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Estimated 71 Billion Barrels...
Rank: Veteran Joined: 9/21/2011 Posts: 2,032
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Obi 1 Kanobi wrote:limanika wrote:murchr wrote:limanika wrote:Always take these press briefings with a pinch of salt. Just the other day there were reports of Tullow shares falling more than 6PC due to failed prospects in French Guiana and Mozambique.. http://www.telegraph.co....-drilling-failures.html
It is understandable they would now issue a positive briefing MAINLY to prop up their share price…. …At the same time, the total size of the reserves in Kenya not yet confirmed. Someone pliz wake me up when the estimated reserves reach 2 Billion barrels. I thought u said Kenya has no oil...why dont u just keep off this oily matter all together? Sleep and believe me no one will get that second to wake you up. Now this makes sense. http://www.businessdaily.../-/lgn7ftz/-/index.html
As a state you do not just rely on the report of the exploring company, it is important to do independent audit. I will not need anyone to wake me up if independent audit confirms >2B Barrels. Don't get the thrust of your posts. Are you hoping that we don't discover oil? just to prove a point? C'mon, we all make bad calls you don't have to take it so personally. Not really, the converse is true. Mine is constructive criticism. It is always great to have a constructive discussion based on facts. Whereas I want to hear we have 71 billion barrels I am wise not to just go by what the contractor is saying. Let the independent audit confirm, just like GOK is saying. That is not too much to ask.
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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limanika wrote:Obi 1 Kanobi wrote:limanika wrote:murchr wrote:limanika wrote:Always take these press briefings with a pinch of salt. Just the other day there were reports of Tullow shares falling more than 6PC due to failed prospects in French Guiana and Mozambique.. http://www.telegraph.co....-drilling-failures.html
It is understandable they would now issue a positive briefing MAINLY to prop up their share price…. …At the same time, the total size of the reserves in Kenya not yet confirmed. Someone pliz wake me up when the estimated reserves reach 2 Billion barrels. I thought u said Kenya has no oil...why dont u just keep off this oily matter all together? Sleep and believe me no one will get that second to wake you up. Now this makes sense. http://www.businessdaily.../-/lgn7ftz/-/index.html
As a state you do not just rely on the report of the exploring company, it is important to do independent audit. I will not need anyone to wake me up if independent audit confirms >2B Barrels. Don't get the thrust of your posts. Are you hoping that we don't discover oil? just to prove a point? C'mon, we all make bad calls you don't have to take it so personally. Not really, the converse is true. Mine is constructive criticism. It is always great to have a constructive discussion based on facts. Whereas I want to hear we have 71 billion barrels I am wise not to just go by what the contractor is saying. Let the independent audit confirm, just like GOK is saying. That is not too much to ask. There are several things you dont understand, the 71B estimation runs from Ethiopia all the way down to Mozambique. This is what Seismic technology shows, however drilling has to take place to establish what is down there and if its recoverable. On your wisdom and contractor ha ha...what would be the advantage of over stating? There are calculations that take place all he needs to say is the net oil pay and the area of the block and thats it hesabu pap. Most contractors are bound to under state - like Tullow does, thats how they end up benefiting in some instances thats how resources are smuggled out of a country. "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Veteran Joined: 9/21/2011 Posts: 2,032
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Tullow is a quoted company, and the market gets excited if they over estimate – most of their press briefings tell as much between the lines. The converse is also true, they can underestimate so as to smuggle/con us. Again, Tullow is just but a contractor- he who when you are constructing comes and tells you: the formwork is superb, we are ready for concreting tomorrow. Do you just proceed on this basis? No. You wait for independent audit by your engineer- The more the reason why GoK is going for this independent audit. Again what are we discussing? it is already confirmed GOK is going for the independent audit, so I rest my case.
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Rank: Chief Joined: 3/24/2010 Posts: 6,779 Location: Black Africa
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" Immediately, Tullow confirms the actual quantity of oil through appraisal drilling, a team of independent auditors are expected to review its activities to determine amount of crude to be allocated to cover its costs." limanika, from the way it is written above, the audit is to determine the amount of money the explorers have spent so as to gauge how much of revenue will be allocated to them to recover their expenses. The audit is not to determine the amount of oil in the ground. That, I believe, remains the work of the explorers through appraisal drilling. GOD BLESS YOUR LIFE
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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limanika wrote:Tullow is a quoted company, and the market gets excited if they over estimate – most of their press briefings tell as much between the lines. The converse is also true, they can underestimate so as to smuggle/con us. Again, Tullow is just but a contractor- he who when you are constructing comes and tells you: the formwork is superb, we are ready for concreting tomorrow. Do you just proceed on this basis? No. You wait for independent audit by your engineer- The more the reason why GoK is going for this independent audit. Again what are we discussing? it is already confirmed GOK is going for the independent audit, so I rest my case. Why would GOK carry out audits if its not to ascertain if the resources mentioned are more or less as mentioned? Tullow has more to lose if they over state the resources therein for whatever reasons. "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Veteran Joined: 9/21/2011 Posts: 2,032
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youcan'tstopusnow wrote:"Immediately, Tullow confirms the actual quantity of oil through appraisal drilling, a team of independent auditors are expected to review its activities to determine amount of crude to be allocated to cover its costs."
limanika, from the way it is written above, the audit is to determine the amount of money the explorers have spent so as to gauge how much of revenue will be allocated to them to recover their expenses. The audit is not to determine the amount of oil in the ground. That, I believe, remains the work of the explorers through appraisal drilling.
Read the whole article, it is about validating the estimates as well. ..to avoid a ‘Mathenge’ phenomenon. Don’t you think it would be great to carry out an audit which confirms we have so much reserve and can then plan to spend the proceeds in a focussed manner for maximum benefit? GOK have stated they are proceeding with the audit so nothing much to discuss on this that's why I AM resting my case..
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Rank: Veteran Joined: 9/21/2011 Posts: 2,032
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murchr wrote:limanika wrote:Tullow is a quoted company, and the market gets excited if they over estimate – most of their press briefings tell as much between the lines. The converse is also true, they can underestimate so as to smuggle/con us. Again, Tullow is just but a contractor- he who when you are constructing comes and tells you: the formwork is superb, we are ready for concreting tomorrow. Do you just proceed on this basis? No. You wait for independent audit by your engineer- The more the reason why GoK is going for this independent audit. Again what are we discussing? it is already confirmed GOK is going for the independent audit, so I rest my case. Why would GOK carry out audits if its not to ascertain if the resources mentioned are more or less as mentioned? Tullow has more to lose if they over state the resources therein for whatever reasons. EAC is arguably the last frontier in oil exploration ..it is not far-fetched for a listed company to go overboard
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Rank: Chief Joined: 3/24/2010 Posts: 6,779 Location: Black Africa
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I read the whole article. Anyway, no need wasting time on this issue. Drill Baby Drill! GOD BLESS YOUR LIFE
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Rank: Veteran Joined: 9/21/2011 Posts: 2,032
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http://www.nation.co.ke/...0/-/bnmjmp/-/index.html
Already now in Kenya mainstream media…Let’s not waste any more bandwidth on this
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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limanika wrote:http://www.nation.co.ke/Features/smartcompany/Oil-production-announcement-irks-the-government/-/1226/1937960/-/bnmjmp/-/index.html
Already now in Kenya mainstream media…Let’s not waste any more bandwidth on this
If only you take time to read and understand what is written herein. Your beyond help, n i doubt if u need it anyway "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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