Interesting info here.......
I guess this makes me a spy too. "Covertly" pasted from the AOL board. Interestingly, it originated from somewhere else.
Subject: Retry:Wavetech
Date: Fri, Nov 14, 1997 19:54 EST
From: Kkalan
Message-id: <19971115005401.TAA09441@ladder02.news.aol.com>
Posted at stock-talk.com
Posted by Wavetech on November 13, 1997 at 13:49:41:
Dear Folks,
Since there has been a fair amount of discussion of Wavetech, in connection with the work we are doing
for American International Petroleum on their block in the North Ustyurt basin of Kazakstan, we thought
that an explanation of who we are would be appropriate. We have had a number of phone calls from
investors seeking information on the AIPN project, so let me first pre-empt the inevitable questions
regarding status of our work, oil/gas reserves, prospectivity, timing, plans, etc. As I have told all of the
callers, we cannot and will not comment on any aspect of our work for any client unless specifically
authorized to do so. We believe that this is one of our most important obligations to all of our clients.
Wavetech is active in a number of different facets of the international oil and gas service industry, including
geological, geophysical and engineering studies, seismic data processing and oil/gas project management.
We have worked extensively with all of the major oil and gas companies, along with many of the
independents, both in the US and internationally. Our main office is located in Denver, Colorado, with
subsidiary or JV offices in Moscow, Ivory Coast and London.
Much of Wavetech's activity over that last 8 years has involved projects in Russia and the CIS. We have
acted as the formal operator (on behalf of the Russian and Turkmenian governments) for eight competitive
tenders for oil and gas exploration and production rights over the past six years. Two of these tenders
were located in Turkmenistan, involving exploration areas in central Turkmenistan and producing fields
along the coast of the Caspian Sea. The remaining six tenders were within the Russian Federation,
including in the Timan Pechora basin of northern Russia (two rounds), the southern part of West Siberia,
the Pre-Caspian basin along the northern shore of the Caspian Sea and the recent Sakhalin Island (north
of Japan) Round 3 and 4 tenders, in which Texaco, Mobil and Exxon were awarded blocks. We will also
be the operator for the upcoming Sakhalin 5 and 6 tenders, which are currently undergoing approval in the
Duma. Wavetech also recently completed the first multi-client seismic survey (2,350 km) ever shot on the
Sakhalin Island shelf.
Continuation of message: "Wavetech - Who are we"
What does acting as "operator" of these tenders imply? Essentially all aspects of the process, including:
- Assembly and organization of all of the existing geological and geophysical data from the various local,
provincial and federal agencies and enterprises which comprised the oil and gas industry under the Soviet
system.
- Generation of geological and geophysical studies of the territories involved to ensure that the full
prospectivity of the area is understood and appreciated.
- Creation of western-style economic models for the project, for use in the design of the Model Contract
terms and subsequent negotiations.
- Design and drafting, in cooperation with the appropriate governmental agencies, of the Model
Production Sharing or Joint Venture contracts to be used in the tender.
- Advising the host-government on and heavy participation in the subsequent government - company
negotiations of the final contract.
This broad based approach has been key in the success of our tenders. We have tried to ensure at the
outset that the technical, contractual and financial aspects of the tenders are reasonable and fair to both the
host government and the international oil industry. The relatively rapid conclusion of the final contracts and
start of operations on these projects is in contrast to the extensive problems, delays and mutual animosity
which has frustrated companies and led some to abandon negotiations on some other projects in the CIS
(i.e. the recent announcement by Exxon on negotiations for fields in the Nenets Okrug near the northern
coast of Russia).
As a result of our technical work, we have come to know most of the major oil and gas regions of the CIS
quite well. In addition, our long-standing joint venture with VNIGNI, the head technical institute of
Russian Ministry of Natural Resources (previously the USSR Ministry of Geology), allows us to draw on
their experience and resources when required.
Our activity in Kazakstan has also been extensive, but more dominantly technical. Wavetech's Geological
Study of the Pre-Caspian Basin (i.e. the basin of Tenghiz, Karachaganak, Zhanazhol, etc.) and other
related geological and geophysical data has been purchased by most of the companies which are active in
the area.
In addition to our projects in the CIS, we are also active in western Africa (including our seismic
processing center in Abidjan, Ivory Coast); in the US, where we are currently conducting multi-client 3D
seismic surveys; and are preparing to start a large, multi-client seismic survey in the Mediterranean off the
southern coast of Italy/Sicily (who says oil is found only in ugly places).
We hope that this gives you a little better idea what Wavetech is all about. If you have questions regarding
oil and gas in the former Soviet Union we are always happy to discuss them. However, we do ask that
such questions not be related to any aspect of the AIPN project, not matter how cleverly camouflaged
they are. |
