2012 operations The 2012 budget may not be showing anything for the Kom Ombo because the work is budgeted in 2011. The last update released by the company had the following for the Kom Ombo:
"Drilling rig tenders have been sent out for the upcoming five well program and negotiations are currently underway to finalize and sign the rig contract. Mobilization to Kom Ombo is expected to take place in January with the first well anticipated to spud in early February, 2012.
Two exploration wells will be drilled which will fulfill our exploration commitment. Three additional development wells are planned, primarily targeting large reserves in the Kom Ombo Formation."
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This is our only hope to see some positive movement in the share price. Our last exploration well was a duster so we can only hope they have better luck this time around. We do have some additional production awaiting government approval on the Al-Ola-2 which tested at 2800+ barrels per day. That would add another 280 barrels per day to our production and bring us to 1340 barrels per day of production.
We have the additional revenue stream coming from gas processing which was supposed to be operational by the 3rd quarter of 2012. The big unknown is how much the civil unrest in Egypt is impacting operational progress and much of the work may be delayed. There hasn't been any comments from the company regarding progress on the gas processing infrastructure.
I will send an email to IR and request information about future operational activities. I will post the reply when it is received.
OceanRanger