Scimitar Hydrocarbons, SIY:ASE Message Board

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Gold/Mining/Energy : Scimitar Hydrocarbons, SIY:ASE

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To: Blaumax who wrote (831)	8/7/2000 12:12:46 PM
From: Blaumax	Read Replies (1) of 864

If anybody wants to research additional information on SIY, they can easily do so on the SEDAR site. Just go to scimitar.ab.ca Click on 'Financials' and find the SEDAR link. SEDAR contains all of Scimitars filings from 1997. For example., here's something from the 1998 Annual Report "On May 6, 1998, Scimitar signed a Petroleum Service Agreement (PSA) with GPC to develop the Issaran Oil Field Project. Scimitar’s interest in the Issaran project is currently 100%. The Issaran PSA is the first of its kind for the oil industry in Egypt and provides a win-win situation for both GPC and Scimitar. Under terms of the agreement, Scimitar fully funds the development program and in exchange retains a very high percentage of the incremental production volumes and associated revenue stream." 'Table' "As shown, the percentages decrease with higher production levels and as payout is achieved. No other taxes or royalties are payable by Scimitar. These superior terms allow Scimitar to pursue the stage-wise assessment of the optimal recovery approach for Issaran with an excellent opportunity for a substantial return on investment. Through this innovative fiscal structure, Scimitar has overcome the typical heavy oil barrier-to-entry problem, the pricing differential from light to heavy oil. Issaran is competitive with light oil projects." Sorry, table didn't cut and paste very well but here's the first example. Remember, "the percentages decrease with higher production levels and as payout is achieved." Production Level 3000 BOPD SIY Interest (before payout) 85% SIY Interest (after payout) 73% Also interesting that in the 1998 Annual report it states "In addition, the company plans to implement thermal recovery piloting technology developed in Western Canada, which could add further significant reserves." Looks to me that they've had the 'Triflux System' in mind for some time now?

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