Red Sea Oil Corporation (RSO) Message Board

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Gold/Mining/Energy : Red Sea Oil Corporation (RSO)

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To: Timelord who wrote (39)	12/15/1997 12:26:00 AM
From: Tomas	Read Replies (2) of 332

Assuming a commercial discovery, a pipeline can be completed within one year. But RSO can begin extracting oil quickly, expect early production to start during spring 1998. They intend to transport oil by road some 30 kilometers to the existing pipeline network (excess capacity: 350.000 bopd). I don't think they have much cash left for additional wells, let's hope this well is commercial. Full production = 7000-9.000 bopd per well, perhaps even 10.000 if they are lucky. 4 wells = more than 30.000 bopd X 10 years = a lot of cash flow! Adolf Lundin even suggested 40.000-50.000 bopd X 10 years! Lundin Oil has 80% of all oil, 40% directly and 40% indirectly (they hold around 2/3 of RSO), that means more to Lundin Oil than Malaysia phase 2! This is just the beginning, they are right now examining 9 geologically identical areas in NC-177, some of them larger than En Naga North. A new seismic survey commences in 2 months. Alex, I suggest you keep your shares... Remember Ian Lundins words after they announced the dry well in April? "Our geologists are still very enthusiastic about NC-177, probably the best block of all in the huge Sirte Basin".

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