woodies on tiof..., page-11

Spot on abuman! I spoke to someone from Hardman this afternoon and he said almost the same thing.....you don't work for them now do you?!...lol

I tried to get a hold of Dean Richardson, but unfortunately he's on leave and someone else returned my call. Peter someone (didn't catch his surname).

Basically he said that Don Voelte was just re-iterating the joint ventures views on Tiof as what they've been saying all along. I think it was just a very poor context that the journalist put it in.

I think that Don Voelte may well have been trying to say that it would be a very expensive development to attempt to extract every last drop of oil in the Tiof field. However, if a significant proportion of oil is located in and around Tiof-6 where they flow tested, then the first phase of production could target this less complicated development. Then based on all the information they gather from longer term production, they could assess whether it would be economically viable to spend more money on draining the rest of the noodles (so to speak).

No one knows what quantities we're talking about yet. It could be a simple conundrum they've got on their hands.....do we spend $1b on a development to extract 300mmbbls of oil or do we spend $1.5b to extract 350mmbbls. They may well want to see what the oil price does over the next few years too.

Just my opinion based on what the company had to say. Don't think the j/v is entertaining any ideas about not declaring Tiof commercial.....more just a decision of which way to tackle development.

That article got me a little worried at first though.

Cheers,
Butcherano.