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VIRGINIA HILLS OIL CORP VFGGF

"Virginia Hills Oil Corp, formerly Pinecrest Energy Inc was incorporated under the ABCA on March 24, 2006 under the name Testudo Oil & Gas Exploration Ltd. The Company is a Calgary, Alberta-based oil and natural gas exploration, production and development company with operations in the Canadian provinces of Alberta and Saskatchewan."


GREY:VFGGF - Post by User

Post by blue_eagleon Sep 19, 2013 1:18am
240 Views
Post# 21750464

Pinebox people....pay attention..

Pinebox people....pay attention..perhaps you've noticed my postings here...been posting since sp was just under $2...was right all along..told people to bail....anyways..here's a sugestion...take a small portion of your Pinebox investment and stick it into DXE..here's why....good luck...
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https://africahydrocarbons.com/wp-content/uploads/2013/08/Africa-Hydrocarbons-Aug-2013-website-Presentation.pdf
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As noted in the Q2 release by DXE and the Q2 information filed on SEDAR by NFK, dismantling CTF-06 and then removal from the BHN-1 well site has been an unexpectedly, protracted event.
Because CTF-06 was released, the rig isn't costing DXE/NFK anything, but it is impeding getting the well test done.
The latest understanding that I have is to expect completion of a well test by around the end of October and probably EARLIER..!!. The test itself should take a couple of weeks give or take a day or three. This implies that CTF-06 should have left BHN-1 by sometime this weekend.
Both Head Offices continue to be optimistic with the prospects for BHN-1 to be a significant oil producer and which is reflected in the technical parts of the news releases/SEDAR filings.
Many already know of the Norwegian proverb that loosely translated says that good things come to those who can wait the longest AND, man, have we long term holders been waiting patiently!


They have had problems with locals getting on the site who are protesting against the local government bodies about a lack of jobs. This has stopped them getting the rig offsite so they can get the completion rig on.
I hear that the local issues are resolved and they should be able to get the rig off now- this may take a week or so hence the mid Sept date for the completion date.

First, the BIG picture:
1] There is still substantial oil out there, but it is often in expensive to produce areas of the world.
2] Once discovered, expect of the order a decade before this expensive oil gets into production.
3] Technology to discover and produce oil keeps improving and changing the game with time.
4] Oil is made in the minds of men, i.e. those who are able to "see" what might be down there and why.
5] 3D wildcat success rates for the wildcats in the article are of the order 60%.

What is significant here for Dualex [DXE] and Africa Hydrocarbons [NFK] is "4]" and "5]".
A] DXE/NFK used modern 3D seismic and the latest techniques to analyze same.
B] BHN-1 has a direct analogue in Sidi el Kilani [SLK] just some 20 km away.
C] DXE/NFK have politely hinted in publicly available information that BHN-1 is a winner.
D] DXE has never been a promoter - one can go back over all news releases and SEDAR documents.
E] BHN-1 was configured as a producer.
F] The test will commence once the last vestiges of CTF-06 leave BHN-1.
modern 3D seismic significantly upped the chance for success [COS] to around 65 - 80%.

Now, for BHN-1, we are in a much better position than a rank GoM wildcat.
a] We have a close cousin just several kilometers away in exactly the same geologic formation.
b] We have the right kind of cuttings in the drilling returns.
c] We have elevated mud gas readings with butanes [C4's] that strongly suggest oil.
d] We have modern day cased hole logs that strongly indicate hydrocarbon.
e] Ken Tompson [DXE] has a proven track record with discoveries and how to work them up.
f] Shareholders still holding have patience ,while we wait for the confirmatory test.
Juniors right now are out of favor. DXE & NFK are no exception and are mired right there with the likes of any number of western Canadian plays, INA [which has North Sea oil and gas production] and MMT [which has Nigerian oil production and a dividend]. Of course, we must not forget that not-so-Sterling [SLG] of a company that is still waiting for first gas from Breagh.
DXE values BHN at some $2 -2.50/share IF a winner and it closed at 13 cents today. BHN-1 has been drilled. We have any number of positive indicators. We await the test results.
Those who are looking for that positive Black Swan that would transform a company should take a look at both DXE


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MY GIFT TO YOU..!

blue-eagle

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