armageddon out?, page-2

Hi all,

The dickie3times post containing the link to Byron King page got me thinking.

What is the potential of the Tangiers investment by RRS?

It was stated in the Tangiers presentation in September 2011 that:

"Probabilistic estimate of gas-in-place of ranges from 71 to 148 trillion cubic feet of gas"

Using an 8:1 oil to gas conversion used by BCC (Sept 2011 presentation) the probabilistic estimates for the barrels of oil equivalent is 8.8 to 18.5 trillion barrels of oil equivalent. That is 8,800 to 18,500 billion barrels of oil equivalent. The potential of Georgia is substantial at 2 billion barrels of oil but this is dwarfed by the potential of the Gas potential found off the NT coast by TPT.

As RRS shareholders we are exposed to this potential by a $2,000,000 investment which has given us 5,000,000Million shares. There are approximately 87 million fully paid shares and approximately 45 in the money options. Let us assume they will be taken up so the 132 million shares but with an additional $7 million added to the TPT coffers. So RRS's share of TPT will be about 3.8% of TPT in 2013. What is 3.8% of 8,800 and 18,500, 334 and 703 billion barrels of oil equivalent respectively.

To put this in perspective, Georgia has an estimate of 2 billion barrels OIP.

Yes it is offshore, the estimates are only probabilistic and it will take time and money to develop, if the resources are proved up, but the potential is huge to say the least. Further, it is a long way from the middle east, as the fields are just off the NT coast.

And then there are the prospective oil estimates of between 867 and 4,959 million barrels of oil off the coast of Morocco.

This post is not intended as investment advice and before a person considers buying either TPT or RRS they should seek professional financial advice.

All I can say I wish the management and shareholders of TPT, the later includes RRS shareholders the very best of luck.