Cheers tarzan as i said to B2 some people may not be aware of a lot of things between fortune and molopo and this to add to it.From April 2006 announcement:: A Molopo subsidiary, Lowell Petroleum NL ( Lowell ), started to explore the Liulin block over 10 years ago and drilled 4 vertical exploration wells under the PSC in 2000. Under the terms of the agreement with Molopo, approval will be sought from PRC authorities for the PSC to be extended and the rights transferred from Lowell to Fortune Liulin Gas Company Limited. Fortune Oil would then commit US$2.5 million for further appraisal over the next year and be entitled to a 60% shareholding in the company, with Molopo retaining a 40% interest. This would involve further drilling, in particular using techniques recently applied successfully in China and Australia. Should this appraisal work prove successful, then we anticipate commercial development of the block commencing after two years.
MPO Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
