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Re: GOP - Gippsland Offshore Petroleum
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Since it is nearing completion of due diligence and the farming out of the Jamaican blocks I decided to do some research on Jamaican oil.
The following is an extract from the Jamaica Observer in which both optimism and pessimism are expressed.Finder is now GOP by name. (also note the p.s.a. is high and probably set depending on e/p costs) ....
Quote:
The Australian exploration company, Finder Exploration, was granted a licence to conduct exploration activities on four blocks offshore southern Jamaica. The first phase of exploration activity entailed the acquisition of seismic geophysical data, which has been collected on behalf of Fugro, one of the world's largest seismic contractors.
Speaking with Caribbean Business Report from the Ministry of Industry, Technology, Energy and Commerce's Kingston headquarters, Paulwell said: "Finder's exploration efforts have now put them in a position where they are now looking to start drilling because based on the seismic work they have done, they are predicting billions of barrels of oil. We will now see drilling begin some time later this year and a Chinese company is now seeking to get a drilling licence."
Paulwell added that this shows that the prospectivity is quite good and that there is international interest in Jamaica' hydrocarbons. The structures are indicating that there is more gas than oil and that they can accommodate huge volumes.
Exploration activities in Jamaica are conducted under a Production Sharing Agreement whereby the licensee pays a 12 1/2 per cent royalty to the government, either in cash or kind. And splits the oil and gas produced with the Petroleum Corporation of Jamaica (PCJ) (sharing scale ranging from 30 to 60 per cent in favour of the PCJ). The split would be based on the volume of oil and gas produced as well as the depth of water in which production takes place.
and some pessimism/realism from Dr. Raymond Wright,senior consultant and former boss of the Petroleum Corporation of Jamaica (PCJ)...
Quote:
However, Dr Raymond Wright remains cautious about the prospects of striking "black gold" and is of the view that Jamaica will not produce big oil fields given its geological position. However, he believes that Jamaica may hit on commercially viable deposits.
Soooo , it might be that Browse Basin is the back up plan should the Walton Basin fizz.Though there is , Madagascar, France, Kenya, the UK and New Zealand interests as well.
Don`t you just love these high risk frontier ventures. lol It`s never over until the drill bit sings (or stings) they say.
Anyway 80 million shares @31c are being added to the registry for the Finder acquisition (news soon) with the company aiming to complete the farm-out process by October.
Finally what Cath Norman has to say ..
Quote:
“The combination of Gippsland Offshore and Finder will consolidate the emergence of our company as one of the new breed of exciting and fast growing oil and gas companies listed on the ASX”, Ms Norman said.
What do you think?
Wysiwyg
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Drilling will be in October,I repeat Drilling will be in October.
--------------------------------------------------------------------------------
Since it is nearing completion of due diligence and the farming out of the Jamaican blocks I decided to do some research on Jamaican oil.
The following is an extract from the Jamaica Observer in which both optimism and pessimism are expressed.Finder is now GOP by name. (also note the p.s.a. is high and probably set depending on e/p costs) ....
Quote:
The Australian exploration company, Finder Exploration, was granted a licence to conduct exploration activities on four blocks offshore southern Jamaica. The first phase of exploration activity entailed the acquisition of seismic geophysical data, which has been collected on behalf of Fugro, one of the world's largest seismic contractors.
Speaking with Caribbean Business Report from the Ministry of Industry, Technology, Energy and Commerce's Kingston headquarters, Paulwell said: "Finder's exploration efforts have now put them in a position where they are now looking to start drilling because based on the seismic work they have done, they are predicting billions of barrels of oil. We will now see drilling begin some time later this year and a Chinese company is now seeking to get a drilling licence."
Paulwell added that this shows that the prospectivity is quite good and that there is international interest in Jamaica' hydrocarbons. The structures are indicating that there is more gas than oil and that they can accommodate huge volumes.
Exploration activities in Jamaica are conducted under a Production Sharing Agreement whereby the licensee pays a 12 1/2 per cent royalty to the government, either in cash or kind. And splits the oil and gas produced with the Petroleum Corporation of Jamaica (PCJ) (sharing scale ranging from 30 to 60 per cent in favour of the PCJ). The split would be based on the volume of oil and gas produced as well as the depth of water in which production takes place.
and some pessimism/realism from Dr. Raymond Wright,senior consultant and former boss of the Petroleum Corporation of Jamaica (PCJ)...
Quote:
However, Dr Raymond Wright remains cautious about the prospects of striking "black gold" and is of the view that Jamaica will not produce big oil fields given its geological position. However, he believes that Jamaica may hit on commercially viable deposits.
Soooo , it might be that Browse Basin is the back up plan should the Walton Basin fizz.Though there is , Madagascar, France, Kenya, the UK and New Zealand interests as well.
Don`t you just love these high risk frontier ventures. lol It`s never over until the drill bit sings (or stings) they say.
Anyway 80 million shares @31c are being added to the registry for the Finder acquisition (news soon) with the company aiming to complete the farm-out process by October.
Finally what Cath Norman has to say ..
Quote:
“The combination of Gippsland Offshore and Finder will consolidate the emergence of our company as one of the new breed of exciting and fast growing oil and gas companies listed on the ASX”, Ms Norman said.
What do you think?
Wysiwyg
View Public Profile
Send a private message to Wysiwyg
Find all posts by Wysiwyg
Page 3 of 3 < 1 2 3
Drilling will be in October,I repeat Drilling will be in October.