ophir energy ceo recons non-comm, page-11

Well said Wasa!

PCL in Kenya:

Way too much emphasis on PCL's offshore Kenyans assets.

The big picture is that offshore East Africa is a proven gas play (Mozambique / Tanzania).

You want oil? Go onshore - Uganda & Tullow's proven Kenyan assets, which is why SWE has plenty of punters.

Having said that, offshore Kenya has oil potential, so what have PCL got?

1. A secure interest in L10A & L10B - apparently BG are already drilling there - lets see what they find!!

2. A secure interest in L6 with big cousin FAR - half farmed out with the other half soon, so don't worry about losing this one!

3. A secure interest in L8 - oops, no we don't - Apache already killed it. It's gone folks & already reflected in the share price! But wait, we still have a chance at a new PSC - could even end up looking like this?

Tullow: 40% (operator)
Origin: 30%
PCL: 15%
FAR: 15%

Whether PCL end up with a small interest in L8 or not doesn't matter much IMO.

The best coastline in Africa for oil is in the West where it was once joined to the Americas (I believe they have found oil in the Gulf of Mexico & Brazil!) & where there are oil producing fields in places such as Ghana (Tullow's Jubilee), Gabon (Total), Nigeria & Angola.

Wingat was a hint,

Welwitschia-1 to spud in April,

Tullow's seismic results due in May.

Sunbird commercial? That's good because I hold stock!
Not commercial? That's good because I will buy cheaper stock!