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   Gold/Mining/Energycoastal caribbean (cco@)


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To: DrAllan who wrote (4654)12/12/2007 2:34:57 PM
From: Edwin S. Fujinaka
   of 4686
 
Just for the record, I am mostly out of COCBF at this point except for a few shares that are in a drawer at home that I got in a rights offering via direct purchase from the Company (idiot that I was :-). this article is interesting in an academic way:

americanthinker.com

December 12, 2007
Brazil's offshore oil bonanza may be even bigger
Thomas Lifson
We have covered with great interest the discovery of a huge offshore oil field by Petrobras, the Brazilian oil company. The Tupi oil field was reckoned to contain as much as 8 billion barrels of oil, an as-yet unknown fraction of which will be recoverable, but almost certainly a few billion barrels if past experience is any guide.

As was hinted at the time, a neighboring offshore tract shows promise of being far larger in terms of its oil potential. Recognizing this, the government of Brazil has postponed the auction of drilling rights in an area geologically similar to Tupi, in order to gather and analyze further information on its potential. Bloomberg reports:

A geological formation beneath a 2-mile (3.2-kilometer) layer of salt in Brazil's Santos offshore basin, is larger than Tupi and, if oil bearing, may contain "significantly more'" oil than Tupi, Gustavo Gattass, an analyst with UBS Pactual in Rio de Janeiro, said in a note to clients.

Petrobras, as Brazil's state-controlled oil company is known, Exxon Mobil Corp., Royal Dutch Shell Plc, Repsol YPF SA, BG Group Plc, Hess Corp. and Galp Energia SGPS all have concessions in the neighboring area, Gattass said, referring to the formation as "Sugar Loaf."

"Through crude measuring it appears that Sugar Loaf's area is about five times larger than that of Tupi," Gattass said, citing former Petrobras geologists and studies of Tupi and Sugar Loaf. "We expect the first announcements of a find over the next two months and test results between four and seven months."
An informed industry observer tells me that a figure of 21 billion barrels is being mentioned as a rough estimate of the potential of Sugar Loaf. Of course, at this stage it is all guesswork. For comparison, Saudi Arabia's petroleum reserves are officially reckoned at 260 billion barrels.

Even better news: there are other similar geological formations in the Santos Basin area. The ultimate potential of the area is unknown, but potentially gigantic: a multiple of the figures being mentioned today.

Brazil emphasizes the production of ethanol for domestic consumption, a solution that makes far more sense in a tropical country which produces energy-rich sugar cane than it does in the more temperate American corn belt. Because of this, much of Brazil's oil may be offered for export on the world market. Hugo Chavez will not like this.

The fact is that the potential for deep oil in offshore Brazil is but one example of the as-yet unexplored potential of other territories, such as ANWR, federal lands in the American West, and offshore in the Gulf of Mexico, where oil development is officially banned. When oil production is banned, there is no incentive to conduct the expensive tests which could give us better data on the development potential.

Scare-mongers would have us believe that "peak oil" production has been realized, and that we face a future of increasing scarcity and economic chaos. But when governmental restrictions are loosened, and the human mind is unleashed and driven by the potential for profit, experience suggests that previously ignored, missed, or misunderstood potential will be realized. Doom-sayers have been with us throughout recorded history. Sometimes they have been vindicated, but mostly they have been wrong.

Hat tip: Ed Lasky
Posted at 12:32 PM | Email | Permalink

Page Printed from: americanthinker.com at December 12, 2007 - 02:23:16 PM EST

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From: jyoung3/25/2008 2:46:35 PM
   of 4686
 
Is anyone still looking at this stock? I have not seen a post on this stock for a while.

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To: jyoung who wrote (4656)4/4/2008 6:10:40 PM
From: DrAllan
   of 4686
 
I watch the stock everyday stay stagnant or go down. What is there to say except "pathetic"?

Dr Allan

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To: DrAllan who wrote (4657)4/11/2008 3:36:35 PM
From: Edwin S. Fujinaka
   of 4686
 
4.3 billion barrels (LOL)

Does Coastal have the rights to the oil shale?
Huge Oil Reservoir May Lie Under Northern Plains

foxnews.com
Thursday , April 10, 2008

The government estimates up to 4.3 billion barrels of oil can be recovered from the Bakken shale formation in North Dakota and Montana, using current technology.

The U.S. Geological Survey calls it the largest continuous oil accumulation it has ever assessed.

An assessment by USGS in 1999 found the Alaska National Wildlife Refuge had 10.3 billion barrels of recoverable oil, said Brenda Pierce, a geologist for the agency

• Click here to visit FOXNews.com's Natural Science Center.

The Bakken Formation encompasses some 25,000 square miles in North Dakota, Montana, Saskatchewan and Manitoba.

About two-thirds of the acreage is in western North Dakota, where the oil is trapped in a thin layer of dense rock nearly two miles beneath the surface.

Companies use pressurized fluid and sand to break pores in the rock and prop them open to recover the oil.

Donald Kessel, vice president of Houston-based Murex Petroleum Corp., said he believes the Geological Survey's assessment of how much oil can be recovered in the Bakken may be a little on the high side.

"That's a lot of zeros," Kessel said Thursday.

Kessel said his company was the first to get a producing well in the Bakken in North Dakota three years ago. The company now has about 20 producing wells.

The report released Thursday by USGS was done at the request of Sen. Byron Dorgan, D-N.D., over the past 18 months.

A study by the USGS in 1995 found 151 million barrels of oil could be recovered from the Bakken using technology at that time.

"This is great news," Dorgan said of the new report. "This is 25 times the amount of the previous assessment."

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From: DrAllan6/9/2008 3:16:41 PM
   of 4686
 
To All

Some volume today with slight bump up of the stock price.
Does anyone know if anything is happening?

Dr Allan

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From: gjc26/11/2008 4:19:17 PM
   of 4686
 
It's been months since the first well has been "spudded" how long does it take before we know if the well will be productive?

CCO's website has been down for a few days, what does that mean?

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To: DrAllan who wrote (4659)6/18/2008 1:09:58 PM
From: mariechoate
   of 4686
 
Now that Coastal does not have the Florida leases, Florida's governor is considering allowing drilling off the coast of Florida. I wonder if Coastal has any recourse if the leases are made available to other companies?

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To: mariechoate who wrote (4661)6/18/2008 1:39:04 PM
From: DrAllan
   of 4686
 
To all

Good question Marie. I wonder if Ed knows? And coincidently the COCBF web site remains down. What gives with that?

Dr Allan

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To: DrAllan who wrote (4662)6/18/2008 2:29:38 PM
From: mariechoate
   of 4686
 
Didn't know about the web site. I think that Ed still monitors this board ocassionally. The following is a news article concerning offshore drilling in Florida:

Fla.'s Crist has new view of offshore drilling ban
By BILL KACZOR (Associated Press Writer)
From Associated Press
June 18, 2008 10:06 AM EDT
TALLAHASSEE, Fla. - Gov. Charlie Crist has dropped his long-standing support for the federal government's ban on offshore oil drilling and endorsed Republican presidential nominee-in-waiting John McCain's proposal to let states decide.

The governor said he reversed his position because of rising fuel prices and states' rights. Crist is considered a possible running mate for the Arizona senator.

"I mean, let's face it, the price of gas has gone through the roof, and Florida families are suffering," Crist said Tuesday. "And my heart bleeds for them."

Also backing offshore drilling is President Bush, who urged Congress on Wednesday to lift the drilling moratorium that has been in effect since 1981 in more than 80 percent of the country's Outer Continental Shelf.

Democrats immediately pounced on McCain's proposal, saying countries that allow offshore drilling have even higher prices and that oil companies don't need more offshore drilling areas because they have failed to fully exploit their current leases.

Last year, Crist had urged federal lawmakers to reject legislation, which they did, that would have allowed drilling as close as 45 miles off Florida's beaches. He also supported the ban during his 2006 campaign for governor.

Most Florida politicians have opposed drilling because they fear it would harm beaches vital to the state's tourism economy and interfere with weapons testing and training in and over the Gulf of Mexico by Florida military bases.

Democrats also argued additional offshore drilling would not affect prices set on the world market.

"It would only increase oil companies' record-breaking profits," said Florida Democratic Party spokesman Mark Bubriski.

He compared Crist's reversal to his recent proposal for a temporary reduction of Florida gasoline taxes after McCain made a similar proposal at the national level. Sen. Barack Obama, the presumptive Democratic presidential nominee, criticized it as a campaign gimmick.

"If John McCain jumps off a cliff, will Charlie Crist jump, too?" Bubriski said.

Eric Draper, policy director for Audubon of Florida, said it would take 10 years to produce energy from new offshore leases even if exploration started now. He said conservation is a better solution.

"If you had an oil leak out there, an explosion, you would end up damaging all the beaches on the Gulf Coast," Draper said.

Crist said he was unsure whether the Florida Legislature would approve drilling, but he said it's something lawmakers should at least study.

He said protecting the environment should be balanced against economic factors.

"We're a tourist state," Crist said. "We have to protect the beauty of Florida, but we also need to have people have the opportunity to drive here and be able to afford to do that too."

Crist, though, acknowledged even if Florida decides against drilling the state's beaches could be damaged by pollution from neighboring states. He said he hoped improved technology would reduce the chances of that happening.

David Mica, executive director of the Florida Petroleum Council, said the industry already has changed since the moratoriums were put in place.

"Technologies that we use and the extraction of oil and gases is much more compatible with offshore resources and protection of the environment," Mica said

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From: gjc26/18/2008 6:50:36 PM
   of 4686
 
The website being down means one of two things. Either there will soon be a new “Eureka We Struck Oil” website or Phil Ware doesn’t have the couple hundred bucks needed to pay for the hosting.

I'm hoping for the first option.

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