looks like its hit oil, don't know whats gonna happen, any idea's ???

A YORKSHIRE firm is bidding to become one of the first private companies in the UK to play a major role in developing Libya's vast oil fields.

Gary International, which is the principal client company of Beverley-based The Pacific 1899, has signed an agreement with Northern Petroleum to explore for oil in the former pariah state.
They are looking for investment partners to help them win licences to drill for oil in fields which are expected to contain reserves worth billions of pounds.
The Pacific is the UK service company for Gary International, which has traded in Libya for 28 years, while London-based Northern Petroleum already has oil and gas interests in the UK, Spain and Italy.
John Hart, the Pacific's head of finance, said the agreement followed two years of informal talks with Northern Petroleum, which is listed on the Alternative Investment Market (AIM).
Libya has started to rejoin the international business community following its decision to renounce terrorism.
"For many years we have been seeking a UK oil exploration company to help in our ambitions to explore and eventually produce oil in Libya,'' said Mr Hart.
"The embargo against Libya has recently been lifted and Libya is wishing to develop ever stronger ties with Europe and the UK. We have found a very favourable response to our overtures regarding oil exploration investment in Libya." Mr Hart said Gary and Northern Petroleum were 50/50 partners in the joint venture, which planned to enter the next bidding round for stakes in oil fields.
On average, five test wells have to be drilled before engineers strike oil. Altogether, Mr Hart believes the joint venture needs guarantees of 200m. Gary International is hoping to raise 16m and is seeking backers to make up the shortfall.
"There is fantastic potential in Libya," he added. "Northern Petroleum are offering to give us all the back-up we need with their expertise in the business."
Mr Hart said there were tremendous opportunities for businesses wanting to seal contracts in Libya.
Earlier this year, Gary International signed a 13.8m deal to build a sewage plant on the outskirts of the capital, Tripoli.
The Pacific recently contracted a controlling stake in Gary, which has traded in Libya since 1976.
Initially, Gary acted as agents for phosyn fertilisers. It later diversified from agriculture into industry, securing contracts to build sewage and water treatment works, roads and factories. One of Gary's sister companies, Halcyon Hydrocarbons, has been invited to negotiate for oil leases by Libya's National Oil Corporation.
Prime Minister Tony Blair's meeting with Libyan leader Muammar Gaddafi in March marked the latest step in Libya's rehabilitation.



http://www.yorkshiretoday.co.uk/ViewArticle2.aspx?SectionID=1299&ArticleID=865564

Thanks for the information, very interesting. I believe this stock has alot of upbeat. I heard rumours that they are to announced some drilling report in Italy within a month.

They are liable to float off their Italian interests on OFEX in the next month.

From the Chairman statement

Italy - "I believe that our position in Italy is not fully recognised...We have now been awarded, or have outstanding applications for, an area covering 8,393km2 , equivalent to about 42 North Sea blocks...A certain amount of patience has been needed, but now it is time to draw more attention to an asset that could be described as very significant. However viewed, it is not small.


This has the potential to be a multi bagger but then I am biased I own a few.

Whats a multibagger?

Price increased by a multiple of times

Looks very promising up slightly today.

I am in a good position to see (physically) when drilling occurs in Hedge End M27 junction. It is not yet happening. Any ideas as to when?

Does anyone have any ideas as to why the sp has been creeping up over the past weeks?

NP

I think there is announcent on the Italy drilling report which is coming soon.

hence the large number of trades recently

Cheers guys

NP

np1009440, do you have a big holding??

enough to keep things interesting - 40000.

Bouldnor Copse drilling: approval recommended! (conditionally... the decision is made by a committee which meets next Tuesday evening 26th Oct)

http://www.iwight.com/council/committees/Mod-development_control/26-10-04/paper%20B1.htm

Company info suggests they will drill Sandhills-2 (already approved) and Bouldnor Copse-1 back to back, so this approval is the key to early progress at a guess.

Lets see if this kicks off another rally... last time I predicted a 5th wave, still could happen near term IMHO

At last things have been very quiet of late - I was dying for some news. Blue today!

Any news on planning permission?

More oil testing approved
Northern Petroleum says it's being allowed to test for oil at another site on the Island. The company's plans for temporary drilling at Bouldnor Copse near Yarmouth have been approved by councillors tonight. A report from planning officers had recommended the plans could go ahead with a string of conditions to prevent environmental damage. Northern Petroleum already has permission to test for oil at a separate site near Porchfield.
Taken from Isle of Wight radio news. Hope rig is on the way there now!

Planning permission granted

http://www.uk-wire.com/cgi-bin/articles/20041027070000p203c.html

Pity no mention of drilling start date. Surely rig is lined up !

I heard the its probably January before they can start then will take 3/4 weeks to find out whats there.