Longford Energy Inc V.LFD

Genel Energy PLC : Chia Surkh Discovery

[snafur]

Now, better not try to imagine what this could have meant to the SP if Longford still had this project.

10 April 2013

Genel Energy plc

("Genel Energy" or the "Company")

GENEL ENERGY MAKES SIGNIFICANT OIL DISCOVERY IN FIRST CHIA SURKH WELL

The Anglo-Turkish oil and gas independent, Genel Energy, today announced that the first of five exploration wells it plans to drill this year in the Kurdistan Region of Iraq has made a significant oil discovery. 

The Company said the Chia Surkh 10 well was drilled to a depth of 1,696 metres in the Oligo-Miocene section, and, in tests extending over several days, flowed at up to 11,950 barrels of oil a day and 15 million cubic feet of gas. The oil was 41 degrees API and well-head flow pressure 2,000 pounds a square inch. 

Chia Surkh 10 was drilled on a large thrust-fault, controlled structure with up to 94 square kilometres of closure.  A second drill-stem test is being planned for the Miocene section, after which the well will be suspended as a future producer. 

Genel Energy chief executive Tony Hayward said the well confirmed the presence of 'a significant oil find' and that the Company had this week begun drilling a second well, Chia Surkh 11, to appraise the discovery. 

"We intend to carry out a rapid appraisal and development programme and expect to have an early production scheme operating in the first half of 2014. Over the same period we will be evaluating and drilling a number of other prospects we have in the Chia Surkh licence," Hayward said. 

"We are delighted at this level of success in what is the first of the five high-impact exploration wells we plan in the Kurdistan Region of Iraq during 2013. To have made a discovery of such potential materiality at this early stage is highly encouraging," Hayward said.

Chia Surkh 10 is the first exploration well to be drilled on the Chia Surkh acreage since 1954. The 985 square kilometre licence is operated and held 60 per cent by Genel Energy. The remaining  40 per cent is held equally between Petoil, Inc. and the Kurdistan Regional Government. 

For further information, please contact: https://www.genelenergy.com

[cincoagain]

OUCH!  Just read this on the newswires.  Not a surprise. I guess we all knew this was a good play. We would be up big time if it were still in LFD today.   Only inept and world class bullshirters like ahmed and stan could fluck us sooooooo badly!

[oexel]

Ouch.  Nothing short of robbery for shareholders.  They knew there was oil there....I'm sure the execs got plenty rich from selling LFD's interest to Genel.  I had a lot of money in this stock.  How frustrating

[dreamer05]

You are not alone, I had a lot  of money in this stock and loss big. They screwed our oil. and the 10 cents dividends, and now merger with this  Urthecast at an undervalue ,we 24 million they 63 million.

[EOIM]

I am crying big. I posted heavily on this site and did extensive research on Chia and at a point owned close to 2 million shares. GENEL news of hitting 12000 barrel at 1700m would had sent LFD shares expliding. Stan and Ahmed really scrrwed up big here. After 5 years could not drill the shallowest well in history"!>

[EOIM]

Genel Energy market cap jumped by $200 million after the newd>

[dreamer05]

I used to own a lot of LFD too, I still remembered you posted  a lot on this board. I still have about 70 k lfd, being unable to sell them becasuse of trading half. I suspected all along that Stan and Said these two might have made secret deal profit themselves with Genel and sold out all shareholders. Why in the world would sell for that kind of price to GEnel knowing dam well there is oil

[EOIM]

The oil came to 40 API. If you check my past postings that had mire than 4 star ratings, you would notice that I did a lot if research on LFD and was a very big believer. These guys really screwed us all big time. All the money they wasted on seusmic could have being used to punch hole 10 which they knew the location right from day 1. Chia is one of the few wells in the world that is very shalliw

[ryanpompom]

Couldnt agree more!  We analyzed everything right, excpet the management was to inept.  they messed up  themselves as well.........but dont forget they got paid multiple millions of $ when the change of control took place and the new management took over LFD.  in the end ahmed and stan coundnt raise the money to drill it because the street didnt trust they would do a good job

[Bpultra]

wow what could have been... this has to be the biggest screw up, (or missed opp)   in the oil industry I have ever seen... they must be the joke at every oil drilling party in the world... no matter how much they got paid or took it does not even come close to what they could have made.. or the huge pats on the backs they would have  got.. to these ego drivers sometimes that is