I'm sorry, but the basic flaw of this is; they have not drill any wells and they don't know what is in the ground. I live in Texas, I worked the Permian, East Texas, Gulf, Louisana, Miss. and yep I been to Northern Mich; Traverse City. I've worked in Colombia, Brazil, Middle East and Africa. Hell, I was even involved in a wildcat off of the British Virgin Is. Hey, ever heard of Georges Banks off the East Coast? Been there. All had enough potential to drill wells. Some hit, some didn't, but the siesmic and study gave good enough indication to justify to drill those formations. Hey Yemen is a reef play, nice quality stuff. Oil City, Pa was seeping oil before Drake ever drilled it.
Yes K-stan is a prolific area, yes they have identify structures that contain possible reserves; whether that is oil, gas or condensate. They have not done any res. testing. Why? They haven't drill any wells. You know what, there could be more than 1.1 billion than what their test show. There could be 10 billion, even 20 billion!! BTW it is NOT all recoverable. They don't know what is in the ground, becasue they haven't drill the well. I just received the investor packet today. I read most of it. The most recent 10-Q is in it. It's the same that I posted on this thread. It's got some standard warnings in it, like no guarantee of obtaining the financing and the such.
This stock burn me once with the Colombia play in 92, I'm not convince until more information is available. Who going to be their partner and at what %, would be real helpful. Anybody know who it is? Oil gushed out by the millions at Spindletop in Beaumont, what it like today? Simply, above ground work is only proved by punching the hole in the ground. Keep on believing whatever you want to believe. Hell, I hope Faris and the others strike it rich, retire in a couple of years because you were smart enough to see this is a great deal. I'll wait for when they have more proof that I know is for real. There will be plenty of time to make money then. I'm glad Faris is smarter and more an expert than I am at knowing what is in the ground by reading the stock ticker. I'll wait until Schlumberger sends those tools down a hole and that information is known. I'll wait until they flow test a well to tell me want the sustain flow rate is. I'll wait until they can tell me how thick and how many producing zones there are. Hell they could be missing two or three zones. Chirst in High Island, Mobil been producing gas for years. A couple of years ago after 60 or more wells from the same platform; they discovered an oil formation. I guess lil ole AIPN is better at finding oil than big ole Mobil. Amazing how people know so much and they never even seen or been involved in a oil exploration project. They even think the majors or OPEC set the price of oil.
I guess I'll cancel my Oil and Gas Journal, and start to listen to Faris and AOL for the facts. 17 years in the biz and I don't know a damn thing. Read the tape that how it's found. |
