 |
New International Players Set Dnieper-donetsk Oil and Gas Fields Alive Again - a Race for the Resources are Set!
Author: Stig Kristoffersen  | Posted: 25-04-2008 | Comments: 0 | Views: 27 | Rating: (129)  (?) 
 Cardinal Resources plc is an independent company investing in oil & gas exploration and production projects and companies, with a view to provide expertise, management support and (subject to further fundraising) capitalise projects and companies as appropriate.
The JAA of Rudivsko-Chernovozavodske and Bytkiv-Babchenske fields provided for an initial Working Interest for Cardinal Ukraine of 50% and an Net Profit Income of 45%. However, due to historical under-funding, Cardinal Ukraine’s WI and NPI will be up to adjustment at a later stage.
Cardinal Resources plc (“Cardinal” or “the Company”), an independent oil and gas production and exploration company, whose core operations are in Ukraine, announces on 15 APRIL 2005 the commencement of trading and admission of its shares to AIM.
At a placing price of 32p per share the company was fully subscribed and raised £10.6 million before expenses. At the placing price the market capitalization of Cardinal will be approximately £28 million.
The Company has interests in two operating oil and gas fields in Ukraine, the Rudivsko-Chernovozavodske Field and Bytkiv-Babchenske Field, in conjunction with JSC Ukrnafta, the largest oil producing company in Ukraine. Both of these fields are currently producing oil and gas for the Company.
Ukrnafta is the largest producing oil company in Ukraine, securing over 90% of the country’s oil, 40% of the gas condensate and 17% of the natural gas output. Its shares (ADRs) are traded on the NYSE, (Ticker: UKRNY US) with a market capitalisation of approximately US$ 1.3 billion. (Source: Alpha Bank Ukrainian Equity Guide).
An independent reserve report by ECL Scott Pickford, attributes net recoverable reserves to Cardinal from the two fields of 110.6 Bscfe, or 18.4 MMBOE; with a net present value of $40.3 million (using a 12% discount factor).
The Rudovsko-Chervonozavodsky Gasfield Field (RC Field) lies some 200 km east of Kiev in the Dneiper-Donestk basin in eastern Ukraine. This area lies in a region known to be the largest hydrocarbon producing area in the country. The RC Field is estimated to have had initial gas reserves originally in place of 1.54 Tscf and 34.03 MMbbl of condensate with ap¬proximately 67% classified as P1 reserves (Source: ECL Scott Pickford).
Cardinal holds its interests in the RC Field via a Joint Activity Agreement with Ukrnafta who have been granted a 20-year production license valid until 2024 for the field. Cardinal currently holds a 16.6% Working Interest (“WI”) and 14.9% Net Profit Interest (“NPI”) in the RC Field. Cardinal has the right to increase its WI and NI to 50% and 45% respectively upon the payment of a negotiated amount to its partner Ukrnafta. While it is not certain what this amount might be, a net figure of around US$6.5m has historically been discussed.
Commenting on the successful IPO for Cardinal, Robert Bensh, Chairman and CEO, said today: “The Placing and AIM admission will allow the Company to move forward on the first phase of its strategy: to enhance its current portfolio of producing assets with western technology. The successful applications of western technology on our properties will increase production volumes and create further opportunities to acquire or farm-in additional development assets in the country. Furthermore, in light of the recent political developments we are extremely excited by the potential in this region.”
Nabarro Wells & Co. is Cardinal’s Nominated Adviser and Fox-Davies Capital Limited is the Broker for the Company.
The Directors believe the Company will be able to implement an aggressive development and drilling programme for the two fields, comprising 47 drilling locations and 14 workovers, where there are significant proven underdeveloped reserves. The Company projects this programme will increase its share of gas production from the Rudivsko-Chernovozavodske field to over 21 MMscfd by 2011, up from 2.7 MMscfd in 2004. At the Bytkiv-Babchenske field, Company estimates its share of oil production will increase to over 500 bopd during 2007, up from 127 bopd in 2004.
Rate this Article:
Current: 5 / 5 stars - 1 vote(s).
Article Source: http://www.articlesbase.com/business-articles/new-international-players-set-dnieperdonetsk-oil-and-gas-fields-alive-again-a-race-for-the-resources-are-set-396281.html
About the Author:He has a background as civil engineer and geoscientist. He has worked mainly within the oil and gas industry from the mid 1980s. He has written some few fictional novels as well as author of some professional litterature within oil and gas sector, he is now an editor of some web sites, mainly within the travel business.
www.ec-ba.com/oilgas.html
www.lulu.com/stig
|
Submitting articles has become one of the most popular means of generating quality backlinks and targeted traffic to your website. Join us today - It's Free! |
|
Related Articles
New Life to Oldest Oil Province in Europe - Carpathian Breeths Oil Again
By: Stig Kristoffersen | 24/04/2008 | Business
Capital Oil is performing prospecting of oil in two licenses called Kubash-Lukva and Maydan, outside Ivano-Frankivsk in the western Ukraine. The licenses are prospective and has an acreage of 44,5 km2.In a press release of April 4th, Capital Oil reports that oil has been encountered in the second exploration well in the license.
As in the first exploration well there are indications of several oil layers and in the second well ranging from 215 to 366 meters depth.
New Potential for the Oil and Gas Prospectivity in the Ukrainian Carpathians - New Discoveries Makes it Possible to Believe - Million Barrels of Oil !
By: Stig Kristoffersen | 25/04/2008 | Finance
The oil fields are shallow, and contains low sulfur oil of good quality, around 36° API. Together the proven resources are assumed to be around 19 MMBO in a pessimistic scenario and up to 57 MMBO in a most likely scenario.The exploration licenses of Capital Oil are located in the north western part of Ukraine at the foothills of the Carpathians. The well developed hydrocarbon prolific basin stretches from Poland to Ukrainian and then into Romania.
Ukraine Onshore and Offshore Oil and Gas Potential - Larger Than We Thought Only Some Years Ago. New Area of International Exploraiton?
By: Stig Kristoffersen | 02/02/2008 | Business
There are three Petroliferous provinces in Ukraine. In the west, there is the Carpathian hydrocarbon region, in the east we have the Dnipro-Donetsk region, or Donbas hydrocarbon province, and in the south there is the Black Sea and the Crimea hydrocarbon province.
Recent 2D seismic shot in the Black sea, reveals several potential larger structures ranging from the simple structural to more complex stratigraphic traps that have a large potential for hydrocarbons.
Ukraine Reveals Hydrocarbon Potential Both Onshore and Offshore That Attracts National as Well as International Players
By: Stig Kristoffersen | 02/02/2008 | International Business
Ukraine contains proven oil reserves of 395 mm barrels, most of them located in the Dnieper-Donets basin, the major oil and gas producing region located in the eastern part of the country. The oldest producing region is the Precarpathian Basin, located in western Ukraine. Over the last 20 years, the country's oil production has declined by more than 60 %.
Recent investigations and studies reveals large potential in the offshore Ukraine province, in the Black Sea.
The Race for Oil and Gas Resources are on in Ukraine - Western Companies Enters the Exploration and Production Arena Right Now !
By: Stig Kristoffersen | 25/04/2008 | Business
Western Companies has begun their entranc into the race for the oil and gas resources in Ukraine.
Several companies have already production in Ukraine, others have established agreements leading up to production of oil and gas resources. This article mention some companies and their efforts to make a difference in the energy picture of Ukraine.
Ukrainian Oil and Gas Potential to Increase Ukrainian National Oil and Gas Production the Decades to Come
By: Stig Kristoffersen | 23/04/2008 | Business
Ukraininan Offshore – The Back Sea a new world class frontier with a waste amount of exploration opportunities
The Ukrainian part of the Black Sea has had production for centuries; however it has been confined to shallow water on the shelfal areas of the Black Sea. Mainly the Odessa and Kerch areas of the Ukrainian Black Sea have been exploited so far.
However, the prospectivity of the Ukrainian sector of Black Sea has been known for a long time, it is only now after around 17000 km of 2D.
Russia Tells Ukraine Stop Black Sea Oil Drilling
By: Stig Kristoffersen | 15/06/2008 | International Business
Russia's foreign ministry demanded last week Ukraine to halt the oil exploration in parts of the Black Sea because of a territorial dispute, Russian news agencies reported.
In Excess of Billion Barrels of Oil Equivalents to be Discovered in Odessa Shelf Areas - New Playmodels Opens for a New Upside for Ukraine Oil and Gas
By: Stig Kristoffersen | 26/04/2008 | Business
The main promising prospects in the basin are Malossa-like Mesozoic carbonate reservoirs of the Andrussov and Shatshky Ridges and Mio-Pliocene prograded delta fans and turbidites of continental slope and toe. Water depths in Black Sea which are up to 2200 meters are no longer a technical problem. An important new play in the western Karkinit Trough has been revealed and could provide shallow water opportunities.
Got a Question? Ask.
Ask the community a question about this article:
Frequently Asked Questions
Multiply entry to the USA on the same trip.
By: Melbaussie | 21-07-2008
I want to visit Mexico for the day at Tiujuan from San Diego and then come back into the USA to continue my travels. This will be by land (foot or bus). About 1 1/2 weeks later i want to visit Canada for 1 week (this will be fly into Montreal and fly out of Toronto) and then return to the USA to continue my travels again. I will then return to Australia via Hawaii about 1 week later. Do I need a visa to leave the USA and return on the same trip or can I use the VWP for the duration?
Bulk LP Gas Grills
By: the griller | 21-07-2008
What gas grill(s) have bulk LP gas convertors available? Our new cottage has LP gas and I had them stem out pipe for my future grill. To my amazement, Weber has only 1 grill (Spirit 210) that has convertor to bulk LP. Does anyone know any other grill that can be converted to bulk LP?
How can the candidates handle this?
By: Lycej08 | 21-07-2008
i wouldn't know the first thing about all this hoopla as i am just a biker chick, and usually get everything for free but i found this poll thing of sorts at pollcash and it is interesting how they forming an unofficial debate/poll of sorts about this whole oil drilling thing. anywho, this is what it says in the headline: "Barack Obama and John McCain have made recent statements on US offshore oil drilling while on the US presidential campaign trail. Listen to..." read the whole marriage e story here The housing market crisis is a major issue in the upcoming US Presidential Election and has a significant impact for all Americans where Obama and McCain talk about in http://pollclash.com .just like soaring oil prices are affecting the costs of everything from food to gas and even houses rental. There are also significant issues on local and global environmental impact. While there are many issues, we need to look at our next leader and determine which will have the best course of action going forward. Both candidates, John McCain and Barack Obama are attempting to address the issue and differentiate their positions from one another. And I think that everyone is missing the point of this. We need a new resource. We need a solution to this problem not another way around it?
I have paid a turn on fee and deposit on my ...
By: kerry | 21-07-2008
I have paid a turn on fee and deposit on my account, will UGI penn natural gas turn my service on now, even though i owe from last year? Is it legal for them to let me go without heat, and refuse to turn our service back on?
Gas stations
By: Ray Risden | 21-07-2008
where are any 7-eleven gas stations near or in akron or canton, ohio??
Once I have an L1 visa extension under company x ...
By: PG | 21-07-2008
Once I have an L1 visa extension under company x. Am I free to work for another company in the US?
Q&A Powered by: 
Latest Business Articles
Water Damage & Solano County Flooding
By: Mark Decherd | 26/07/2008
If you live in Solano County, it's imperative that you are aware of the flood potential and understand the risks. The wet months run from November through April. During these months, you are more likely to experience flooding.
Is it Time to "reset" Your Business?
By: Linda Feinholz | 26/07/2008
When is 'too much to do' finally enough? I mean enough to have you reach out and slap your personal and business 'reset' button? Do you ever feel like you're buried under overwhelm? Sometimes prioritizing the to do list isn't what needs to be done.
15 Ways to Improve Your Closing Ratios and Sales Presentations
By: Katrina Sawa | 26/07/2008
It is not enough to do launching effective marketing campaigns to obtain new customers and to continually market to your existing database for more referrals and repeat business. In addition, you must be able to ask for and close the sale. Otherwise, it is a waste of time and money!
In Searching for Cost Reducitons, Look at Total Cash Flow Costs Rather Than Accounting Costs
By: Donald Mitchell | 26/07/2008
If you are a privately held company, look to reduce overall cash costs when considering alternative cost reductions, rather than the impact of reported earnings.
The More Trust, the More Time to Succeed
By: Andrew Cox | 26/07/2008
Bill Oncken, in his book Managing Management Time, says that the more trust you have with your "universe " of people, the more time you have to do the things that lead to success. Trust is hard to earn. Once lost it's hard to regain. It's the most precious asset in any relationship - at any level - at any time. Read on to see how a successful Division President builds trust.
10 Tips on the Issues With Selling Professionals
By: Drew Stevens | 26/07/2008
The world of professional selling is rich with information related to selling skills, sales training and techniques to assist professionals. However, after much rhetoric and information I am finding something completely different...a problem with selling professionals.
India - the Next Economic Powerhouse
By: Paul Hata | 25/07/2008
India is one of the fastest-growing countries in Asia. In 2006, India recorded a 1.2% of world trade share overall. The stat was picked out from WTO. The growth is mainly due to the liberalization that took place in India way back in 1991. Ever since then, there's no looking back.
Customer Service Toolkit
By: Drew Stevens | 25/07/2008
All businesses make money, yet those that are customer focused are more profitable.
More from Stig Kristoffersen
Vanco Exploration and Production Rights - Still Under Discussions - Case is Now in the International Court of Arbitration in Stockholm
By: Stig Kristoffersen | 11/07/2008 | Politics
US' Vanco delays filing lawsuit in Ukraine over canceled PSA.
The case is now in the International Court of Arbitration in Stockholm, and Vanco is preparing a lawsuit against the Ukrainian government to retain their right for exploration in the offshore Black Sea. The production sharing Agreement made is deemed not valid by the Ukrainian authorities after some irregularities were discovered regarding its award as well as some questions were risen towards the joint venture group lead by Vanco.
How to Stay Positive in a Any Work Environment - Some Simple Tips on Your Way to be in a Positive Environment and Contribute to Create One...
By: Stig Kristoffersen | 11/07/2008 | Coaching
There are several factors you need to look into when it comes to how to stay positive in any working environment.
In order to work on your positive attitude in your work environment, you need to look into
1. the work environment, then you have to look into
2. self change perspective of things and finally
3. how you can influence your environment.
6 Steps to Make Your Presentation or Speech the Most Memorable Ever Made.... Learn From the Experts - for Free!
By: Stig Kristoffersen | 11/07/2008 | Presentation
Based on 6 simple steps you can make you audience pay attention to your message. You will be able to convey the message and at the same time make them memorable for a long time.
Your speech is great when strong ideas are conveyed. If the words are soaring, beautiful, eloquent, but it is still not a great speech if the ideas are flat, empty, or mean-spirited.
The Psp Now Has a Gps-navigation System - for the Ultimate Traveller
By: Stig Kristoffersen | 10/07/2008 | Gadgets and Gizmos
Explore the PSP with GSP (PlayStation®Portable with Global Positioning System) and bring the Playstation experience wRegardless of where you go with your PSP, you can enjoy games, music, pictures, video and internet when you are on the move. Now you also can let the PSP tell you were you are and were to go.ith you.
Communicate as Well as John F Kennedy - You Can Do It, Here are the Tips on How to Do It.
By: Stig Kristoffersen | 07/07/2008 | Presentation
Communication is a powerful tool if you know how to do so. Either you work in sales or only need tips in your daily business, you will find some basic 6 steps that can improve your communication skille dramatically. Here we will tell you how John F. Kennedy was advised to do his speaches, and how other people after him adopted some of the same ideas and became successful in what they are doing.
Top 55 Cities in Ukraine
By: Stig Kristoffersen | 29/06/2008 | Destinations
Ukrainians tend to change their residence in search of better life. People from regions come in Kyiv for higher wages, while residents of Kyiv, on the contrary, rent out their flats and move to the provinces to have quiet life. So what are the most desirable cities for Ukrainians?
It the second time Focus in Ukraine makes the analysis of life conditions in 55 biggest Ukrainian cities using more than 10 characteristics.
The 5 Best Recreational Resorts in Crimea - Ukraine
By: Stig Kristoffersen | 29/06/2008 | Travel Tips
16 tour agencies and operators to name the best Crimean resorts, evaluated by price, quality, location and recreation offerings.
Iphone – the Next Wonder of the World or Just a Flop?
By: Stig Kristoffersen | 29/06/2008 | Cell Phones
I have spent some time writing about the iPhone, first about the firmware 1.0 and then some articles about the firmware 2.0 with GPS and 3G.
I have compiled all articles in one article for easier reference for you as a reader. This summary article will make it easier for you to find information about the iPhone, and be a better judge for yourself, whether iPhone is the next wonder or just a flop.
The articles are summarized according to my submission date for this specific article.
|
|
Business 
