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QUOTE (apache123 @ Monday 28/11/05 10:20am)

The Tiof discovery in Mauritania is an excellent example of Deltaic complex hydrocarbon plays.


Unfortunately as WPL has found out with Tiof, Deltaic complex plays are not straight forward plays as the hydrocarbons can channel off in different directions over a wide area and numerous appraisal wells maybe required to accurate delinate the location of the payzones....


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Mediterranean Oil & Gas, was floated on LondonÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s AIM market on 16th Nov...


When will PCL list on AIM to take advantage of the recent interest in Mediterranean Oil & Gas listing???




The Search For Oil Offshore Malta Could Shortly Gets Going In Earnest

By Stewart Dalby

.....Malta wants to find some oil of its own. But it is not just a question of import substitution, helpful though that would be. In the global scale of things, MaltaÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s demands are comparatively modest. Its population is just under 400,000 and in crude oil terms its imports amount to the equivalent of 7 million barrels a year or around 20,000 barrels a day. A couple of substantial oil discoveries could radically transform its economy by making it a substantial exporter. It is in the right place, after all - Italy has a huge need of imported oil and gas. According to Tony Trevisan, Executive Director of Mediterranean Oil & Gas, the discovery of oil could make Malta one of the richest countries around.

It is not as if Malta does not have real prospects or that oil companies large and small have not been looking. In 1958 BP started searching offshore and shortly thereafter some gas was found onshore Gozo in what became known as ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“The Lady of the OilÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ field. But it was not commercial.

MaltaÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s explorations licences are divided into seven areas. In 1990, in Area 3, north and east of the island, Texaco was awarded a Production Sharing Contract in Blocks 4 and 5 to the east of Malta. Some 1,600 km of reflection seismic, gravity and magnetics were acquired in 1991 to assess the potential of the blocks and locate drillable structures. The data showed that the south end of the productive Ragusa Basin extends to the southeast through these two blocks. Several prospects were identified and a 4,500 metre well was proposed subject to a 50 per cent farm out to test dual objectives in the Upper Cretaceous and Lower Jurassic. No farminee was found, however, and the blocks were relinquished in 1992.

In late 1989 Japan Oil Corporation conducted a geophysical survey of 3,615 km in Area 4 in the south of Malta on behalf of the government. A licensing round for blocks in the area was subsequently opened in 1991 and as a result Shell and Nimir entered into a PSC in Block 7 in January 1993. The company conducted a 3D seismic survey over the western part of the licence to image Lower Eocene carbonate leads. The intent of the group was to farm out a 50 per cent interest for a 2,700 metre well to test the Lower Eocene carbonate play. The block was eventually relinquished in 1996.

To some extent potential farminees may have been put off by the lively border and delineation disputes that were perceived to be going on. There is a story, maybe apocryphal, of how a Libyan gunboat turned a Texaco crew off one of its rigs by force. The disputes between Libya and Tunisia are not entirely resolved and differences over parts of Area 1, to the east of the islands where there is very deep water and, according to Dr Debono, some structures with the possibility of containing 1 billion barrels of oil, militate against activity there. For most of the other areas however, it is now business as usual.

In the late 1990s Malta revised its fiscal regime to make it much more attractive for oil companies to operate. It actively wants to attract companies to explore around Malta. As the accompanying map linked here shows it has been largely if not completely successful in achieving a renewal of activity. Area 2 and Area 7 are presently licensed to NorwayÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s TGS-Nopec. Area 5 and Block 3/Area 4 are licensed to Pancontinental Oil & Gas. London AIM-listed MedOil has taken up Exploration Service Agreements for Block 2 and Block 3 in Area 3 to the north of the island. Australian listed Global Petroleum, which has strong links with London AIM-quoted Falklands Oil and Gas, has taken on Blocks 4 and 5 of Area 3.

Mediterranean Oil & Gas, which last week (November 16) successfully floated on LondonÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s AIM market, has signed agreements over Blocks 4, 5, 6 and 7 in Area 4. This, of course, is the territory worked on and relinquished by Shell. Tony Trevisan reckons Block 7 is the most matured, as they say in the oil trade. A small part of the total area has been subjected to 3D seismic and three prospects have been identified in that area. RPS Energy has said that on a Best Estimate basis, for the three identified prospects in Block 7 which have been matured by the 3D seismic, some 218.2 million barrels could be recoverable from 648.1 million barrels of oil in place.

Tony Trevisan says: ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“A lot of the work has been done. These prospects are ready to drill.ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ He canÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢t say who, but there has been a lot of interest and there could be a farminee in the next two months. It could be an exciting Christmas for Malta.


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PCL Announcement: Origin Energy farms into Kenyan Tenements



Pancontinental Oil and Gas NL (ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“PanconÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ) has concluded a Farmin Agreement
(Agreement) with Origin Energy Bairnsdale Pty Limited (ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“OriginÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ), a subsidiary of
Origin Energy Resources limited, on the Kenyan Production Sharing Contracts (PSC) L-8 and L-9 offshore Lamu Basin. This Agreement is subject to approval by the Kenyan Government.

Under the Agreement Origin may:-

ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ Earn 50% in each block by conducting a US$4.0 million detail 2-D seismic
program within these two blocks.

Earn an additional 25% in a given block by drilling an exploration well and
meeting all drilling and testing costs of that exploration well.

Pancontinental will retain 25% after a free carry through the seismic, drilling,
production testing and all other permit costs in each drilled block.

The acquisition of the new 2-D seismic data will commence within the two contiguous L-8 and L-9 areas, totalling 12,085 sq kms, in early 2006 on ratification of the Agreement by the Kenyan Government, the contracting of a seismic vessel and suitable weather conditions. The US$4.0 million seismic survey will determine the viability of a number of very large prospects
delineated by the 2003 and earlier seismic surveys. These prospects, based on current mapping and representative reservoir parameters using industry analogues, are estimated to have world class size speculative oil and gas reserves potential. Origin will also cover all other costs associated with the PSC areas during the earning stages of the Agreement.

The Agreement requires Origin, on or before 23 May 2007, following interpretation of the US$4.0 million 2D seismic survey, to advise Pancontinental of its election or otherwise to commit to drill a prospect in one or both of the blocks. The drilling of the exploration well(s) is required prior to September 2009.

PancontinentalÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s CEO Andrew Svalbe said ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“Pancontinental is very pleased to have negotiated an Agreement with a company having the technical, financial resources and the operational capabilities of Origin.

It also completes a very rewarding 2005 year during which Pancontinental completed farmout agreements with Anadarko Petroleum Corporation and Origin that could result in the company being free carried through expenditures of an estimated A$100 million over the next few years if the farminees exercise their options with the drilling of 2 wells by Anadarko in Malta, and two wells by Origin in Kenya, plus all preceding seismic and other permit costs.

This Agreement with Origin supports our view that the Kenya asset, with its high petroleum prospectivity, attractive Government commercial terms, proximity to the Kenyan and growing East African energy markets, is a quality component of our exploration portfolio.ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ
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In reply to: apache123 on Friday 30/12/05 07:53am



The signs from Kupe are that the leopard retains his spots.


Of course ORGs debacle's in the Perth Basin also continued throughout 2005. I cannot understand why they do not just stick to passive investment in the upstream sector.


On the other hand, ORG probably see the growth of electricity demand in East Africa, if not through industrialisation, at least through cheap airconditioners etc from the factories of China, and see an opportunity to apply their gas based integrated model from Australia. With there interest in Solar, wind and geothermal I can certainly see a case for ORG trying to enter East Africa, and tie up some upstream gas resources before others see the value in them, and before attempting anything else there.


Regarding no ORG announcement, if they're only dipping their toes into exploration then it's hardly material information to a company of ORG's capitalisation.


JUst my own thoughts.



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In reply to: entropylord on Saturday 14/01/06 01:27am

Regarding no ORG announcement, if they're only dipping their toes into exploration then it's hardly material information to a company of ORG's capitalisation.




Maybe so, though ORG announced they were awarded exploration permits in NZ (23 Aug 2005).



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Origin seem very keen to capture primary energy resources (hydro and gas) in NZ, presumably to support a growing position in the downstream gas and electricity supply market, which seems a sound strategy with further price increases in gas and electricity in NZ, as the effects of the post Maui era, limitations on further hydro and Kyoto effects all unfold.


Conversely, to date, Origin have not appeared to have the same opportunities in WA


Nevertheless I suspect Origin will be asking much more than Arc is willing to pay, even if they do try to exit WA.



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In reply to: entropylord on Monday 16/01/06 10:59pm

The Kenya farmout had been flagged as the board priority once Malta(now delayed) was announced nearly a year ago. The sp reflected this expectation but disappointment with the farminee and prospect for a further fund raising this year have now imploded the price to levels not seen in the current more prospective era. Unless WA provides some interest there seems nothing to excite with this company in the year ahead. Some pre-emptive action needed by the board?

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This year, next year, time does not matter when you are CEO or chairman and are extremely well paid irrespective of any activity by the company. This sure is easy time for each who can wait for years with a steady shareholder funded income while the rest of use languish in a floundering share price. Get of your bums guys and give us some action for our bucks. What about an AIM listing to gain some London interest in the Malta permit. After the designated 6 months postponement we still have no communication re progress on the boundary agreement with Libya. Hope it' not time for the custard.
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