Only 1 PSC as of their year end finacials unless you think management is lying like you Biosh*t
The words are in Black and White. Is the font big enough?
Liberia Energy, Inc. (“IRSLE”), a private company whose sole asset was a “Hydrocarbon square kilometers in Liberia. The Company paid $175,000 and issued 2,500,000 shares with 2,500,000 non-transferable share purchase warrants exercisable at C
.20 per share until July 7, 2011. The share purchase warrants were not exercised by July 7, 2011 and expired.The asset referred to is Hydrocarbon Reconnaissance Permit NR-001, which grants the Company,through its 90% owned subsidiary in Liberia, IRSLE, certain rights and obligations onshore Liberia. NR-001 extends over 1,366 sq. kms and covers the entire onshore extent of the sedimentary basin known as the Roberts-Bassa Basin. The Company is in the final stages of negotiation for a Production Sharing Contract (“PSC”) and is awaiting approval from the National Oil Company of Liberia (“NOCAL”) regarding the granting of a PSC.
Have been waitng over a year and a half now for this one.
Over the past year, the Company conducted an extensive study on Block 3 – Toudeni Basin – located in the northern part of Mali. The study included review of geological, geophysical and reservoir engineering data, maps, and source rock evaluation, on this very large block consisting of approximately 22,500 sq. km. This property has extensive seismic already undertaken by Eni Oil & Gas Company of Rome, Italy who own the adjoining Block 4 in Mali. As a result of this analysis, the Company applied for a Production Sharing Contract for Block 3 and at year end had completed its technical review process with the Government of Mali. On October 20, 2011, the Company was advised that the PSC had been awarded and expects to execute a formal agreement early in 2012.
I like the word EXPECT.
On August 3, 2011, the Company was awarded a Production Sharing Contract by the Government of Kenya covering Block 2A in Kenya, which overlies the southern tip of the Mandera Basin in the northern part of the Country. The Mandera Basin is Permo-Triassic to Tertiary in age with a sediment thickness of 10,000 meters. Potential source rock interval is mid Jurassic-Lower Cretaceous and comparable with the larger Mandera-Lugh basin in Ethiopia and Somalia. Only 4 wells have been drilled in the Mandera basin with oil shows encountered at 40-44 m in the Tarbaj stratigraphic well drilled by Total Petroleum.