Jay, one of your trusts just won big in Libya!-D
Verenex won a block in Libya. Vermillion (VET.UN) owns 58% of Verenex (VNX.V). VET.UN is a major int'l Canadian trust, paying 10%. VNX is up 27%+ and VET.UN is down. How about a call on Libyan oil paying 10%?
Libya awards 15 oil exploration permits to foreign oil companies
Monday, January 31, 2005 5:38:23 AM ET
newratings.com
LONDON, January 31 (newratings.com) – Libya on Saturday issued 15 permits to foreign oil companies allowing them to explore for oil over 127,000 kilometers in the African country. The licenses awarded at Libya’s first open license auction since the lifting of the US-led sanctions last year, are aimed at boosting the country’s ailing oil segment.
Libya, which has Africa’s largest oil reserves, aims to boost its oil production from the current level of 1.6 million barrels per day to 2.1 million barrels per day by the end of the current decade. US oil companies were the major winners at the auction and won five licenses on an individual basis, while sharing another four with Australia’s Woodside Petroleum Ltd. The US companies that won the auction include Occidental Petroleum, Chevron Texaco and Amerada Hess. Verenex Energy Inc of Canada, Algeria's Sonatrach, Medco Energy International of Indonesia, Petrobras of Brazil, Liwa of United Arab Emirates and Indian Oil Corp and ONGC of India also won licenses. European companies failed, however, to get any permit. Libya plans to offer another 40 blocks for exploration at a second auction next month.
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