Check out the 8K December 11. The financing is coming. Drill ship should arrive and start drilling by Feb. 2014.
The Energy Searcher is presently listed as idle in Singapore.
HOUSTON, Dec. 9, 2013 /PRNewswire/ -- Northern Offshore, Ltd. (Oslo Bors: NOF.OL) today announced that the company has executed a letter of intent with CAMAC International Limited, an affiliate of CAMAC Energy Inc. (NYSE MKT: CAK), for the drillship Energy Searcher. The letter of intent, which is subject to customary conditions, provides for a subsidiary of Northern Offshore to work towards executing a definitive drilling contract on or before December 31, 2013.
Gary W. Casswell, Northern Offshore's president and CEO, said "We are very pleased to work with CAMAC on their development and exploration program offshore Nigeria. This letter of intent allows Northern Offshore the opportunity to relocate the Energy Searcher into a new geographical jurisdiction with robust market potential for a new client. We look forward to a successful drilling program and building a longstanding relationship with CAMAC."
The letter of intent commits to an initial contract period of one year, with an option to extend the contact for an additional one-year term. Commencement of drilling activities on the Oyo Field offshore Nigeria is expected during the first half of 2014. The contract value for the first one-year term is approximately US$100 million, excluding mobilization fees.
Volume increase. The premium S.A. article yesterday likely pushed volume and the .02 cent share increase. Don't complain, this is very under followed. This is on hold until a well is actually drilling and otherwise not much to talk about. At least there are two lease areas to drill and two deeper pocket players funding.
You must have been looking at an upside down chart. The stock has been in an uptrend for the entire last year with stairstep moves up from July to the present.
Another loss for the West (from Yahoo news post title same as Yahoo News)
MOMBASA, Kenya (Reuters) - Kenya's president inaugurated the country's biggest ever infrastructure project on Thursday, pledging his support for the construction of a $13.8 billion Chinese-built railway that aims to boost regional trade and cut transport costs.
Construction is due to start shortly on the standard gauge railway that will link Kenya's Indian Ocean port of Mombasa to the town of Malaba on its border with Uganda. It will also be extended to Uganda, to Tanzania and by 2018 to Rwanda.
From Reuters Nov 07, 2013 (Amnesty Nigerian Oil Spills) When an oil spill occurs in Nigeria, there is a Joint Inspection Visit (JIV) to determine the size and cause, which includes representatives from the oil company and the National Oil Spill Detection and Response Agency (NOSDRA).
Amnesty's report said, based on interviews, that in many cases NOSDRA has little involvement in determining the cause and size in the JIV because of a lack of capacity and funding, leaving Shell to be "judge and jury".
"This is a system that is wide open to abuse - and abuse happens. There is no one to challenge the oil companies and almost no way to independently verify what they say. In effect it's, 'Trust us - we're big oil,'" Gaughran said.
The Niger Delta has for years been plagued by a range of problems including environmental degradation, kidnappings, oil theft, armed rebellions, and conflict between communities over clean-up contracts or compensation deals.
I don't like it either. Reports have it that the pipeline leaks, it is theft, it is a formula calculation problem, it is corruption at the gov't level. Whatevewr the cause it is not good. Will the new pipeline be any better? With the continuing and escalating political situation in Nigeria I am having second thoughts regarding Nigerian Oils.
I don't want to sell the potential. Is the OYO world class? Can a small Junior Oil grow into an independent overnight. Is CAK biting more then it can chew? Can it sustain a potential MACONDO. Will it go on its own in Kenya deep water too? Will the company become debt laden and suffer a similar fate as ATPG? Does everyone want to fall for greed. Sharing the risk and sharing the profits makes sense.
It is great Oil continues to be found in Kenya. I posted once when AOIFF was in the 2$ range that I hoped Kenya could be The Oklahoma of Africa. Possible. The other day I watched a documentary on Kenya. If interested on the difficulties behind and ahead take a look at Aljazeera Kenya Documentary Video.
The oil is there a way will be found for it to be used, exported. Many will benefit, many will not. Players must tread carefully.
I would prefer being bought out by a major or mid major. My preference with companies with low S P is low outstanding shares. Insti's are unlikely to pile into a low priced stock. A mid to upper tier major would scoop the prospect.