action=article&articleid=8204691
http://www.iii.co.uk/investment/detail/?display=news&code=cotn:SEY.L&action=article&articleid=8200278
DYOR ,I AM HAPPY WITH MINE.