Monday, March 20, 2006

Daukoru: "Interesting News" From Block 1

In comments to an audience of professionals engaged with Africa at an evening sponsored by the Leon H. Sullivan Foundation, OPEC President Dr. Edmund Daukoru, who is Nigeria's oil minister, may have let drop a significant hint about the rumored "massive" find by ChevronTexaco, the operator of Block 1 in the Nigeria-Sao Tome and Principe Joint Development Zone.

The rumored Block 12 find is said to spread far beneath Block 2, where the ERHC Energy/Sinopec consotium is operaotr; JDZ rules say any such find has to be shared between the two blocks.

The foundation, founded by a black Baptist minister to build a bridge to Africa that includes the passage of energy and oil, includes among its board members former President Bill Clinton, and it clearly has influence if it attracts speakers like the CEO of Chevron and Dr. Daukoru. Thus, the offhand comment by Dr. Daukoru was heard, we can assume, by many of the "right" people.

We have been unable to date this transcript, although it did come after Feb. 22.
Here's what Dr. Daukoru said:
The zone between Sao Tome and Nigeria is looking interesting. And again, I have a gentlemen sitting by my side [Chevron's CEO] who should have a lot to say about that. A few days ago we had some interesting news from the fast route drilled in the belt by Chevron. If that is an indication to go, there are least three other blocks than block one where Chevron currently is that could hold quite sizable volumes of hydrocarbons. So much for the resource base that one expects, looking forward to year 2020 or 2025, that kind of time horizon.

There was also an update from Mark St. Amourr this morning:

****UPDATE JDA Drilling******

Just spoke with JDA source. I asked source about all the comments out in the press about the "massive find" in Blk 1 JDZ drilling by Chevron. Was told JDA will announce something soon when they have official word. He did say that "everything in the drilling looks very very good." Also, he mentioned that the BLK 1 find looks to be quite large and does indeed "straddle into Blk 2." Source also hearing that this find may indeed spill or straddle other blocks as well. Source said when JDA issues statement regarding Blk 1 drilling results the "straddling into other blocks" will be mentioned and discussed.

Also, JDA expects to have all Sig Bonuses paid within the 30 days starting last week when PSC's 2,3,4 were signed.

As always call JDA to verify.


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