I cannot beleive that cityview would even consider the offshore blocks.Reason being the cost and infrastructure involved in setting up and maintaining the running of an offshore rig.Just trying to get hold of a rig and experienced crews who have to be flown on and off for there breaks and all this on the assumption that they might find oil, its all pie in the sky for a minnow like cvi.Now if you look at the onshore blocks and there potential and the low costs involved, being able to access a rig or two it really is the best option. Being in a jv with the other partners reduces the risk but it still can be a bonanza after all before MS mentioned the offshore blocks everyone was zeroing in on the Kwanza onshore blocks, to me the offshore are for the big boys and cvi arent one of them, people need to get real, you can only do what you can afford. ONSHORE OIL PERMITS A joint venture application has been filed by CityView and its Angolan partners for onshore oil permits in the middle of the Kwanza Basin.
The Kwanza Basin shares the same oil rich structural history and sedimentation pattern, including salt tectonism and turbidite fan development as other successful West African Basin oil projects, particularly the productive Lower Congo Basin to the North. Potential for a major oil discovery lies in the active rift sequence sediments underlying the Aptian salt. A recent billion barrel discovery has been made in equivalent active rift sediments onshore at MBoundi in the neighbouring South Congo Basin
CVI Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
