The other thing I've been thinking about recently was Rob Shepherds comments about the discoveries off block that they would like access to.
I know the East may be out of their hands at the moment (unless they farm into it) as Afren stated in their IMS on 1st November that they have agreed to 2 new PSC's with the CIV government which extends north and south of their current PSC so pretty much takes all the acreage to the east of CI-202.
However, I know he mentioned stranded discoveries to the west too, and the biggest discovery there was Belier, which was discovered back in the 70's but has been shut in since the early 90's.
I've done some research to try and find out who has that block, and back in 2010, it was owned by Edison Intl, Kufpec Petroleum and Svenska Petroleum.
As far as I can tell, they didn't try to develop Belier but went on the exploration front and found a small gas deposit (Virgo) before first Svenska and then Kufpec gave back their interests. I can't find anything that states that Edison are still the operator, and the block just seems far too small for a company of their size, so I wonder if this is a possible new block for RIA. Would be a nice little bolt on acquisition for them, which I guess would be fairly cheap as it would be a licence acquisition and not a farm in and the funding would be over several years as part of an exploration period.
It would be great to throw a little gem in there on this, when they announce the new PSC. It will show that the new BOD are certainly looking at doing whatever they can to recover what they can from the mess we were left in by Jeff Schrull and his cronies.
RIA Price at posting:
4.4¢ Sentiment: LT Buy Disclosure: Held
