Member Info for Rivendell666

Amy just used to work for OKAP which is a group of companies run by Peter Landau. http://www.okapventures.com/who-we-are.html Sarah Smith was at http://www.grangeconsulting.com.au/contents/home.htm?id=1 Mr Landau is a corporate lawyer and corporate advisor, having previously worked with Grange Consulting Group, Methinks a TO is on the cards..............

""The Board is pleased to announce the appointments of Ms Sarah Smith and Ms Amy Just as Joint Company Secretaries, effective immediately."" I suppose if we were going bust then they wouldn't have joined.

Is off to Sfax in Tunisia with presumably RC on board. Will we get an off-hire RNS tomorrow?? Then it's squeaky bottom time as the bean counters get their abacuses out....

Looks like RC is getting loaded on to the Hua Hai Long with Sea Bear assisting. That's gotta be offhire today...?? http://www.vesselfinder.com/

And friends just off Las Palmas. Hopefully the demob won't take too long.... http://www.vesselfinder.com/

Haven't a clue. Depends :- on how much the drill cost whether we get a quick agreement with Galp how much is in the kitty have we got more investors coming in and at what price / dilution. etc etc So xpect the worst in AIM and you won't be disappointed. ATB

That's RC heading back to Las Palmas with Bourbon Liberty and Sea Bear towing. The end to the xpenditure nears... http://www.vesselfinder.com/

Returning from Agadir to join M Fetcher and Bourbon Liberty 224 on location. Just as well we didn't go deeper ... Wouldn't have finished the demob until Xmas...... Costs are mounting up......

Located off Tarfaya- Tan Tan, the Tarfaya offshore block, with an area of ​​11,281.90 square kilometers, were granted in 2010 to partner ONHYM Galp Energy's Petroleum and Tangier, respectively Portuguese and Australian companies. These partners have completed the acquisition of 701 square kilometers of 3D seismic and the reprocessing of 580 square kilometers of 3D seismic pre-existing, in addition to 2,813 km of 2D seismic over the area available. Following the evaluation of these data, Galp Energy's Petroleum and Tangier have identified a portfolio of prospects and leads. Drilling one of these prospects, called CAT-1, began June 13, 2014 and reached the final depth of 3518 m on 07/30/2014 in the Middle Jurassic. Said dry, hole was plugged and abandoned. www.onhym.com/actualites/334-fin-des-operations-de-forage-du-puits-tao-1-tarfaya-offshore.html

Bourbon Liberty 224 returning from Agadir to join Maersk F and SeaBear. How much stuff is there to offload ?? The longer RC's there the bill goes up by several hundred thou a day. Still no mention of the duster on ONHYM.......

Ta for that. I reckon we're doomed. The only asset we have is the remaining licences and the dilution to cover the costs of a 10 -20% share after a FO would not be pretty.... Are the licences worth anything though??

Maersk Fetcher and Sea Bear still at the rig. Bourbon Liberty off to Agadir. How long does it take to demob ??? www.vesselfinder.com

Still the 3 boats in attendance. How much stuff is there to offload....??

As I posted yesterday Tpet's statements were different but Galp's press release says no HCs in both..... ""the well was to test the resources potential of the Trident prospect,... ..The well also tested the prospect Assaka,...and it also did not encountered hydrocarbons."" www.galpenergia.com/EN/Investidor/Noticias//Paginas/ResultsofexplorationwellTAO1inMorocco.aspx

An optimistic view would be that there's something not right here. Would a MD give info like this to an investor over the phone. Especially when negotiations may be taking place with the money men?? Galp said at the start that they xpected the drill to last for 3 months "The Ralph Coffman jack-up rig arrived on site on June 13, and drilling operations started on June 26. It is expected that drilling of the well takes approximately three months"" www.galpenergia.com/EN/Investidor/Newsletter/Content/Pages/StartofdrillingofTAO1wellinMorocco.aspx Tpet raised capital before the spud in two tranches and would have known the xpected costs in various scenarios. ""The proceeds of the raising will be used to meet Tangiers' 33 per cent share of any costs incurred in excess of the US$33m free carry limit provided by the Tarfaya Farm-Out Agreement for the drilling of the TAO-1 well. Tangiers Managing Director Dave Wall said the Company had accepted the additional funds because it believed the $4 million placing struck the right balance between being financially prudent and limiting shareholder dilution. "We believed from the outset that a raising of $8-$10 million was the ideal amount given our possible outlays in relation to the well and our strategy to ensure that shareholders had the maximum possible exposure to drilling success." Mr Wall said. Strong investor interest in the well has now enabled us to achieve that initial target and as a result we are in a strong cash position as we await spudding.""" As the drill has only taken 2 months surely the costs must be accounted for?? Is there a massive payment to the RC for the 3rd unused month ?? Gluck to us all........

The well was drilled at a total measured depth of 3,518 metres and did not encounter reservoir facies at the main target, Trident. The well also tested the prospect Assaka, located in the Upper Jurassic interval, and it also did not encountered hydrocarbons. www.galpenergia.com/EN/Investidor/Noticias//Paginas/ResultsofexplorationwellTAO1inMorocco.aspx So, we're doomed. Sell the remaining licences to Galp for a few million plus cash in hand..if any... Or a smaller dilution and farm-out 95%. Hardly worth it and it would be a long time before the next well was spudded, if at all. It'll be bittersweet if Paul Romano finds oil a mere 200km NE of us.....

""........and did not encounter favourable reservoir quality at Trident"" but at Assaka ""....Based on currently available information, no hydrocarbon shows have been encountered."" www.investegate.co.uk/Index.aspx?searchtype=3&words=tpet That's two very different meanings. If you're a desperate optimist then you could infer that some HCs were found at Trident. Perhaps enough to give useful info for the next well (after massive dilution...??). Nothing on the ONHYM news yet.....

On it's way back to Agadir with a cargo of dashed hopes and dreams. Sea Bear and Bourbon Liberty 224 still in attendance on VesselFinder....

Was the drill not xpected to last until the end of August ?? So there might be a few thou saved there.

http://www.investegate.co.uk/eland-oil---38--gas-plc--ela-/rns/commencement-of-production-on-oml-40/201402050700123011Z/ ""Eland Oil & Gas PLC (AIM: ELA) is delighted to announce the commencement of oil production from the Opuama oil field located on the OML 40 license, onshore Nigeria."" Just a shame I don't have funds to put in here......................