Archive for January, 2007

BVI Company granted Oil Exploration Licence in Pakistan

Wednesday, January 31st, 2007

On last Monday the government of Pakistan granted two Petroleum Exploration Licences to the Orient Petroleum International Inc (OPII) and Zaver Petroleum Corporation Limited (ZPCL). OPII is a Joint Venture incorporated in the British Virgin Islands and functioning as Operator, and ZPCL is registered under the laws of Pakistan.

The licences were provided over Marwat Block 3170-2 covering an area of 1792.87 sq kms, and Maharvi Block 2972-3, covering an area of  2359.85 sq kms. It is said in a press release that the Marwat Block is located in the NWFP Province (Zone-I), and Maharvi Block ies in Bahawalpur, Bahawalnagar and Vehari in the Punjab Province (Zone II).

The BVI-domiciled Joint Venture is going to invest in both blocks US$4.8 million during initial term of three years. During this initial period, both companies will carry out geological and geophysical studies, 2D seismic acquisitions and drilling of one exploratory well.

Orient Petroleum International Inc. is an oil exploration and production company, which started petroleum exploration business in Pakistan in 1979. The company is producing crude oil/gas/condensate, and LPG from thirteen different fields. Current daily average production from the fields operated by OPII is 101 MMCF of Gas, 1732 barrels of oil/condensate, and 58 MT of LPG.

ZPCL is the private sector Pakistani company, which was incorporated in 1991 and has been actively involved in E&P activities.

The Licences and Petroleum Concession Agreements were signed by Ahmed Waqar, Secretary Petroleum and Natural Resources on behalf of the President Musharraf, Muhammad Naeem Malik, Director General Petroleum Concessions, Anwar Moin, Chief Operating Officer of OPII, and Usman Khattak Chief Operating Officer of ZPCL.

Great Western Diamonds enters into agreement with BVI-registered Santa Elina Mines Corporation and expands exploration into Brazil

Monday, January 29th, 2007

Great Western Diamonds Corp. has reported that it has entered into a Memorandum of Understanding with Santa Elina Mines Corporation, which is incorporated in the British Virgin Islands and acts through its Cyprus Branch, and Peter Marrone of Toronto, to acquire for shares and warrants, a 100% interest in 80 Exploration Permits, totaling approximately 690,000 hectares, and 17 Applications for Exploration, totaling approximately 140,000 hectares, known as the Rondonia Diamond Project. Rondonia is a state in the west central region of Brazil.

Great Western Diamonds will purchase all the shares of a subsidiary of Santa Elina, which is the indirect holder of the property. Under the Memorandum of Understanding, 29,633,333 common shares and 14,111,111 common share purchase warrants will be issued to BVI-based Santa Elina, or its subsidiary, and to Mr. Marrone, to satisfy the purchase price of $13,335,000. Each warrant will be exercisable for the purchase of one share, at a price of $0.60 for 24 months after closing.

Completion of this transaction is subject to a number of conditions, including a concurrent private placement to Santa Elina and Mr. Marrone, which will involve units of GWD, for proceeds of not less than $0.60 for 24 months; the negotiation of definitive agreements, due diligence satisfactory to all parties, TSXV and all other applicable regulatory approvals approval of board and shareholders.

President & CEO of GWD, Brent Jellicoe, has said that GWD will apply its extensive diamond exploration expertise to highly-prospective diamond projects in other geographic areas such as Brazil. Also, GWD welcomes the involvement of Peter Marrone and Santa Elina to expand its exploration opportunities.

Prior work on the Rondonia Diamond Project was conducted by De Beers about 30 years ago, and revealed 12 kimberlites in three separate clusters. Additional exploration work was recently finished by BHP Billiton, under an earn-in agreement with Santa Elina. This included ground and airborne magnetic surveys, hand dug pits and auger drilling with the purpose to acquire small samples for diamond recoveries. Currently the project is at an early stage of exploration, and work remains to be done in assessing the potential of previously identified kimberlites, and in finding new kimberlites.

Great Western Diamonds Corp. is an exploration and mine development company, focusing on several diamond projects; the core project is the 100%-owned Candle Lake Diamond Project in central Saskatchewan.

BVI-based Pulp Importer to sell its 51% stake to Dragon International Group

Friday, January 26th, 2007

On January 16, 2007 Dragon International Group has announced entering into a stock purchase agreement with BVI-registered Wellton International Fiber Corp. According to this agreement, Dragon is purchasing 51% of Wellton International Fiber in an all stock transaction.

Wellton International Fiber, which is domiciled in the British Virgin Islands and based in Hong Kong, is an importer of market pulp in China. In 2006, Wellton generated approximately US$18.5 million of revenues, with over US$1 million in net income. Based on the audited net tangible assets of Wellton, Dragon will issue restricted shares of its common stock. The shares will be issued upon completion of auditing at the closing of the deal, which is expected by March 31, 2007. Dragon expects to issue shares not to exceed a value of US 1,500,000.

The chairman and CEO of Dragon International Group, David Wu, has commented, “We feel confident in our ability to merge the Wellton operations into our own and achieve synergies that will enhance both our operations.“

Gemini II Oil and Gas Fund has raised $140 million from the BVI-based Gemini I

Tuesday, January 23rd, 2007

Gemini Oil & Gas G.P. Limited (Gemini I) has announced the final close of Gemini Oil & Gas Fund II, L.P., which took place on October 31, 2006, raising a total of US$140.275 million.
Alastair Woodrow, a founding partner of Gemini Oil & Gas Advisors LLP, which include fund of funds, endowment funds, family offices and corporate investors from the US, the UK and Europe, has commented, “We are very pleased to have attracted such a broad group of high quality investors – which for some represented their first investment in oil and gas real assets. The significant amount of money raised endorses both the ongoing investment strategy and the team developed for Gemini I.”

Simon Oddie, Co-Founder of Gemini Oil & Gas Advisors LLP, has added, “We are seeing a very strong deal flow on the back of increased exploration and appraisal activity particularly in the North Sea, and Gemini II is ideally suited to capitalise on these and other investment opportunities.”

Gemini I is a closed-ended international oil and gas royalty fund, which was registered in the British Virgin Islands in June 2000, and had its first closing in November 2000. Gemini II is an international oil and gas royalty fund which was established in Jersey, Channel Islands, in June 2005, and had its first closing in July 2005. Gemini II has raised investor commitments of the total amount US$ 140 million, which is a significant increase in size from the BVI-based Gemini I, that raised US$30 million of capital. All of that amount was committed to projects, as Gemini I developed a strategy of acquiring oil and gas fields through provision of investment funds to companies. The BVI-registered fund has completed ten investments in eight countries, and is receiving revenues from nine investments.

It is expected that Gemini II will invest more in the projects in Western Europe, Central and Eastern Europe, North and West Africa. The timing of Fund operations will be eight years, with a four year investment period. The Fund has already made two investments since the close.