Turko and his businessI was a bit surprised last week by the Ridgewood news.
Not that the option was extended to the end of the year, but by the information that Michael Turko seems to have "bought" Covik Development (TSX-V:CKD) a few months ago.
This news simply passed me.
CKD was an inactive explorer until Turko jumped in, IMHO he simply bought out Karim Jiwa, who was president until June.
From monday on, CKD will trade under a new name "Monarch Energy",
new projects on the run since Turko jumped in, especially a 10% option on Ridgewood.
This may relate to Turkos sell of 300,000 shares carried out privately this year.
Though this is not related directly to GUL affairs, I am curious about this move and would like to know your opionions.
Maybe we have some insiders here who have an ear near canadian the oil players gossip.
There was some amall wakeup at the CKD board, I'll repeat my post here:
Not invested in CKD, but in GUL.
I was just curious, because of Ridgewood and Turko.
First of all, GUL is only in 2 NS projects. The 3rd, Ridgewood, has to be payed until end of year. Until then, it is only an option.
CKD has also to pay until end of year to get into it, right?
Second, Laurel Valley from GUL has a maximum potential of 600 million barrels, not 900.
About timeframes:
Gulf recently said in a NR, 1st half 2007.
A few days later, International Frontier said Q3, 2007.
I asked Lundin by mail, no response yet.
I am still curious about CKD (or as we have to say now: Monarch Energy) and Turko.
What do you think why he "bought" CKD?
And why he plays with this two companies the same play (Ridgewood)?
I quickly browsed sedar and from what I have seen, the company was inactive until Turko jumped in.
I think he made alot of $ with Gulf, and maybe he wants to repeat it with a "new" explorer.
That may sound a bit like "stinking capitalist" in the first run,
but as a "stinking capitalist follower", it sounds very interesting.
After years of digging small holes Canada and Texas, he joined lately the game of higher financing.
He has good contacts now to german and european investors and the investor related market.
Indeed he is already well known in Germany.
Also he has made his way out of that small oil/gas plays towards the guys doing the bigger deals (xxx millions bbl).
For me, it sounds like Turko gave Covik the frogs kiss. (not that I say MT looks like a frog! )
But still curious.