shells due diligence

This is shells second chance in the North West Africa region to establish a significant presence and gain control of previously under explored offshore areas.

Shell pulled out of Mauritania in the very early stages only to have Woodside and Tullow establish commerical discoveries , lets hope they check the data a little bit more carefully this time around and dont miss the billion barrels of oil.....(unbelievable)

FARs 3D results attracted the interest of 40 companies, four of which submitted bids to FAR so if Shell decide to pull out there are many companies waiting to replace shell.

The Hardman story ..

In early 1998, it looked as if everything had finally come together when the Anglo/Dutch behemoth Shell agreed to farm into the acreage.

On the day Ellyard was due to to fly to Mauritania for a signing ceremony, however, Shell changed its mind.

"We were all crushed," de Vietri told Upstream three years ago.

"It was very difficult," Ellyard says. "We were ready, the flights were booked, the tickets were booked and at the last minute, they pulled out."

Crushed or not, Ellyard then pulled off what de Vietri describes as one of the "most amazing things".

By August, Ellyard had struck a deal with the normally conservative Woodside - whose largest shareholder is Shell - to fund $14.3 million worth of seismic work over the acreage.

"We had been talking to Woodside anyway and they became interested in some reprocessed data we showed them," Ellyard says.