The idea is to reach a target depth of 9,500 feet m in the Bina Bawi field around the new year, and seismic research suggests it could be 0. 5 billion barrels of oil.
Success will make Prime and its partners the first to discover new oil in the post-USSaddam Iraq.
Long before the collapse of Exxon, BP and Chevron, Prime made a bold move at a very delicate moment.
The dispute over hydrocarbons is largely at the heart of Iraq\'s civil war: Sunnis under Saddam want their oil wealth, mainly from Kurds
Control the north and southern Shiites.
On how to distribute oil revenues, factions seem to be close to federal law-
This could calm the violence. -
But who will have the final say, the federal or regional government, has been hung up.
Until all this is resolved, Uncle Sam does not want any oil company, whether it is American or otherwise, to make a deal with any group.
The State Council said as much to Prentis B.
One of Prime\'s partners, Calibre Energy\'s chief executive, Tomlinson, was called in the fall for scolding him.
\"My answer is, \'I want you to call me before we invest,\'\" blinked Tomlinson, 64.
\"There is no law to prevent us from going there, though.
\"But there is also the temptation of relatively fast and huge profits.
Excellent early investor, O-ringt-
C. inventory of bulletin boards with minimal operation (it lost $1.
9 million, income of $21,000 in 2005)
If the new stock issue starts at the beginning of this year, it can earn about $100 million.
There are other Western investors in Iraqi Kurdistan.
Adjacent to the ridge marking the Bina Bawi is a site called Taq, which has a Swiss-
Canadian oil company Addax Petrolum said 2 billion barrels of crude oil were found in September.
Norwegian explorer DNO pay last April-
There are 0. 33 billion barrels in the Tauk field.
Other exploration projects include traditional Canadian oil and Western Oil Sands.
Where is the big oil?
\"The super giant will not enter yet;
They can\'t afford the headlines.
What workers would they send there, and when they were killed, who would be willing to disclose the news to their families?
Asked Peter Newman, head of Deloitte\'s oil and gas operations.
\"In addition, these projects are too small for big companies.
\"There have been 2003 since 375-
In addition, the attack on Iraqi oil assets: a pipeline explosion, engineers shooting, and a fire in a fuel truck.
Iraq\'s oil production has declined from the pre-war level.
Between 5 million barrels and 1 barrel per day. 9 million.
Given Iraq\'s estimated oil reserves of 150 billion barrels, second only to Saudi Arabia, oil economists believe it is easy for Iraq to produce 5 million barrels a day for years.
While the Kurdish region is safer than the rest of Iraq, about half of the country\'s post-war oil production deficit is in areas where Wildcats Drill. Seventy-
Five miles from Iraq\'s largest export route-Kirkuk-Binner Bawito-Jay Han pipeline
Before the war, it transported 900,000 barrels of oil every day from northern Iraq to the Mediterranean coast of Turkey.
Lucky to do 500,000 today.
In 1927, the Turkish oil company first discovered oil in Kirkuk.
The bucket Reserve attracted Saddam\'s attention.
1970 began to \"clean\" the Kurdish areas and replaced them with Sunni Arabs. Since the U. S.
Kurds have been evacuated and recovering oil assets by allowing foreign oil companies to drill near Kirkuk.
This does not solve the problem of who owns which oil field.
Oil Minister Hussein
Shi\'ite Shahristani insisted that Baghdad would not recognize any contracts between foreign oil companies and the Kurdistan Regional Government. KRG).
KRG Prime Minister Nechirvan Barzani retorted that the Kurds, who make up 17% of Iraq\'s population, would be separated if their authority over regional oil fields were weakened.
Qubad Talabani, KRG\'s ambassador to the United States, said: \"We do not believe that the centralized oil policy has not been successful since the establishment of Iraq . \"S.
The son of the Iraqi president.
How did westerners come in?
In 2002, Jalal Talabani, then chairman of the Patriotic Union of Kurdistan (
President of Iraq now)
First production contract with Turkey\'s Petoil and Genel Enerji
According to the agreement, the Kurds received about half of their oil production.
Petoil is a small oil exploration company that owns refineries and transports oil to various parts of Turkey and is a natural recipient of Kurdish crude oil.
But petard needs a partner to take some risks and train Bina Bawi with the gold.
A Texas mining consultant who worked with Petoil many years ago suggested that the company meet with Prime\'s chief executive Richard Anderson to discuss a possible deal.
The 53-year-old Anderson flew to Ankara to talk to petroud President guttkin Kosal and general manager Ali Ak.
After months of negotiations, Prime decided in 2004 to contribute millions of dollars to Petoil\'s 50% stake in Bina Bawi and several Iraqi oil companies.
They call the new joint venture a pet. Prime.
\"We thought AmericaS.
Due to political, technical and economic reasons, the company will be an ideal partner for the region, \"Ak said in e-commercemail exchange.
\"Prime Resources is the first company to show interest.
Prime later sold its 20% stake to Calibre for $5.
5 million and 20% from Hillwood Energy-
A unit of Hillwood Development. , headed by H. Ross Perot Jr. --
For what is considered to be the same quantity.
Prime Natural is a secret company.
Ten years ago, Prime was acquired by Elliott Associates, a New York City hedge fund, and was at the helm of an old oil man.
Anderson has been working in the company since 1998;
Prior to this, as managing partner of Hein & Associates, he presided over the audit committees of oil services companies such as Boots & Coots and Grant Geophysical.
Anderson took advantage of high oil prices and sold most of Prime\'s oil and gas fields in East Texas and the Gulf of Mexico;
It retains a large stake in an oil field in Colombia.
If the investment is successful, will be the biggest investment in Prime.
The company spent tens of millions of dollars evaluating earthquake data and funding drilling workers (mainly Turks, Kurds and Romanians.
Once they find oil, there will be more spending. -
Typically for these projects, investment in pipeline and processing plants will reach $0. 3 billion or more over the next decade. Addax (latest-12-
Monthly sales: $2 billion)
Already spent $0. 124 billion.
A source close to the Taq project said the company would have to pay $3 billion over the next decade to build the infrastructure in order to get 45% interest.
7 billion barrels. (
The company recently expanded its agreement with the Kurds to include exploration work in the Kewa Chirmila exploration project, which is considered to have 0. 65 billion barrels of oil. )
This year, KRG intends to export some of its products to the regional market.
Headquartered in Geneva, Switzerland, Addax is listed on the Toronto exchange and is used to working in hard places;
It is in Nigeria with Shell and Chevron.
Its partner in northern Iraq, Genel Enerji, is a division of Turkey\'s strong Cukurova Group, controlled by President Mehmet Emin Karamehmet.
DNO has raised about $100 million for three exploration deals in northern Iraq.
Although it has to pay all the fees, this has already purchased a 55% share of any product.
DNO has an annual income of about $0. 3 billion and has an interest in the continental shelf in Yemen, Equatorial Guinea, Mozambique and Norway.
Few people can make more money than early investors did at Calibre Energy in Washington, DC. C.
Prior to field exploration in Iraq, Calibre was a small energy company controlled by senior oil worker Prentis Tomlinson with a small oil and gas outlook in Texas.
In the past 30 years, Tomlinson has run more than a dozen companies, some of which have closed down.
In the 1990 s, Mercedes-Benz energy company in Vancouverexchange-
Listed exploration companies stumbled during the development of the Oakville gas field in Mississippi, but kept alive by selling assets to high-quality natural resources.
Calibre holds a number of properties, was established in 2005 and was listed in reverse merger with a listed shell company called hard wooden doors and milling specialty in January 2006.
After raising about $18 million in private equity, Calibre acquired a stake in the Bina Bawi project in September.
Calibre has only a few wells in Texas and is still a very useful tool for its supporters.
On October, it submitted a prospectus to the Securities and Exchange Commission for the sale of 71 million shares purchased by 160 early investors but never traded in the market. (
There are only 4 million shares of Calibre today. )
The launch time of the product is consistent with the drilling end time of Bina Bawi.
Tomlinson\'s 20 million shares, recently valued at $52 million, said neither he nor any director intended to be sold in the issue.
But what can early investors gain? They paid $19.
5 million, a total of 41.
5 million shares and warrants.
Average cost per share: 47 cents.
\"This is a unique opportunity and the window is very narrow,\" said Tomlinson.
\"At a time when the war was raging, institutions in some Western countries were risking capital ---and life--
Develop and produce abundant oil.
Uncle Sam and the Iraqi federal government hate dealing with Kurds.
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