25,740' WINFIELD RANCH JV PARTNERS Message Board

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Gold/Mining/Energy : 25,740' WINFIELD RANCH JV PARTNERS

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To: dgz who wrote (1238)	6/24/1999 6:03:00 PM
From: loanshark99	Read Replies (1) of 1326

Sorry guys. I watched this play since November hoping it would pan out. I used to own stock in ADA a couple years ago and sold at over $2 a share. I thought they found something here but the lawsuit messed up everything. I see good hope for FCP in the long run. Just thought I would give you some food for thought. TransGlobe Energy-(TGL.TO, TGLEF.OTC) looks like its coming out of its coffin. Its still way oversold at .38 cents US but has bounced up from .15 and hit .44. The stock is under accumulation and the company is cash flow positive. Its big assets right now are 2 large oil concessions in Yemen. One is next door to Can Oxy's Masila field producing over 210,000 bopd and the other is next door to Hunt/Exxon Marib field producing 165,000 bopd. TGLEF has discovered the Tasour oil field and one well is capable of 10,000 bopd. They have drilled an appraisal well about 2km east of the discovery well and encountered the same oil formation structurally higher and have cased the well to that point. They will test the well after it reaches TD in about 12 days. They believe there is more oil deeper. Current estimates on the Tasour structure indicate 22-50 million barrels, although it would increase depending on further success. It is only a few miles from pipeline. The other concession is a joint venture with Vintage Petroleum(VPI-NYSE) and TGLEF is carried for the first $20 million in expenses. Shell previously explored the concession and only drilled in the northern section close to Hunt/Exxon. They found one field with possibly 110 million barrels recoverable and had a number of other oil shows that were never tested because by contract they had to find an elephant of about a billion barrels to produce from the S1 concession. Shell has since left Yemen and TGLEF had the contract on S1 rewritten to allow development if a least 40 million barrels are found. They already have the cat in the hat. VPI plans to drill the first well as an offset to the original Shell discovery sometime later this year. Looks like a big winner with a long way to run.

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