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Gold/Mining/Energy : American International Petroleum Corp
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To: Cathi Wierzbicki who wrote (4042)10/25/1997 7:13:00 AM
From: qdog  Read Replies (1) of 11888
 
Tengiz was discovered and proven by the Russians. Chevron and others bought into a proven project.

Proven reserves still can leave upwards to 50% in the ground. You can extract part of that through various expensive techniques such as acidizing, steam flooding, what flooding, gas reinjection and other methods. If the field has 1 billion "proven" it may only be 500 million recoverable thru normal means depending on the oil bearing zones and their geological makeup.

Not seeing the agreement, but based on others, the partners have up to 5 years to drill and acquire siesmic. By that time they must relinquish 90% for re-auction.
That doesn't mean they can exploit before then, IMO. There is more than likely a provision in the agreement that any discovery must be declare commericial by the government. More than likely, they will have to declare their % before they can produce.
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