From the latest company's drilling update....17 Feb

http://moneyam.uk-wire.com/cgi-bin/articles/200402170700084897V.html

Can anyone with mining knowledge explain these terms....

What does sidetracking mean? Approx how ong will that take?
Approx. how long will it take to correct a deviated section?
Is 'crude oil in shale samples' a good indication that there is oil?
Is 'Gas-bearing porous sands being logged' a good indication that there is gas?
Basically what does logging involve ?

Any views re AEX potential??

Regards
Stephen

Many thanks PM

I appreciate its still early days but its good to have some ballpark figures to throw around. Keep up the good work. :)

PM 1: Thanks for all the info on Zaruba, it's saved me a lot of research on the web.
Topped up my ISA with another 50k shares this afternoon, just as they narrowed the spread and got them @ 15.75. Much easier buy than it was on Friday- presumably has been some profit taking which improved liquidity.
sd.

Squidd Hi,

Here's a bit more for you :)

Cheers,
PM

http://www.nestro.ru/www/nestroweb.nsf/main_eng

Zarubezhneft is the leading foreign economic enterprise in the oil and gas industry of Russia, which has a long and rich work history.

Our priority fields of activities have always laid in development and implementation of complex oil and gas programs and projects abroad, covering all stages from exploration to facilitation of oil fields on land and offshore.

Thanks to the high professionalism of its employees, use of extensive experience, gained during the years of work, coupled with the latest scientific achievements in the oil and gas sector, the enterprise has won a reputation of a reliable partner in the market.

During the last few years the enterprise achieved much success: the geography of projects became considerably wider, new prospective fields of activities are developing, several new joint ventures were set up. The input of Zarubezhneft into the federal budget increased significantly and remains at the high level of over USD 0.5 billion per year.

Nevertheless, we regard this success only as a start for Zarubezhneft to turn into an enterprise which, without a doubt, will take a worthy place among the leading oil companies of the world.

Director General of "Zarubezhneft"
Nikolay Tokarev


The main objectives of the Company's activities are organization of the effective work in the Russian Federation and abroad in order to satisfy social needs in the Company's activities results and to receive profits, taking into account securing of the state interests of the Russian Federation.



The priority fields of the Company's activities are:

exploration, development and operation of oil and gas fields abroad;

design, construction and operation of oil refineries, tank farms and pipeline systems;

application of advanced Russian technologies for oil field development;

testing and export of modern hi-tech methods for oil recovery enhancement;

export-import operations for technological equipment supply.
In the process of development and implementation of integrated oil and gas projects Zarubezhneft carries out the following operations:

oil and gas field exploration, including engineering, geological and geophysical surveys;
drilling, testing, exploitation, workover operations and abandonment of prospect, exploration, cored, producing and injection wells;
oil and gas field development, including construction of pipelines, oil and gas gathering, separation, measurement and transportation facilities, installations for the injection of water, gas and other working agents as well as construction of production support and general purpose facilities;
oil and gas production, treatment, transportation, storage and marketing
construction of offshore facilities (platforms, units) for well drilling, oil and gas production, water injection and products shipment;
oil refinery construction, upgrading and operation, oil and gas refining and marketing;
design, construction and operation of transportation and pipeline systems;
foreign economic activities, including export-import of hydrocarbons and hydrocarbon products, including the state share of hydrocarbons produced on oilfields developed under PSA terms;
scientific research, design and development works with the view of improving the existing and creating new methods and technological means for oil and gas field exploration, development and production;
preparation of engineering, design and account evaluation documentation for field exploration, construction and development operations, construction and upgrading of production and general purpose facilities; appraisal of projects prepared by contracting organizations;
services for operations security and environmental and subsurface areas protection; environmental condition monitoring;
emergency, security and recovery works;
personnel training, selection and job placement of Russian specialists abroad.

WOW !!!!

PROFILE, Magazine, February 03, 2003

Interview with the General Director of the State Enterprise Russian Foreign Economic Association Zarubezhneft.

By Ekaterina Drankina.


Half a billion US dollars. This is the annual input into the budget made by the state enterprise Zarubezhneft, which is respectably called The wallet of the President. The head of the enterprise Nikolay Tokarev has a reputation of a verny putunets Putins stalwart. He is very careful about what he says on the tricky subject of Iraq (the enterprise has been working there for a long time and is not going to leave this country in spite of everything), but he really enjoys himself, remembering the file, which contains all the materials about the Russian oligarchs, reaching out for Zarubezhneft.

Read the rest of the interview here ....

http://www.nestro.ru/www/nestroweb.nsf/554c7e081b919700c3256c2100282e3c/1781e257660fea9bc3256cdb00389a99?OpenDocument

ready for next jump.

ready for next jump.

ready for next jump.

Bank of England Governor in Oil Cost Warning

----------------------------------------------

Mervyn King, Governor of the Bank of England warned yesterday in an
interview with the Belfast Telegraph that:

"Some of the increases (in the oil price) in the last couple of
weeks are almost certainly temporary but the big increase over the
last year will remain.

"Those increases are the result of strong global demand for oil,
particularly from China, and the price of oil futures shows that the
markets do not expect an early revision to the low oil prices we had
got used to a couple of years ago."

To examine the investment opportunities that we believe now exist
through investing in energy stocks, Investec Asset Management will
be hosting a Global Energy Funds Conference call featuring Tim
Guinness, Manager of Investec's US$1.15bn* Global Energy Funds on:

Wednesday 21st September at 2.30pm (UK time)

To find out more, or to register please visit:

http://www.ProcessRequest.com/apps/redir.asp?link=XcbgiddcCF,ZcbdjibghiEF&oid=UdbggBG&iclitemid=YcdgiaafbCF&tid=WiafbicCE

Kind regards,


David Aird
Managing Director
Investec Fund Managers Limited

Hi All,

Nicely up 5.5% today, still going for more later methinks.

I E-Mailed Edison Research to ask them when the next note would be out, they replied as follows ....

-----------------------------------------------
note has been held up due to the nature of news flow on the company but as you say things are looking good with the support of a strong oil price - need to see how drilling goes in Tanzania.

kind regards,

Fraser Thorne

Managing Director
Edison Investment Research Limited
-----------------------------------------------


Cheers,
PM

Only 280,000 sold so far, and 1,217,821 bought !

It's only going one way still, following the RNS yestaerday, and more MM buying(buy signals ?) this morning ....

Cheers,
PM

Hi
Been on holiday with the children, I see AEX is doing well as expected. I forgot to leave a note for BLR. Its been doing well. There is still more upside to come.

Diana Hi,

You reckon ????

Any particular reason ????

Cheers,
PM

Ah, there's the reaosn for the spike this afternoon:

228k, 225k and 237k Delayed deals all at 16.75p

Thats the second raft of three trades in size today. Someone likes AEX.

Quite right too! A very nice end to the week.

With the close at 17.5p, we are almost at the one year breakout, that should occur next week. 27p is the 3 year breakout target.

Also the 50 M.A is shown heading towards the rising 200 M.A ready to hopefully form a 'Golden Cross', one of the most bullish signals ever, signifying a long bull run, AFTER the cross.

MM's are pushing up the price, and each time you see them buy, it is followed by a .25p rise. We also have others accumulating AEX, as shown by todays buys.

This all leads me to think 20p to 27p is on the cards within 2-3 weeks.

Published September 02. 2005 1:15PM

North Korea Envoy, U.S. Lawmakers Meet

North Korea's chief envoy for talks aimed at ending its nuclear weapons ambitions met visiting U.S. lawmakers Friday as the communist country criticized joint military exercises between the U.S. and South Korea.

Kim Kye Gwan was present at a meeting between North Korean officials and the U.S. delegation led by Rep. James Leach, R-Iowa, the Korean Central News Agency reported in a short dispatch, without providing details of the talks.

Kim Yong Dae, vice president of the Presidium of the North's Supreme People's Assembly, was also at the meeting, according to KCNA.

Leach and Rep. Tom Lantos, D-Calif., met Foreign Minister Paek Nam Sun in Pyongyang on Thursday.

Also Friday, an unnamed spokesman for the Committee for the Peaceful Reunification of the Fatherland said the annual U.S.-South Korea military drills show "who is chiefly to blame for disturbing peace on the Korean Peninsula and escalating the tension and confrontation."

The Ulchi Focus Lens exercise, which is largely a computer-simulated war game, ended Friday after a 12-day run.

The six-party nuclear talks went into recess last month after failing to agree on a statement of principles meant to lead to an overall resolution of the nuclear standoff.

The talks - among the two Koreas, the United States, China, Japan and Russia - were supposed to resume this week, but the North said Monday it wants to resume the talks during the week of Sept. 12, citing the military exercises

Russia approves date for resuming North Korean nuclear talks

13:49 | 02/ 09/ 2005

BEIJING, September 2 (RIA Novosti, Alexei Yefimov) - Russia approves of North Korea's proposal to resume six-party talks over the nuclear problem on the Korean Peninsula in mid-September, a Russian Embassy spokesman in China said Friday.

On August 29, a representative of the North Korean Foreign Ministry said that Pyongyang was ready to resume the talks, which involve North Korea, the United States, China, Russia, South Korea, and Japan, during the week beginning September 12. The Chinese Foreign Ministry has also agreed to this date.

The fourth round of talks, which started on July 26, was suspended on August 7.

Close up of the 50 M.A about to cross the 200 M.A to form a 'Golden Cross'. This is a TWO MONTH chart, so as you can see, there is not long to go !!!!



The Golden Cross is a very rare signal under normal market conditions and is one of the most significant bullish signals to be generated by any trading system. It almost always precedes a significant bull run in the instrument. To form a golden cross, the 50 day moving average must cross from below the 200 day moving average to above the 200 day moving average, whilst the 200 day moving average must also be rising. It is particularly important that the 200 day moving average is rising, since this often provides support for the coming rise. It signifies that the instrument has truly bottomed out and is beginning a new and major bull run. Confirmation that the market has finally begun to turn bullish when Golden Crosses appear in the indices and in many of the underlying companies.

Very tempted to top up!

Would break my rules on speculative sp which usually serve me well but even so..............very tempted!

PM 1: Many thanks for the added info on Zarub, and the update on the political situation. Clearly, Zarub are valuable travelling companions to have aboard, particularly as they may be holding important seismic data. The news prompted me to scour my portfolio for any under-performers that might fund a top-up in AEX, and it obviously encouraged others to do likewise. Your predictions for the sp happened very quickly, and I sense there us more to come, maybe a lot more.
sd.