Eboroil Udmurtia Inc (EUI) (27%)
EUI was established on 22nd March 1999 in Panama to provide the credit financing for three licences held by the Udmurt Oil Company (UOC) containing the Patrakovskoye, Tsentralnoye and Turetskoye oilfields in the Republic of Udmurtia, Russia. The company had discussions with a leading Norwegian financial house and a major London financial institution on completing a private placement which would allow EUI to finance UOC with USD 85 million.. In October 2001 Sidanco has acquired 80% of the UOC and they informed EUI that they no longer required financing or technical assistance for UOC.
EUI is starting to market its services and look at farm-ins both onshore and offshore. IThe concept is to assist oil companies that have difficult to produce reserves where Eboroil will be responsible for marketing the production, the well productivity, and the project finance. EUI is actively seeking oil companies to contact it where drilling results have been disappointing and our expertise plus financing ability might lead to a field development/redevelopment.
The production enhancement services organised by Mr Cobbett in Lithuania for Genciu Nafta increased production on G-2 from 1 bopd to 1000 bopd and the Mumbai High wells has gone from 200/250 bopd to an average over 1100 bopd with the first two wells coming in at 1700 bopd and 3400 bopd respectively. Every field is different and EUI has a toolbox which is applied and therefore requires a consultancy period prior to operations. EUI charges a percentage of the increase in production for the life of the licence for this service.
In January 2007 it was agreed that EUI would take a minority position in an Angolan controlled company to provide this technology both on and offshore Angola.
On 6th April 2006 the followiong Board was elected at the AGM of EUI
Anthony Patrick Haynes - President
Michel Andrey - M.D
Guido Verschroeven - Legal
Per Holter-Andersen - Subsea
Kevin Oliphant - Construction
James Cobbett - Drilling and Production Enhancement
At the AGM it was decided to capitial dividend out the activities that could attract a fair valuation in the market and the first project is Ebordiesel.
Ebordiesel Ltd, Ireland under formation (25%)
In 2004 Hamburg Technical University published some papers on transforming straw into diesel by using heat and a catalyst. In conjunction with Limerick University EUI sponsored some tests at Hamburg to see if a better result was possible with refinery residuals. At presnt the hydrocarbon content of the char is unknown but tests show double the yield even if not all the hydrocarbons were recovered in the static test at Hamburg University. A continuous test set-up is planned for 2008/2009.
Limerick Unversity concur with our opinion that a clay based catalyst might perform as well as the present catalyst and be cheaper and patentable. It is intended to make a catalyst with 15Å holes with Limerick University. Discussions with Birmingham University on the use of a natural zeolite catalyst have started simultaneously.. A definite inquiry has been received from Russia for a 480,000 tons throughput.
The aim to take the company to the market when employment contracts have been concluded. It is assumed that the company's frame agreement with an oil major will be extended to cover the products from theses plants.
In a separate initiative it appears that the technology can be applied to the bitumin from tar sands and discussions on how it could be applied in Canada have started with concession holders.. Limerick has devised a testing procedure so that off 20 grams of input material we can predict the yield potential. Samples of the bitumen and the tar sands themselves have been requested. It is expected that the process can revolutionise the environmental aspects of processing of tar sands by not needing water or gas for the separation process. Also the product is a diesel distillate as opposed to synetic crude and thereby commands a premium.
Eborpower Ltd, Gibraltar- under feasibility - (25%)
During the EUI's 2006 AGM it was proposed that EUI should consider selling elecricity to the UK grid from the energy of ocean currents and it was agreed that the company would see if it could contribute to the 3GW requirement by 2010 by the UK Government for power from renewables. It was thought that the combination of project finance expertise together with subsea and construction contracting would make EUI very competitive in this emerging market.
Investigations have started with a number of turbine manufacturers one of which is testing a 6m unit in Orkney at the moment. It is apparent that transmitting power at 245kv over 150 km gives acceptable power losses. Talks have started with offshore contractors to supply the cable and transformers for a 2010/12 start up. The moorings for the turbines and their maintenance are yet to be costed. It is expected that current data collection and reliability tests will occupy 2008/9.
The next step is to locate a site for the project. The locations found in the UK were not unidirectional and the Authorities say a unidirectional current of 2 knots or more will not be found. References to currents over 2 knots in the Gulfstream and the current in the Straits of Gibraltar have been found.
Multi Operational Sevice Tankers Inc
- (23%)
Mr Haynes has a worldwide patent on applying simultaneous underbalanced drilling and production to offshore fields via a dp tanker. The ability to drill and intervene throughout the life of the field increases the recovery considerably and on one field in the UK sector over doubled the recoverable resources in the Environmental Impact Statement issued for public hearing in 2005. That field was subject to a farm-out and the company is looking for new opportunities to apply its technology. Home page is www.most.no
Last revised 15th January 2008
