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In reply to: Krumbs on Friday 24/03/06 09:37am

Krumbs

 

Thanks.

 

Yes I had sort of thought that the field might be just a few million barrels of incremental oil, but this seems a much bigger deal.

 

Regards

 

Larne http://www.sharescene.com/html/emoticons/king.gif

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In reply to: Krumbs on Friday 24/03/06 09:37am

Holy Bejeezewhackas! Definitely some very good reasons to get excited.

 

Thanks larne, Krumbs. I was thinking of selling ... I think I just changed my mind. http://www.sharescene.com/html/emoticons/cool.gif

R/Di

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Another nice annoucement late today! Beats me though why release a good ASX late on Friday arvo. This could be one the big gainers for 2006 based upon its activity in Cambay fields. Management knowledge and in the loop for Indian activity.
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In reply to: User on Friday 31/03/06 06:49pm

This is not new but gives a different perspective...

 

Videocon consortium bags oil exploration contract in Block 56

 

MUSCAT ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâہ¡ÃƒÆ’‚ A consortium comprising Videocon Industries Limited, Gail, BPCL, HPCL and Oilex of Australia (Operator) has been awarded Block 56 in Oman for exploration and further development, after a keenly contested bidding round.

 

The award by the Ministry of Oil & Gas to the consortium was made consequent to a strong minimum work programme proposed by the consortium companies of 11 exploration wells along with associated seismic data acquisition (including 3D). The minimum work programme is estimated to cost $30 million, approximately.

 

The participating interest of the companies comprising the consortium are: Videocon 25 per cent; Gail 25 per cent; BPCL 12.5 per cent; HPCL 12.5 per cent; Oilex 25 per cent.

 

Block No.56 is on the eastern flank of the central salt producing oil field in Oman, which produces approximately 700,000 barrels of oil per day. The block comprises numerous potential oil bearing structures and un-risked oil reserves in place are in excess of four billion barrels. However, keeping in view the seismic data already available for the block (which will be reprocessed by the consortium) and the possibility of extracting not more than 20 per cent proven oil reserves in place, it is estimated that the extractible reserves could be of the order of 100-160 million barrels. This will be subject to the discovering of oil during exploration drilling, which would be commenced after the acquisition of additional seismic data. If necessary, more than one rig could be used for fulfilling the ambitious drilling programme in time. If an exploration well yields hydrocarbon that can be tested, an appraisal well will be taken up for drilling immediately.

 

Videocon already has manufacturing facility for airconditioners in Oman and can provide the immediate infrastructure required by the operator Oilex to establish a joint venture in Oman to take-up the exploration work expeditiously.

 

The consortium, which is 75 per cent Indian companies, hopes to enhance the overseas reserves of oil that can be earmarked for refining in India.

 

The consortium will now pursue further opportunities for securing exploration blocks both on-shore and offshore in Oman, taking advantage of the infrastructure that would be established for Block 56.

 

For Videocon, this is a first success in obtaining a block internationally, though the company is already entering into farm in agreements for blocks in Australia.

 

Videocon intends to pursue proposals for exploration blocks in Yemen, Libya, etc. in addition to looking at further opportunities in Oman.

 

Videocon has a 25 per cent interest in IndiaÃÆâ€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 largest private sector producing oil field at RAVVA in Andhra Pradesh.

 

 

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In reply to: vegemite on Monday 03/04/06 06:48am

Hi Vege. "The block comprises numerous potential oil bearing structures and un-risked oil reserves in place are in excess of four billion barrels." never heard of unrisked before? I know the whole bay is productive but.

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