good news re: galoc, & answer galoc questions, page-18

maybe i was wrong????? http://www.teamoil.com/about-mn.htm

Maybe Team Oil isn't that bad after all? Do your own research - high risk. Anyway... here is some more info from above website...

A New Force in the Independent Upstream Oil Industry

Team Oil is an innovative group of upstream oil and gas companies founded by senior executives and staff from Enterprise Oil plc. following its takeover by Shell in 2002. Team Oil Ltd. (the investment arm of the group) and Team Oil Services Ltd. (the services arm of the group) are incorporated and registered in England, UK.

The Team Oil group has the technical capability to assist with or run projects and aims to bring finance to invest in projects to back up our technical participation.

Team Oil's objective is to provide upstream technical excellence using a creative business approach with the highest professional integrity. Team Oil can provide international oil industry technology and management capabilities more efficiently and at a lower cost than is possible from conventional oil companies. This is achieved through innovative contracting, by integrating technical and commercial understanding, by having a straightforward management structure, and by maintaining very low overheads in comparison to the larger public companies. Team Oil operates as a highly focused team of multi disciplinary professionals that can evaluate and review opportunities very quickly. From this core base Team Oil with its established professional contacts in the industry can then invest and rapidly build up operational capability on projects in which it participates.


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Team Oil has already built a number of significant strategic relationships with companies who add strength and depth to Team Oil's capabilities in all areas of upstream work. This increases our ability to provide additional skilled resources when needed. Our alliance companies include suppliers of professional project staff, specialist subsurface contractors, specialist software suppliers, a significant engineering company, suppliers of drilling rigs and a specialist well completions company. Team Oil has the combination of subsurface, drilling, procurement and management skills combined with the relevant experience to tackle onshore and offshore projects. Team Oil's objective is to analyse and solve technical issues by implementing remedies and staying with the project.

Unlike many upstream companies, Team Oil is willing to work as a 'contract operator' or advisor in suitable projects. Team Oil is not structured as a consultancy, but can provide consultancy services on an ad hoc basis particularly if they are linked with our equity participation in projects. Our objective is to invest, actively participate in and manage projects so that we have aligned objectives with our co-venturers and the host country. Team Oil can set up an operating capability and can conduct work in a self-managed joint venture structure.

As an example of our capabilities Team Oil has negotiated a farm-in to a highly attractive but technically challenging proven oilfield discovery in the Far East region. Team Oil is working with the existing owners to develop the Field. Team Oil has prepared a development plan and sub-surface study to operate the field and is putting together a financing structure to drill a minimum of two wells with production facilities operating in the region of 25,000 bopd. First oil is targeted for the third/fourth quarter of 2005.

Early in 2004 Team Oil ( www.teamoil.com ) became associated with Granby Enterprises Ltd. which was founded in 2002 by Martin Whitehead and Richard Moreton, also former executives of Enterprise Oil plc. Granby Enterprises ( www.granbyenterprises.com ) is primarily focused on the UK North Sea with the aim of acquiring quality prospects through the DTI promote licencing rounds. Granby Enterprises also has extensive worldwide basin experience including North Africa (particularly Morocco) and Central Africa. Team Oil and Granby Enterprises now share common directors and management teams which efficiently combine Granby Enterprises' exploration experience with Team Oil's production and development experience giving Team Oil/Granby Enterprises the full upstream exploration and production capability.

In July 2004 Granby Enterprises was involved with the listing of a new company on the Australian Stock Exchange (ASX) called Elixir Petroleum Limited. Details of the listing and the prospectus can be obtained on www.elixirpetroleum.com.au Elixir Petroleum through an Alliance Deed is working with Granby Enterprises for its activities through the 22nd and 23rd UKCS Licencing Rounds.

Granby Enterprises will also be participating in an exploration well on UK North Sea Block 21/6b, targeting a low risk oil prospect which is scheduled to be drilled before end of the first quarter 2005.

Financing

Team Oil aims to bring financing to back up our technological investment in projects. We see our involvement in projects as key to the growth of the group and we have built up some strong relationships with high capability companies to help us perform efficiently and to a high standard. Our aim is to provide world class technical capabilities backed up by investment in development projects where appropriate and to be more efficient than conventional oil companies. In this way Team Oil can reduce the cost of upstream investment and technology for our host country and can operate more marginal oilfield projects efficiently.