underwriting facility, page-58

SSkim


Personally I think we are all in for some very good news on the Concessions, soon I hope.

On another matter MS spoke of the Cameroon oil concession at Matanda being offered double for it.

http://www.brr.com.au/event/39955


I think that it’s quite likely that they will take up the offer, my thinking is that very significant capital would have to be raised to meet the conditions that have been set out:-

The feasibility study commissioned by CityView has concluded that the work program should be:-

(i) Carry out 2D seismic acquisition and processing and interpretation.
(ii) Drill one extended reach well from nearby Koo to the two discovery wells NM 1X and NM 2X. The well will be tested at two locations and completion with shut-off capability will be incorporated.
(iii) Construct a 100MW modular power plant at Koo and transmission line to connect the plant to the grid of the nearby city Douala.
(iv) Lease a barge for storage of the condensate.
(v) Commence production and commission the power plant.
(vi) Evaluate the other undrilled prospects in PH72.
Conclusion of the Matanda agreements will trigger negotiations for the adjoining permit in the Niger Delta.



I am of the opinion that the US$100m facility is only for the Kwanza basin concessions in Angola.


Cheers for now.