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Gold/Mining/Energy : TransAtlantic Petroleum Corp (TNP.U - was Profco)
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To: Bill Shugarue who wrote (71)11/10/1997 1:31:00 PM
From: Bill Shugarue  Read Replies (1) of 270
 
Potential of Profco.........

Today the company announced that they have potential hydrocarbon
bearing sands in the Tyronian and Albian formations with an aggregate
of 300 feet of sands to be tested. They also said that casing is
proceeding. What did they really say????? They are saying that they
have oil, but won't know how much, until the testing is completed.

I did some further checking today and discovered the following. In
the Ejulebe Prospect located offshore Nigeria, they have 20 million
proven barrels of oil, and between 60-70 million proven/probable
barrels. The sands in the 4 wells they drilled in the Ejulebe
Prospect were between 70-119 feet thick. They have stated that
the sands in this well are approx. 300 feet thick.

One would assume that if the sands are three to four times thicker,
they should have three to four times the oil. Unfortunately, this is
not the case. They could have less oil, and they could have more oil.
All sands are not the same.

I spoke with an Oil Analyst today and he said that Profco has the
potential for 200 Million barrels of oil. What kind of figures are
other people reading this report hearing????

We can expect to see large price swings the next few days. As the
market starts to realize the potential of this find, others will want
to own Profco. The news release also said that they expect to have
testing completed in the next ten days. If you don't own Profco now,
ensure you are in before the weekend. You never know, they might
have the results early next week.
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