GREY:ENGFF - Post by User
Comment by
stargazer1on Jan 05, 2008 8:41pm
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Post# 14157207
RE: Vanco Awarded License Area 1711
RE: Vanco Awarded License Area 1711You will note the date of this report: "June 14, 2000 05:59 AM Eastern Time
Vanco Awarded License Area 1711 Offshore Namibia"
Vanco correctly concluded that there was a lot of oil in License Area 1711, but they also knew that they didn't have the financial capability of drilling and developing it. They figured that after they used 3-D seismic exploration to show that there was oil available, that they would be able to find a company with deep pockets that would form a joint venture with them to develop the oil fields. Unfortunately for them, but fortunately for us, no one would form a joint venture with them. Eventually they had to drop the lease and our group was able to snatch it up, along with their 3-D results, which we will now be using for finding a drilling site. I think that we should bow our head and all say a silent thank you to Vanco.