Memet Kont RespondsI am not sure this is unusual for management, but I must give Mr. Kont credit in that he
responded within a day to my email inquiry. I took from their latest MD&A on upcomin milestones
and asked:
Please give me a shareholder update on:
Increase total production by concluding a marketing agreement for heavy crude from
the Al Roidhat field;
Complete the initial phase of the pressure maintenance program (water and gas
injection) to commence full field development at Hiswah;
Continue to add new reserves and production through new exploration and
development;
Fully evaluate the Qarn Qaymah discovery through additional testing of the fractured
basement and completion of the Kohlan sands gas/condensate discovery;
Develop an appraisal program in the Qarn Qaymah area, based on test results from
QQ-2, which will include a 3D seismic program and future well locations;
Drill a minimum of two exploration locations on Block 9;
High-grade the existing exploration portfolio of 42 prospects and leads;
Undertake a gravity/magnetic survey at Metema and Gimbi blocks in Ethiopia; and
Continue to take advantage of Calvalley’s strong balance sheet and its international
operating experience by continuing to evaluate the potential acquisition of additional
assets in the Middle East and Africa.
Memet Kont's response early today was:
Dear Sir:
1) We have not concluded Marketing agreement for heavier crude as such we are not producing any heavy oil yet2) We have started water injection at Hiswah. The reservoir is accepting the injected water. Fully scale pressure maintenance will take more time. Gas injection has not started yet as the construction of our compressor has been delayed until the late December. However, have started the construction of gas pipeline from CPF to the injectors.. 3) Reserves audit process has started a month ago.4) Testing of fractured basement is still ongoing.. Kohlan testing has been delayed because have not completed the full evaluation of fractured basement. However, our plan is to test Kohlan before the yearend5) We will be completing the drilling of two exploration well before the yearend
Best regards
If anyone has comments, I would be INTERESTED if you could post....DAVEIN