Petrel Resources - moderated discussion/research part II
mclellan - Thu, 28 Dec 06 :
I think simon must be on meths this morning, not just cooking sherry!
So..is Horgan telling porkies, then, when he said at the AGM, as reported by SteveB
'Petrel’s relationships in the area are excellent – they only act with express permission of the Ministry of Oil, and this will be the policy going forward, including release of milestone achievements to the market.
The objective for S&L is to deliver it on time and to budget, which is currently on track. It is the only live project of the three post war contracts awarded, with access and security issues proving problematical. In the south, predominantly Shia, it is relatively stable. The longer term goal with S&L is once it reaches its 200-250k barrels per day, is for Petrel to offer to run it on a risk sharing basis. This will also include a drilling programme, which will be proposed once legal 'framework is in place. Petrel will also assist with the recovery of liquids from the gases currently being flared off at S&L, which will result in the additional recovery of 4k barrels per day.
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NB- 'risk sharing basis'
'including release of milestone achievements to the market.'
