RE: RE: Warren Buffet says...Great comments so far :
Looking at previous comparisons that have had first dibs in iraq/kurdistan such as DNO, who were the first ever company to explore for oil in kurdistan i would be inclined to say sonoro's entry will be of the same success.
I'm sorry if i go on about kurdistan but I have invested alot of time and money in researching oil & gas companies pin the region so i know a thing or two about how things are done in the middle east.
DNO were basically pointed to tawke northern kurdistan in 1994 to explore for oil by the KRG & guess what the field was a lake of oil (1 billion plus). By comparison Sonoro have done a deal with the iraq Salah ad din gov & no doubt included them in a holding company called Berkely for 30%.
So what is good for Sonoro is good for them so sonoro's success is tied in with the lets say hierachy of the governance of Sal ad Din . We all know Iraq is corrupt it's the only way to get in by offering a piece of the pie so I think this is a great advantage as they will no doubt seek further opportunity to increase the chance of return , i.e offer further exploration rights.
We are way ahead of the competitio who may well just eat us up once we get fully operational in next few years just look at who was trying to gain entry in late 2004, Ivanhoe Energy signed a memorandum of understanding (MOU) with the Iraqi Ministry of Oil to evaluate a specific, large heavy oil field and its commercial development potential using Ivanhoe Energy's HTL technology. Since that time, Ivanhoe Energy has carried out a detailed analysis and has generated data regarding the applicability of its HTL upgrading technology for the development of the field. The necessary approval by the Iraqi Ministry of Oil for Inpex Corp.'s participation has been received. Additional details about the project are protected under confidentiality agreements and will be released as permitted and appropriate.
Anyway the interesting bit, as all have mentioned is that we have exclusive rights on a huge acreage. We don't have an issue with finding oil it seeps from the ground as we are in a sweet spot for crude.
My only concern is the burn rate for having a team as highly established as this, I don't think a placing of 15 million will get them far so maybe someone can help with this ?
I was very close to reloading when it went back to 26 cents and now kicking myself abit but may just bite the bullet after reading further posts.
Good luck all & keep up the great work