GREY:ROAOF - Post by User
Comment by
ALTACRUDEon May 19, 2004 5:52pm
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Post# 7508269
RE: First Assoc
RE: First AssocMy contact tells me,
1.Could not test b9,lost tool in hole. Had 20 ft of oil sands.
2.Have made application for and expect award of block a(now block d, because it is only part of a)by end of Aug.
3.Going ahead with development plans for first three wells for production of 18,000 bpd(how much is that in dollars per day/annual). Debt financing a possibility,thses things are never decided until you get there and look at all options,do not think a j/v partner would be on the radar screen. Start production last quarter of 05. Permits are what take most of the time.
4.Art very possitive about future prospects. Said u.k. institutions very happy with progress,there are some very heavy duty participants.