Anyone got any advice on RIFT.

I bought at 7p nearly 3 years ago. They subsequently went to 1.7p and are now back to 7p.
Are they worth holding or should I switch?

moving up wont be long now.

RNS Number : 1368I
Rift Oil PLC
14 November 2008



For Immediate Release
14 November 2008








Rift Oil plc

('Rift' and or the 'Company')

Upgrade of Discoveries

& Commercialisation Update




New Structural Interpretation




Following recent press releases concerning the results of the drilling and successful testing of its Puk Puk-1 discovery, Rift is pleased to announce the conclusions of the new structural interpretation and resources estimate for PPL 235 after receipt of the processed 2D seismic lines from our 220 km acquisition programme this summer. This data was primarily designed to better delineate the undrilled prospects of Douglas North West (DNW) and Aiema, which lie adjacent to the Puk Puk and Douglas discoveries and to better define leads in the northern part of PPL 235.




Rift can report that seismic data of high quality showing very similar gas effects (dim spots and gas chimneys) has been obtained, resulting in an upgrade of the size of our three discoveries to 769 BCF in the P50 case from 688 BCF







The new mapping also confirms that the five prospects immediately adjacent to Rift's existing discoveries at Puk Puk-1, Douglas-1 and Langia-1. These are Dougla North West, Aiema, Puk Puk-2, Douglas North and Douglas North East which all show excellent gas effect and total an additional unrisked prospective resource potential of 772 BCF (P50). Douglas North West, in particular, appears to be potentially larger than either Douglas or Puk Puk and lies across the pathway of where gas from Puk Puk spills out towards Douglas. Additional prospectivity in the region of the border between our PPL 235 and 261 licences has further potential for 676 BCF (P50) prospective resource.



In summary, the board of Rift believes that the PPL 235 licence is now demonstrating the potential to hold contingent resources of > 2 TCF of gas. Finally the Company has received gas composition analysis of the Puk Puk testing, which demonstrates relatively low levels of liquids content and a nitrogen presence of 7-9.5% (depending on pay zone). As the latter is inert, there are no safety or corrosion implications, but [net] sales gas volumes may have to be adjusted downwards by that amount. The Company is happy that CO2 and H2S are insignificant in all three zones.






Commercialisation



The tripling of potential P50 resources from earlier estimates, together with the unknown potential of the adjoining PPL261, has caused the Company to re-evaluate the commercial alternatives available to it. Rift has decided to concentrate on commercialisation opportunities provided by LNG through a floating liquifaction plant as envisaged in the Heads of Agreement with FLEXLNG where potential annual offtakes of 100 BCF or greater are planned.

Rift is pleased to advise that it has entered into a further, and more defined, agreement with FLEXLNG to commission a pipeline study and further pre-feasibility studies. The results of this study are expected by February 2009.

The Company has also entered a formal process with its Nominated Adviser RBC Capital Markets and Sydney based RFC to establish appropriate commercial partnerships for the funding of future drilling and commercialisation of PPL235 and PPL261. The Company would like to complete five wells and flow tests in 2009.




Ian Gowrie-Smith, Chairman of Rift, commented :




'We are delighted with the continuing good news from the testing and development of our Papua New Guinean assets. Rift is confident that the flow test data it has just procured, along with the newly acquired seismic data, and the current reprocessing of PPL 261 seismic data will enable us to reach an agreement rapidly with a significant partner for appraisal and development funding.'




Peter Mikkelsen FGS, AAPG, meets the criteria of a qualified person under the AIM guidance note for mining, oil and gas companies and has reviewed and approved the technical information contained in this announcement.

Good news roll on 20p next year when they announce a jv.

mitzy j/v partners will need deep pockets. Do you know how much a floating LNG liquefication plant would cost never mind to insure? The story is changing no more pipelines to aluminium plants in Australia?

Flex have 4 already.

Flex will be cheaper apparently so no need for Alcan and the pipeline.

Correction oily Flexlng has orders outstanding with Samsung to build 4 vessels the first of which is due for delivery in 2011.

Sorry halifax, I have re-read the LNG rns relating to Rift's agreement with FLEX. I missed the point at the time and you are correct in what you say about when the first of 4 floating liquification vessels will be ready.

The point that I was trying to make was that the cost of one of these vessels has no bearing on RIFT's financial resources, it is FLEXings responsibility, and them having a J/v with rift will help with any funding issues they may have had.

All in all, I don't see any long term problems for either company and am looking forward to how this one develops. I do hold and will continue to do so.

Yes it seems we will all have to be patient till at least 2011

It would appear that FLEX LNG have put an RNS about potential J/V off of PNG on their website dated tommorrow 19/11/2008. Good news sooner than expected I think.

FLEX have admitted by phone to someone on advfn, that they released a day early in error and have now amended the release date on their web site to today.

So an RNS is due tomorrow 19.11.2008 with reference to selecting a j/v partner, which would suggest more than one suitor to choose from, possibly french, and accelerating the program with regard to extraction of resource.

Oh and another thing, you have been able to buy at below the mid for most of the day.

Yes oily the RNS may be interesting perhaps Samsung can bring delivery forward so that we don't have to wait till 2011, although from the information on the Flexlng website it appears they may have commitments to Nigeria before Rift?