Firering Strategic Minerals: From explorer to producer. Watch the video here.
Gowrie-Smith’s motives may indeed be pure, but his environmental credentials appear suspect to some. He made his fortune through pharmaceuticals then added to it with several Papua New Guinean oil and gas exploration companies. In 2009, he sold Rift Oil to Talisman Energy for £115 million ($A207.5 million), 15 times its market value when it was listed three years before. Gowrie-Smith collected £9.4 million ($A16.96 million) in the deal through his 8.7 per cent stake.
So far, changing the odds has meant employing security and surveillance officers at the islands. It will also mean bringing in partners – preferably at least one with a ‘‘big chequebook’’. About $50 million would allow him to commercially develop one of the islands, he says. To this end he has invited a group of journalists to visit his Coral Sea paradise to see it for ourselves. We meet in Cairns on a balmy evening. About 70 of us – family, friends, potential investors and about 20 journalists, plus Gowrie-Smith and his entourage with concept plans for the islands – assemble at a bar on the foreshore. The following day he will have us flown on a chartered Fokker 100 to Alotau, the capital of Papua New Guinea’s Milne Bay Province. There a group of bare-breasted men and women will welcome us with a traditional dance at the airport (which would not normally have taken international arrivals had Gowrie-Smith not organised customs officers to travel from Port Moresby). But for now, everything seems to slow in the muggy air of the Cairns bar. Gowrie-Smith says a friend of his neighbour in Sydney, actor Russell Crowe, has even expressed some interest in the Conflict Islands. "I knocked on his door the other day and that actor ... he was in Something About Mary ... answered the door,’’ Gowrie-Smith says, struggling to find the actor’s name.
Even if Shannon 1 is not a success, there is a potential second prize for Kea. The Shannon-1 well is expected to intersect the Mount Messenger sandstone reservoir, above the oil-water contact, that Kea has previously penetrated from the shallower Puka wells. As a safety net for investors in any future fundraising, the well will be drilled so there is a fall back production scenario from the Mount Messenger reservoir if, as expected, it contains oil. Production from another Mount Messenger well with similar characteristics to Puka-1 and Puka-2 would improve the economics of resuming production from these wells. However, there is no guarantee that an intersection of oil at the Mount Messenger level will sufficiently change the economics of the field to justify restarting production, especially at current prices.intresting paragraph
wow its call directorship what a news 3mil he will have it in his ba pocket to drill ///// cleaver move from irgs
How is the rig price around your part of the world is it crashing down or steady
Global petroleum directors are the two non ex directors in towers bored it's making sense. Global to pay for the drill and tower to disclose the failed drill data so can target the right deeper target it's my dream .....If it's come true
are we in for a surprise if we drilled deeper in Namibia who knows .................
What we need to do at difficult time is look for a way out we have a producing asset and if this refinancing deal go a head we have a good chance of survival. Let's all the share holders who are interested ask for a meeting and see .....
Kea will come alive again meo will give up the share of the pie because of there own financial issues and negotiation are waiting for that statement then the 100% kea owned puka wells will have some meat on the bone for farm out deals to sign and get some cheap drill rigs to .....
Irgs have a deal and the buyer and the plan this is reminding me papuva deal in the end share holder value was massive
I get all the answers we need to think strategically here Ian it's not stupid he is either got a deal under rap or in negotiations reading the previous rns he mentions we are in negotiations with parties we all know once we run out of money in the bank we can not keep going back to them for more money it's a fact in my personal experience he is got a deal he knows ......
Failed two drills on back of trp punters money .There is no other assets to pile money on apart from Ian gowris puka Shannon and ....
meo have 10 mil in the bank . if this take over is what's all about the focus will be kea assets all over this year because there is no other assets drill ready with 2d.
It's going ahead with mosman goog news for kea resources
UMC Energy announces the appointment of Mr Geoff Geary as Exploration Manager responsible for liaison with the Chinese state energy company, CNOOC Ltd ("CNOOC") over all exploration properties in Papua New Guinea ("PNG") held by Gini Energy Ltd ("Gini") which currently includes two onshore and two offshore licence interests. UMC Energy holds a 30% interest in Gini, with CNOOC holding a 70% interest. While CNOOC is the operator of the permit, UMC and its consultants continue to provide key technical support to the joint venture. Under the shareholders agreement between UMC Energy and CNOOC, CNOOC is required to fund all exploration and appraisal expenditure up to commercial development by way of an interest free non-recourse loan to Gini.
The Papua New Guinea petroleum project has yet to reach a stage of development where a determination of the technical feasibility or commercial viability can be assessed. In these circumstances, whether there is any indication that the asset has been impaired is a matter of judgment, as is the determination of the quantum of any required impairment adjustment. The Directors have used their experience to conclude that no impairment adjustment is required for the six months to 30 June 2014.looks like news is on the pipeline
Lol
its paid
wow
real value is 1p