GREY:GRDSF - Post by User
Comment by
myNEXTmillionon Dec 11, 2010 8:17pm
493 Views
Post# 17834447
RE: RE: RE: RE: What Guyana is worth to GSA...
RE: RE: RE: RE: What Guyana is worth to GSA...GSA has no debt, and has enough cash for their 2011 commitments as I understand it.
Of the 3 plays, the one with the highest impact is in Kurdistan with a 6% interest. The concession is called Qara Dagh, meaning 'Black Mountain' with oil seeps over the whole structure.
The original reserves estimate is 2.7 billion bbls so 6% is a really big piece when it comes in. The estimates of the potential of this field are all over the map... some say 5 billion bbls, others think there is 15 billion bbls. There are 7 or 8 zones where oil could potentially be found. So far, 3 zones have been identified for testing. The 64 metres shallow pay zone was totally unexpected by Niko, Vast and Groundstar. Niko has commented this zone could contain about a billion bbls. Any way, drilling was difficult because of the fracture nature of the mountain. It is expect to be completed sometime in January.
Their last play, the WKO block in Egypt, where GSA has another 10% carried interest, again is expected to be significant. Dana Oil and Gas made a commercial discovery on their first drill hole, very close to this block. The sedimentary profile for the WKO block is supposedly better than that of Dana's.
2011 should be a VERY good year for GSA. Hoping to acquire a whole pile more shares.
mNm