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Hi Elland, I thought the link was to the English version. If not, click the Union Jack below the headine to translate. Very interesting article and explains the market setup in Kenitra which I didn't fully appreciate. Regarding Stockbuyer, i still cannot follow his posts fully, although he clearly has a grievence against COP. The sooner these cases are decided the better for all. I thought he would reply this am. best wishes for 2016.
http://www.medias24.com/ECONOMIE/ENTREPRISES/159982-Circle-Oil-petit-producteur-de-gaz-au-Maroc-pratique-la-vente-en-direct-dans-le-Gharb.html# Interesting article from Medias24. (First posted by greatfull dead on ADVFN).
Stockbuyer, can you post links to any official records of the court cases?
So Stockbuyer, do I understand you correctly - you are owner / manager of SMTC who are suing COP for $5.2m...? Makes sense and what I suggested back in November. As I understand it, no cases have so far been decided and COP expect to win all (directly from COP). I don't believe your statement from last Thursday is correct. I do hope for all concerned this is resolved soon and we can move forward in 2016.
Agree in general, apart from FOGL which did spike on THAT Friday afternoon when Clarky et al posted on iii ref Humpty drill. I received a short reply from MF yesterday, again saying that COP believe court cases are not likely to succeed. Not sure of Stock buyers motives but court cases should be clear soon and with CPR, hopefully onwards and upwards in the New Year. Merry Christmas all.
Stockbuyer, what is the ONHYM position with COP and the suppliers/service companies? It is in their interests to ensure the gas keeps flowing and they receive their 25% revenue.
Not sure what to believe at the moment. Stockbuyer does seem to have local Morocco knowledge, but not sure how relevent. Clearly he doesn't have the long term interest of the company at heart. Have just sent off another email asking for some clarification. Hoping for good news in the New Year, Merry Christmas and GLA.
http://www.iclg.co.uk/practice-areas/oil-and-gas-regulation/oil-and-gas-regulation-2015/morocco Link to international Comparative Legal Guides website - interesting reading. It talks about dispute resolution and the use of arbitration. Would be interesting to get a legal feedback, as this doesn't fit with other posts on here.
So Stockbuyer, You represent long term investors for the Middle East. You want to correct things by changing the COP BOD and Management. You would take over & de list the company. You are very close to oil Libya, keen to invest under different Management. This would explain your constant sledging of COP BOD since your first post in August.
Morocco World News does have a story regarding workers protesting against Circle Oil - but 16th Dec 2013…! No news this year apart from the known drill results. Why no media coverage about Court Cases?
Hi Stockbuyer. Are you saying that a partner in Libya Oil (17% owners of COP) is also owner of a service company who are suing COP for potentially $15M? Very alarming indeed. Also, who is the new minster of justice, as Wikipedia still has Mustafa Ramid listed who became Minister of Justice 3rd January 2012? Who is Simy at ONHYM? Can you post any links to supporting info as I want to do more research over the holidays. Merry Christmas and GLA.
My holding is through H&L. I was expecting a comms ref the recent RKH vote, but didn't receive any, so I do need to check how my shares are held. I've noticed in the past that my buys and sells don't always appear as share trades on here.
Sounds slightly more positive: http://www.malcysblog.com/#sthash.qiMrLtby.dpuf
Rubbish. No hint of any good news.
Hope you are right elland ! I don't understand why GPX didn't bring the three discoveries at LTU-1, DOB-1 and DRC-1 into production rather than trying to farm out and eventually losing the lot. If COP are given the licence with little upfront fee, do you have any idea what the financial commitment is likely to be? What stops COP bringing the gas into production quickly - is it just the need for the infrastructure, or do they need to find additional customers? Here's hoping for an early Christmas present - Rharb RNS.
Below are the 2 recent ONHYM releases on their websire. I'm interested to see how much reserves our recent drilling has actually added - would like to see a CPR at the end of the year. I seem to recall this was this mentioned by Mitch, but can't remember when. 28 OCTOBER 2015: CGD 13 WELL RESULTS Modest quantities of biogenic gas were discovered in the CGD-13 well, located in the “Sebou” exploration permit, held by Circle Oil and ONHYM, in the Gharb basin, to the north of Dar Al Gaddari (Fig.1). The preliminary tests confirmed the existence of biogenic gas. In fact, the well encountered around 5.9 m of net pay. However, the estimated volumes remain modest. 13 OCTOBER 2015: KSR-A DRILLING RESULTS ONHYM and its partner, Circle Oil, announce the results of the tests of the KSR-A well, located in the exploration permit “Sebou” in the Gharb basin, to the north of Dar Al Gaddari (Fig.1). This well started 31 August 2015 and reached its total measured depth of 1890 m on 19 September 2015. The preliminary tests confirmed the existence of biogenic gas. The estimated volumes remain modest, similarly to those discovered earlier in this permit. The well will be equipped for a future production.
Extract from GPX RNS regarding the refusal of the Rharb extension request by ONHYM: Alastair Beardsall, Gulfsands Chairman said: "We are disappointed not to have been given an extension to appraise the gas discoveries made in 2014/15. With regard to various claims for financial sums and penalties, we will be seeking legal advice on these matters." I read this as a legal challenge regarding the financial penalties, not the withdrawal of the licence - purely a matter between GPX and ONHYM.
EXECUTIVE INTERVIEWS, Amina Benkhadra, ONHYM, June 2015. How much is the current low oil price environment affecting your plans this year? What about investment into the country? As I said earlier, despite the lack of commercial discoveries, the wells drilled in Morocco demonstrated working hydrocarbon systems both offshore and onshore, both for oil and gas. These have also improved our understanding of new and promising play concepts. Along with new technologies, we are confident that forthcoming drillings will push toward, commercial discoveries. Above-ground, Morocco remains an attractive investment prospect, when compared to its regional peers. Morocco provides stable political environment, attractive fiscal regime and favorable licensing terms. In the context of lower oil price environment, we believe that these factors will most likely favor Morocco to sustain investment to explore Moroccan sedimentary basins both offshore and onshore. Gas discoveries in the Rharb center looks very promising. How are planning to monetize the discoveries and how soon will this happen? The Rharb Basin, the setting of the first discovery in North Africa, is still attracting interest, being one of the only two actively productive basins at the moment. Circle Oil has made 13 commercial gas discoveries from 15 wells drilled in the basin since 2008. As the basin lies close to industry centers, the small, shallow fields found to date have proved profitable. Relatively shallow drilling, coupled with existing gas pipe network to industry centers, make exploration in the Rharb Basin profitable. The produced gas is sold to local industry. Are there enough attractive prospects in Morocco to attract M&A, JVs and new Companies farming in for development? Morocco is an under-explored hydrocarbon province that offers high-impact exploration opportunities across multiple play types. Various seismic surveys acquired in the last decades permitted to identify a myriad of play concepts and prospects both onshore and offshore. The limited drilling have demonstrated the existing of various working hydrocarbon systems. We expect high level corporate activity to continue. With limited open blocks available, we hope increased corporate activity with larger players expanding their existing position and new entrants completing farm in to acreage held by smaller independents to gain access to the offshore, onshore and unconventional exploration plays.
Hi elland I'm not convinced unfortunately. A positive week though on no volume, maybe we've finally bottomed out. Hoping for OPEC help next week. GLA
Hi Stockbuyer, Do your investors currently have any holding in COP? Assuming the current management stay in place (despite your misgivings), what specifically will trigger these investors to buy COP shares?