₦airaland Forum

GOOD NEWS FROM PUNCH NEWSPAPERS
http://www.punchng.com/Articl.aspx?theartic=Art2008041715442325

Providence announces completion of offshore well
By Clara Nwachukwu with agency reports
Published: Thursday, 17 Apr 2008

Providence Resources Plc, the Irish oil and gas exploration and development company, has announced the completion of drilling operations on its AJE Field, in Oil Mining Lease 113, offshore Nigeria.

The AJE-4 well, which was drilled in 1,000-feet water depth using the drill-ship Transocean Pathfinder, was designed to evaluate the lateral extent of the oil and gas bearing reservoirs.

The drillship is said to have been chartered by the consortium for a one-well slot at a day rate of $515,000.

The reservoirs had been successfully tested in the AJE-1 & 2 wells were located some two kilometres from the AJE-4 location.

Drilling operations were carried out by Yinka Folawiyo Petroleum Company Limited, the operator, in conjunction with Chevron Nigeria Deepwater H Limited, as technical adviser.

As forecast, the AJE- 4 well encountered cretaceous aged hydrocarbon bearing sections, specifically a gas condensate and oil bearing turonian reservoir with oil bearing cenomanian intervals.

A comprehensive logging and coring programme has been completed with the down-hole pressure measurements and hydrocarbon sampling.

The AJE-4 well is currently being suspended.

Other partners in the AJE project are PR Oil and Gas Nigeria Limited, Vitol Exploration Nigeria Limited and Energy Equity Resources Aje Limited.

The Chief Executive, Providence Resources, Mr. Tony O’Reilly, said, “Following on from our recently announced success in the US Gulf of Mexico, we are delighted with the results from the AJE-4 appraisal drilling programme.

“The AJE-4 well results are in line with our pre-drill expectations and have confirmed our long held view in relation to the prospectivity of OML113.”

He said the company planned to meet with its to discuss the well results in the context of the commercial potential of the AJE field.

He added, “Should the AJE field progress to development, it will have a significant and material impact on Providence’s proven reserves going forward.”

Providence Resources had earlier expressed delight with the results from the AJE-4 appraisal drilling programme, which it said, was in line with its pre-drill expectations.

It hoped to have front-end engineering and design for the prospect in place by the second quarter of 2009.

Is DNA test 100% correct ?

I don't think that amount of immorality exist.

[b]The Transcorp idea was bright. [/b]Let us not be too hasty. NITEL out of their operating lead may be a good thing. They now need a non-political business area to focus on and regain credibility. Or better still do not rely on Government Assets like Nitel or Steel or NEPA. They should just go for something simple.

For all those who invested in Transcorp take heart and stay the course. It is a bright idea with many jokers preying here and there.

Sad, so much opportunities abound in Nigeria but the enabling environment is not there and a lot of businesses are struggling with unemployment so high.

I am getting dissappointed in Yar Adua day by day. Look at power its statements and stories we hear. He will soon mark 1 year with no major achievement other than perhaps rate of theft of government funds may be on the decline. Without him creating enabling environment, the right structures and improvement to existing structures the next person after him can get all the money looted within a few months.

Why even in Bayelsa Yoruba (or Togo) Bricklayers and Masons are preferred by the those who want quality buildings ??

President Yar adua is trying. I pray God gives him more wisdom to navigate Nigeria to a promised Land if that is what he is working towards. Where the GDP that started shooting up in the days of Baba (Obj) will continue in a more determined unchangeable upward thrust. Where we will start working in a more reflective manner instead of gra gra that leads no where.

His not spending a dime of security vote is renewing my faith in him. If he continues to lead by example the mass of of current criminal Nigerian leaders will have no choice but to change their crooked ways.

ono:
11. OKLNG at Olokola (Ogun and Ondo) boarder.

Please take this out as it is pure mis-information. You can even claim you own the gulf of guinea / ocean which Ondo, Ogun and Lagos has boundry with.?

Ondo State has been producing about 5% of Nigeria's crude oil for quite a long time.

Also OK LNG has different options for Gas Supply. One of the sure sources of Gas supply is offshore Ondo state, an offshore Gas field owned by British Gas. Thus if Gas from other sources are cut off the project will still fly to a huge success with offshore gas.

How can all this stop.
Pray God helps Oga Goodluck to deliver something that posterity will thank him for.

The offer was not fraudulent. Perhaps it is the SEC rule that has been unfair.

All of the above. That is Nigeria and Niger-Delta. The question now is how can we grow our GDP with everyone having good smiles like that of Bro Pete at the start of the thread. When there is plenty, less corruption and a high standard of living our quality of life will go up.

wanaj0:
Just looking at the International Breweries allotment.

Only about 50,229 people applied.

Now, 8 people were alloted 1.2bn shares out of the 1.6bn with the core investor applying and getting allotted 50% of the shares on offer (805m shares). So while 8 people got 75% of the shares on offer, the remaining 50,221 with total application for 4.6bn shares were asked to share 400m shares which is less than 10%!!!!!

They intended crediting account straight into CSCS by February 12. I doubt whether UBA registrars can pull this off. Refund money will be paid back with interest.

Well, if you can't get in as a preferential investor, be careful of shelling big money OOOO!!!

Thanks for this info.
Looks like many public offers are now a waste of time if you need large quantities. Suspect peoples money could be used to fund the so called preferrential allotments. How transparent are the books to prove otherwise. The registrars and their cohorts can even sell on the floor to fund the money for return checks to poor investors that have been coned. Perhaps I'm thinking too far but it is not impossible. Perhaps I will research to see which of the registrars/issuing houses that could be mischievous.

Nice thread please keep the info coming.

Create a service nuture it and you will be surprised with some courage what you can achieve.

It is supposed to rise during summer. However this year may be different as supply is exceeding demand. Pray naira continues to appreciate at least to N200 to the pound and N 100 to the dollar this year.

The only things that will ensure better efficiency of the little road network compared to the volume of commuters are

1. More efficient Traffic wardens and traffic lights. (No powers to arrest or intimidate, But special units of Nigerian police mobilized as observers to apprehend erring motorists).

2. Minimum Standards for Commercial Bus Services, Optimized Route Network and bus Sizes, Dedicated Bus Stations.

3. Huge Local Government Parking Fees for Congested Areas Like Lagos Island.

4. Lagos Fuel Tax. That is add say N10 to cost of fuel in Lagos to be credited straight to Lagos State Government Account. This #4 will be used to fund #1. At the end of the day people will burn less fuel and even incur less monthly personal fuel bills as they will waste less fuel inside hold-ups.

5. Lagos State Transportation Plan Review and development of Metrolines and Ferry Services to be financed by the BIG Banks Share Capital Funds.

Car pooling cannot work. But the above suggestion and other good quick win and longer term projects will work and make us have a better city people will always want to associate with.

This placement is already oversubscribed. UBA, SKYE and FIDELITY have stopped collecting as I understand returns are being collated from close of business today.

pumping777:
So you are here Actually this is a follow up on our discussion and your theory on the sister thread and I just sent you a post there. I think your theory is very correct based on analysis I have done so far and I want to explore it.

I will keep you posted over there if I find one.

Yes I'm here more as an observer (one of the real invisibles)
We share the same first degree you know.

pumping777:
Risky but I will look for one low nominal priced stock (compared to others in the same industry) that I can ride on during the next bull run whenever that is.

It must of course trade adequate volumes and have fair fundamentals. It's not as easy as it sounds though but I am digging in.

Ummm
Please tell me if you spot one. Hope you are not working on the simple theory.
Please tell me when you spot one.
How will I know when you even say it I find it hard to follow this thread as it grows too Fast. Mail me @ StockMarketNigeria?

Crownvilla:
Skye abank is a good bank, no doubt. However, it is outrageous that SEC and NSE are allowing them to source the market for more funds without concluding the Skye Shelter Fund offer.

Peeps like me who invested in SSF haven't heard anything from the bank since the offer closed in June 07. Not a single press statement.

What is the issue with this skye shelter fund. Is it not a mutual fund. Why should a mutual fund be delayed ? Can someone throw more light on this issue.?

Inverters are good for short time standby power of 1 to even 24 hrs or more depending on your battery bank capacity. They are excellent if you have regular power supply from time to time daily as they can make you do without a Generator, especially for simple activities like lights, TV, fan, computing, stereo without interruption.

Thus for Home and Small office use it is very useful.

Interested to know as well. As I have couple of Oil palm trees I planted for the fun. The main one yielded so fast and made me wonder what we are missing out. See Okitipupa Oil Palm what is making them fail, when these palms grow profusely with minimal tendering ?

What's stops us from using Oil Palm to even line our roads ?

I will like to know more also.

The prices look reasonable.

Bought 1.4 KVA Sine wave inverter from park and shop for N 42k. (They didn't have batteries at the time I bought)

Got 200 AH Su Kam Deep Cycle battery from a dealer for N 55 k (More like I dashed him about 5 k I Think) Since he sold some in December for 50 k at a sales event. But I needed the batteries this week and didn't have the time to run up and down.

Talking to those hearing (reading) quietly.

bhakula:
Certainly Nigeria will progress, Gazprom, Nigeria Discuss Gas Deal to make Nigeria a bigger player in the natural gas world.

http://shupee.com/news_details.php?news_id=296

For decades, the country has flared, or burned off, most of its gas because of the lack of infrastructure and a tiny domestic market. But Nigeria has built a handful of multi-billion dollar gas export facilities in the past decade with the help of U.S. and European companies like Royal Dutch Shell PLC and Chevron Corp.

Nigeria is now a fast-growing gas exporter to the U.S. and Europe but still has a significant way to go to change its status as one of the world's biggest flaring countries. The government says a 2008 no-flare deadline for all companies operating in Nigeria remains in place and that financial penalties will be slapped on firms that don't meet the deadline.

Russia and Nigeria are the world's two largest gas-flaring nations. The senior Nigerian oil official said Russia was keen to assist Nigeria find commercial uses for its gas and to reduce flaring.

Not impressed with this dull move from Yaradua. Russia that is still flaring a lot of gas should go and solves its problems first. The Russian Track Record for Steel development in Nigeria is also a shame. Nigeria should partner better with Shell, Chevron and British Gas to complete Brass LNG and OKLNG ahead of schedule by creating an enabling environment.

Baba (Obj) laid a solid foundation for Gas in Nigeria. Yaradua is dissappointing with this move which I see as fraudulent as Russian companies do not have solid financial controls like US or European companies.

To widen the Gas market KOREA is a better target outside US and Europe.

In my opinion Duke is a visionary leader and not a fraud with respect to TINAPA.

I have not visited TINAPA before because if you compare flying Lagos London or Lagos Calabar. You will admit its a more pleasurable experience on the London route. If you stay in London things are more pleasurable than any Nigeria City. If you drive from London to Essex it is pure Joy compared to from Benin to Calabar.

This may be a factor that is making this project not to take-off for now. I am sure if the Police leave the roads and do real policing by parking at strategic places and monitoring security like in the developed world as against obstructing free flow of traffic people will drive from all over Nigeria to Tinapa. And it will be a huge success worth copying by many other states.

[quote author=invisible! link=topic=103478.msg1819769#msg1819769 date=1199452227]Long term investing beats the shit out of speculative trading anyday, ask the worlds richest investor and he will tell you he has some companies he bought their shares 65 years ago!

Trading fritter away your money on brokers commission and other charges, plus the countless hours you waste sitting in front of computer screens doing technical analysis?[/quote]@ Invisible I see you here.

Also I will list 3 reasons for investing in stocks are

1. Growing the GDP by creating wealth through companies that provide goods and or services.
The standard of living of any society is based on the goods and services available to society. A simple example of how stocks work is I open a food joint with N 1,000,000 as fixed assets. At the end of the year after deducting all expenses and further investments in the business. I make a profit of N 500,000. (P.E. of 2 !!!) and had new asset valuation of N 1,250,000 as I bought new equipment (i.e. the further investment in the year). [Price to book of 0.8] , can go on but will stop here. AT THE END OF THE DAY IT ADDS TO INCREASED SOCIETAL WEALTH (i.e. higher GDP)
2. Trading
I buy low and sell high within a short or medium or long term. (Just like forex trading)
3. Follow, Follow.
This is the quick way to make money now. May even forget where the certificate is or the quantity bought or what his or stockbroking statement looks like. May not even know if dividend was paid or not.

So CSCS is a private company. No wander them dey twist our hands to register with them to see our monthly statements from them. So they want a step change in profits from the N 2,500 they will be collecting annually each account holder.

Best of luck to Obama. Please do not forget your brothers in Africa especially when you become president of the USA.

Baba tried his best. With all his achievements, probing him is sign of disrespect. Most of those shouting can only achieve a fraction of what Baba achieved should they have been the president from 1999 to 2007.

Corruption is the biggest halt to our development.



However the Good News is the Church is growing and Nigerians are repenting in the thousands and millions and the Lord has started to heal our land.