Bronco Lane on the PCI trail

Bronco Lane - 29 Dec'06 - 14:22 - 11593 of 11623

"Syria take 50% of commercial finds and charge tax's on profits."

Utter tosh!!!!
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Brick.

While your head is still nipping trying to fathom out the true nature of the Shell deal here is a recent Syrian contract.


14-11-05 Emerald Energy PLC - Acquisition RNS Number:1013U Emerald Energy PLC 14 November


''The rights under the Block 26 EDP Contract include rights under the discovered fields within Block 26 and undivided rights elsewhere within the block. The Block 26 EDP Contract also conveys rights of access to and use of existing production and transportation infrastructure. Block 26 is operated by Gulfsands Petroleum Plc ("Gulfsands"), an AIM listed company, who, following the completion of the Acquisition, will continue to own a 50 per cent. participating interest in the Block 26 EDP Contract.''

'' The Government of the Syrian Arab Republic and the Syrian Petroleum Company are also parties to the Block 26 EDP Contract.''

''In the event of commercial discovery, a Syrian operating company is to be formed to conduct and oversee development and production.''

''The operating company would be owned as to 50% by the Contractor (defined as the owners of the participating interest in the Block 26 EDP Contract), and 50% by Syrian Petroleum Company.''

''Under the terms of the Block 26 EDP Contract, commercial oil production is allocated first to satisfy the 12.5% royalty, part of the remaining production is used for cost recovery of the Contractor's investment and the remaining surplus is shared between the Contractor and Syrian Petroleum Company in various proportions according to the level of production.''


( Idiots like the Brick simply do not understand plain English!!! Doh!...nor simple arithmetic.)