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  • 6 months later...

i expect sur to be active for a while as this ann. is digested by the market.


this is NOT your everyday oiler ann.In fact it may be unique for an aus coy.


we are talking about LIBYA, onshore oil, and due to politics over last 30 years, there is at least 175 onshore discoveries that are undeveloped or warrant further investigation with potential of over 3 Billion barrels of oil.(of course this can grow with todays oil discovery technology which of course wasn't available 30 years ago for the 175 figure)

sur is one of 14 coy's allowed to participate under new libyan Production Sharing Arrangement (law) soon to be announced, reflecting libyas metamorphosis to a normal country without sanctions etc.

Specific Farmin arrangements etc are in the future

but this looks exceptional for a tiny oiler going to elephant country.

And its onshore (how cheap is that to drill compared to offshore)







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Hi awol,


Just a few notes about the Libyan oilpatch:


Even through the period, when America bombed Tripoli and Benghazi

in 1986, American oil and service companies were operating alongside

their Canadian counterparts throughout the Libyan desert.


One ASX-listed company in Libya, since the mid-1970s was our

local driller OD&E, who had 2 rigs (#7 & #9) operating there,

until Canadian drilling company, Ensign (?) bought out ODE 's

worldwide operations, some 18 months ago (?) ... those 2 rigs

are still operating there after 30 years ... in fact, OD&E had no

choice it was either work for Gadaffi or abandon the rigs.


So, while the official attitude may have changed towards Libya,

work at ground level will grind on at the same pace, as it does

in all muslim oil-producing countries ..... very slowly ..... http://www.ShareScene.com/html/emoticons/smile.gif


SUR seems to have made a smart move in getting involved

with a coalition for their entry into Libya, as their partners'

experience and influence may make the red-tape that comes

with working in Libya, a little easier to handle.


Could be some interesting times ahead, but don't expect

too much too soon, as it could easily end up, just like CUE

in Indonesia .....


In summary, US and Canadian companies will have a decided

advantage, on any new ground that may be opened up in



So any Aussie company will have to either tag along, by way

of farm-in or have very deep pockets to absorb the high

costs of any drilling campaign in the Libyan desert.


How is it that abundant oil is only found in these god-forsaken

raghead countries ..... ? lol


Indonesia, Iraq, Malaysia, Saudi, Libya, Mauritania, Iran and

on and on it goes .....


..... good luck to those holding SUR.

happy trading all





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hi yogi,

thanks for your post.

i usually learn something new from them!


re abundant oil in those countries-----about as 'fair' as mr.Packer digging up his back yard and finding commercial quantities of rubies...cfr...lol.(In mine i hit pipes/cables...)


cheers mate



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Hi bartm,


In the past, when SUR was solely focused on its oil

interests, it was a good trading stock ..... then

traders abandoned it, as it could not decide whether

it was an oiler or in another sector (mineral sands?)


Now they seem to be regaining their oil focus and

that will renew traders' interest in this junior oiler.


As a trading stock we will be naturally be interested,

when the chart indicates a better risk/reward than

is currently on offer .....


..... since November 2001, SUR has been trending up,

in a narrow trading channel, with overhead resistance

at 13.5 being tested repeatedly, since 20082000.


Until is breaks above 13.5 with confirming volume or

retraces to test channel lows, around 9.6-10 the

short-term upside for SUR looks to be capped,

at only 13.5 cents .....so, not much joy for those

entering at 12 cents ..... yes?


Above 13.5, the next significant resistance should

be around 20 cents.


happy trading






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  • 2 months later...

SUR has several good opportunities over the coming few months and beyond.


1) Oct Wyoming USA Rock Springs CBM 1.2tcf - 45%

2) Nov California USA Eagle 34mmb 58bcf - 13%

3) Dec EP325 Carnarvon Champion1/Cooper1 24mmb 42bcf - 10%

4) Jan WA261P Carnarvon Vesta 23mmb - 6%

5) Feb WA261P Carnarvon Gats 37mmb - 13%

6) 2005/20066 Malta Area 5 huge mmb targets - 20%


I expect SUR will get re-rated fairly shortly as profits move from stock to stock.




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  • 3 weeks later...

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