Tuesday, October 18, 2011

Two Kurdistan oils and Market Turns

Two Kurdistan oils and Market Turns

TAQA takes stake in WesternZagros before new well
Mon Oct 17, 2011 1:57pm EDT
* Abu Dhabi company invests $46.6 mln to take 19.9 pct
* WesternZagros can now fund Sarqala-2
* CEO says he did not speak to Tony Hayward's group
* Shares jump 17 pct
CALGARY, Alberta, Oct 17 (Reuters) - Abu Dhabi National Energy Co will invest C$46.6 million ($46 million) in WesternZagros Resources , giving the Canadian-based oil explorer much-needed financial breathing room as drilling draws near for its next big well in Kurdistan in northern Iraq.
Shares in WesternZagros jumped more than 17 percent on the small-cap TSX Venture Exchange on Monday after the Abu Dhabi company, known as TAQA, agreed to take a 19.9 percent stake.
...rest of the report is here @ Reuters:

The Goombarh feels slightly vindicated, as his investing in Westernzagros (TSX: WZR) has just received a vote of confidence from a connected Middle Eastern Oil company, yet his investment in Vast Exploration  (TSX: VST) has tanked, from their uneconomic well in Qara Dagh.
My moves forward from this is that I am holding onto both of these oil explorations; one because of the above news and the other, is because I would be a buyer at these prices (.04~.05 cents).  For those of you who were influenced by me, and have loss money, I am sorry, for those of you who have not, well here are two prime suspects for price appreciation.
Now, as to the general markets, it looks like the worm has turned, so to speak.  The bottom may have been a week and a half ago.  Note, that the Goombarh, as usual was overly optimistic and called the bottom a month or more ago.  Whatever the case, now is the time to be getting back in, if you are not already back in.  The gains you make are dependent upon your entry prices to your investments; the entry prices presently are very good.
Here's to a good fall, what's left of it,
Marco G.

1 comment:


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