underwriting facility, page-77

In t4p's post above I feel I should correct some of the facts he mentions. Petro Energy is the partner of Nexoil and CVI in Angola. He is most likely thinking of Petro Energy Africa which owns 57% of Turnberry Resources. CVI has acquired the right to take over 100% of Petro Energy Africa at a cost of US$4.5 million and an allotment of 40 million CVI shares.

I don't believe CVI has paid anything at this stage, however if they go ahead, CVI will acquire 57% ownership of Turnberry Resources which has 70% ownership of Matanda not the 40% he mentions.

The entire concession is called Matanda PH72 which sits in the Douala Basin. The company refers mainly to North Matanda where there are two suspended wells NM-1X and NM-2X. In the Matanda PH72 concession there are another 6 areas prospective for drilling. (see maps) Gail Bloomer a geological advisor carried out an economic evaluation on the two suspended wells for Turnberry between 1997 and 2001 and recommended future development. I assume due to low oil prices at the time, it didn't go ahead.

As for the Bakassi Peninsular, that is a particualy tasty piece of acreage considering the abundance of oil wells just across the border. In the BRR MS made that remark about a better offer and I guess that may have been the main reason for what was an extremely short interview. What was it? - about 1 minute and 40 seconds long ... compare that to SLA of 22 minutes and others I wonder why he bothered. But there is always a reason and it may have been the need to warn of a change and possibly a change for the better. But I wish Mark would stop making promises. Enough to say "still under negotiation" I feel. Imagine yesterday if there was no prior knowledge of the $US100M facility. SP would have rocketed.

Back in Angola CVI are now in a JV with Nexoil Holdings Group SA. We were dealing with Nexoil Corporation SARL so I am intrigued as to the change. Is it just a name change or is it a new mother/daughter arrangement and if so, who are we dealing with ... the mother or the daughter. Is there after all some offshore acreage and therefore the reason to have separate entities. One for onshore and one for offshore. Anyway just thinking aloud.

Cheers.


Matanda PH72 exploration history






Matanda PH72 prospects for drilling






CVI's areas of interest






closeup showing the close proximity of the wells to Koo (approximate locations of Nm-X1 and NM-X2)