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Gold/Mining/Energy : Red Sea Oil Corporation (RSO)
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To: Donald Lickman who wrote (71)1/18/1998 9:42:00 PM
From: Tomas  Read Replies (1) of 332
 
Donald: Thank's for the info. RSO gets to recover its capital quickly, after full recovery they can keep 22-25% of all oil produced. Fiscal terms in Libya are rather complicated, not the usual royalty, taxes and sharing formulas. Terms in Libya are average by global standards, a little bit better rather than worse, according to Lundin.

I'm playing Libya through IPC (=Sands from tomorrow!). Sands (Lundin Oil) will probably swallow RSO later this year? Lundin believes farming out 20% of the block would be sufficient to cover all future expenses. But that will perhaps not be necessary if En Naga North starts generating a lot of cash flow a year from now. Early production is anticipated to start before summer (up to 3000 BOPD).

Any hints on the result of the first Facha test? Lundin expects this excellent reservoir to produce 4000+ BOPD just from the first pay zone when full production starts.
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