IVAN STRONG SELL REPORT PART 1 of 3
Page 2/3 Cont’d
IVAN Gas To Liquid (GTL) Promotion (Cont’d)
1. GTL PROMOTION - Hyping Untested Technology Knowing the Syntroleum GTL technology had been around since 1997, but that it was new, had no proven commercial installation, and a commercial plant would cost millions to construct and test, IVAN issued the following press releases using “fantastical” production potentials – often as they needed to sell securities to investors:
“Tue Mar 26, 2002 Gas-to-Liquids Projects - In Qatar, the negotiation process toward a definitive agreement is continuing. This project involves the development of proven natural gas in an area of the North Field offshore Qatar, the transportation of produced gas to Natural-Gas-Liquids (NGL) and Gas-to-Liquids (GTL) plants having the capacity to convert the gas into 155,000 barrels per day of NGL products and 185,000 barrels per day of ultra-clean GTL fuels, using Syntroleum's technology..”
2. ONE GTL PROMOTION DUMPED – New Promotion Begins After multiple IVAN PR’s hyping the development and prospects of the Qatar plant, in May 2003, IVAN admitted negotiations regarding Qatar were terminated. Again in need of capital, IVAN began the next phase of GTL promotion, as they sold more securities to investors:
Tue Jul 22, 2003 – “Ivanhoe Energy Partners With Repsol-YPF & Syntroleum In Commercialization Study For A 90,000-Barrel-Per-Day GTL Plant In Bolivia SANTA CRUZ, BOLIVIA - Ivanhoe Energy (NASDAQ: IVAN and TSX: IE) has signed an agreement with Repsol-YPF Bolivia S.A. and Syntroleum Corporation that brings Ivanhoe into a study to build a 90,000-barrel-per-day (b/d) gas-to-liquids (GTL) plant in Bolivia.”
Tue Aug 12, 2003 … “Recently, Ivanhoe has been invited by Egyptian authorities to return to Cairo to continue commercial discussions relating to a proposed GTL facility in Egypt. The company has been in discussions over the past three years with Egyptian authorities on GTL facilities ranging up to 90,000 barrels-per-day. Current discussions are related to a 45,000 barrel-per-day facility that would be located at El Hamra along the coast of the Mediterranean Sea, west of Alexandria. The feasibility studies that the company has undertaken contemplate the natural gas feedstock being purchased, rather than developed. The company plans to commence these discussions in September.”
3. Promotion of Russia, Peru & China Oil & Gas
1. BILLIONS, TRILLIONS - And Hundreds of Millions. As with GTL and Derek Oil, IVAN continues their pattern of pump, dump then - change focus, publishing press releases detailing proposed development of oil & gas properties, citing billions and trillions of oil and gas reserves, while selling stock to investors at below market prices.
Then, when the development failed, the project would be quietly pushed aside and the next “amazing” property would be promoted, again citing billions and trillions of likely reserves.
Pluvia Securities Research, their agents, associates and or employees have investment positions consistent with the above-stated investment opinion. All comments are the EXPRESS opinion of the Author(s) - All rights reserved.
IVAN REPORT ONE OF THREE
pg 2 of 3 Cont’d |
