Now that we know which blocks are being analysed by the tech team in angola (thanks to Jamie in BRR) i looked at the data on each one and the in ground potential. I have some figures below ... summary of which is total inground value of oil for these blocks (P+P) is US$660Billion ... now i know that there will be a lot of capital etc to go into these projects etc, but with this much inground value, and CVI to take a say 10% share in it - that is say US$66Billion of inground value for CVI.
I realise these figures are rough, but have been pieced together from Sonangol data which was gathered from old drilling data by Major oil companies.
Any way you look at it this is massive ... and yes CVI will need to pull together how they will finance this operation. These are MASSIVE oil blocks, up there with the biggest in the world, and proven reserves!! WTF are people selling for?? Have a detailed look at what CVI is being offered!!! Blocks 15,17,18 are Freaking HUGE!!!
Block 6 Test drills: 8 Test drills by: Total and Conoco early 80s Successful drills: 2(25%) Probable (P+P): 150mbbl Potential (P+P+P): Not Specified (assume 150mbbl) Inground oil value (P+P) at US$70bbl: US$10.5Billion
Block 15 Test drills: 22 Test drills by: ExxonMobil (Operator), BP, Agip, and Statoil (1994-2003) Successful drills: 20 (91% success rate) Probable (P+P): 3,500mbbl Potential (P+P+P): 4,700mbbl Inground oil value (P+P) at US$70bbl: US$329Billion
Block 17 Test drills: 20 Test drills by: Not specified Successful drills: 17(85%) Probable (P+P): 2,900mbbl Potential (P+P+P): 4,500mbbl Inground oil value (P+P) at US$70bbl: US$245Billion
Block 18 Test drills: 10 Test drills by: Amoco as Operator and Shell as partner Successful drills: 8 (80%) Probable (P+P): 2,900mbbl Potential (P+P+P): 4,500mbbl Inground oil value (P+P) at US$70bbl: US$245Billion
TOTAL Test drills: 60 Test drills by: Most Majors 1970's - 2003 Successful drills: 47(78% success rate) Probable (P+P): 9,450mbbl Potential (P+P+P): 13,850mbbl Inground oil value (P+P) at US$70bbl: US$660Billion
CVI Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held