I wasn't able to edit my first entry, so here is the update.
Papua New Guinea, an island larger than the state of California, and located off the tip of Australia, has five off shore sedimentary basins, mostly unexplored, and so is one of the few virtually unexplored off shore oil prospects in the world. Cheeta Oil & Gas Ltd. has acquired 8.4 million acres of land off the coast of Papua New Guinea, and is the largest lease holder of this highly propective area. The area has seen some exploration which
started in the 1920's. Some of the producing sites are Kutubu with 300 million barrels of oil, Globe with 109 million barrels and Moran with 62 million barrels. It is thought that there are also huge gas fields in the area, one of them is Hides, which is 60 KM NW of Kutubu. The Papua government is dedicated to helping make it easier for companies in their exploration endevors. It has lowered the tax rate from 65% to 30%. They are also building a refinery near Port Moresby. China is also interested in what is going on because the Papua Government sells them their oil. Cheeta Oil & Gas Ltd has an authorized 100 million shares allowed of which they have 36,519,651 shares outstanding but with a float of only 1,000,000 shares. . Symbol / Quote COGL OTC:BB
Shares Out 36,519,651
Float (est.) 1,000,000
Printable one page .PDF COGL.pdf
Press Releases Headlines for COGL
Official reports from
The World Bank, The United Nations,
The Asian Development Bank,
and others indicate
primary energy consumption in China
will increase 89.8% by 2020.
Cheetah Oil and Gas, Ltd., is an aggressive energy exploration company focused on the acquisition and development of high quality oil and gas properties in Papua New Guinea (PNG).
“China’s economy, the world’s sixth largest, grew 9.9 percent in the fourth quarter. The country is set to surpass Japan this year as the world’s largest consumer of oil after U.S. PetroChina and Sinopec have increased domestic sales of gasoline because prices in China are about 21 percent higher than international rates.”
With a newly reduced and very attractive income tax rate of only 30%, a national government aware of the importance of resource development, and high-potential under-explored exploration targets, Cheetah Oil & Gas, Ltd. believes that PNG offers one of the most attractive locations anywhere in the world for petroleum exploration and development.
Cheetah Oil & Gas Ltd. has acquired five petroleum prospecting licenses in Papua New Guinea covering 8.4 million acres.
Cheetah Oil and Gas Ltd., has completed the acquisition of 85% interest in Scotia Petroleum Incorporated (PPL-245 and PPL-246) and has also acquired an option to purchase a further 14% interest from one party
Petroleum Prospecting License # 245 in Papua New Guinea.
PPL-245 covers a total of 2,501,750 acres and is located along the Northern coast of Papua New Guinea, adjacent to Cheetah's existing PPL-249. It straddles both the East and West Sepik sub-basins. Preliminary evaluation indicates both oil and gas seeps in parts of PPL-245; and potential for Miocene carbonate and Pliocene basin floor fans plays. No source rocks have been intersected in the Sepik Basin wells, however the occurrence of seeps and shows confirm a potential Tertiary source bed. Theorized reef prospects similar to those in the Salawati Basin will be explored and targeted.
Petroleum Prospecting License # 246 in Papua New Guinea.
PPL-246 covers 540,378 acres located in the south-central region of Papua New Guinea, located south of Cheetah's existing PPL-250 and to the east of recent major gas discoveries made by others. PPL-246 is located updip of the Omati Trough source kitchen area where up to 19.7 billion barrels of oil is theorized to have been generated. The property is within the Papuan Basin. The western part of PPL-246 is rated to be prospective with potential for similar proven Mesozoic petroleum systems as in the current oil fields of Kutubu, Gobe, and Moran; as well as the Barikewa and Iehi gas discoveries. Potential reservoir rocks include Late Jurassic to Early Cretaceous deltaic to shallow marine sandstones. The potential for gas accumulations in the western part of PPL-246 is rated to be high, with additional potential for hydrocarbon accumulation in the foot-wall traps.
Petroleum Prospecting License # 249
This lease is located in West Sepic Province in Papua New Guinea. The geology of the Sepic region show a surprising similarity to the Salawati basin in Indonesia. This basin produced 400 million BBL of oil primarily from porous Miocene, Pinnacle Reef Reservoirs.
75 Blocks – 1,501,050 Acres
PPL #249 is located along the northern seaboard of PNG and is part of the Aitape basin. Oil prospectivity of the Aitape basin is ranked higher that that of either the Sepik or Ramu Basins. Both thermogenic and biogenic hydrocarbons have been generated. One theorized target related to Miocene Carbonate reservoirs is of a type similar to the Salawati Basin in Irian Java which contains reserves of over 300mmbbls. Another set of structures near the Bewani-Torricelli Fault system are generating targets in Miocene fractured micritic carbonates and Pliocene shallow marine to basin floor fan sandstones. These are analogous to the San Joaquin Oil Fields in California, or Minas Oil Field in Sumatra. Cheetah is committed to exploration expenditures of at least US$4 million before January, 2006.
Petroleum Prospecting License # 250
The second license consists of 100 units approx. 2 million acres and is located in the Eastern Highlands and Chimbu Provinces.
100 Blocks – 2,001,400 Acres
Located in the central highlands area of PNG, there has been no hydrocarbon exploration carried out in much of the area covered by this license. This area forms the northeastern border of the producing Papuan Basin where recent discoveries have rekindled interest in PNG energy exploration. Prior geological surveys discovered Mesczoic and Tertiary sediments similar in age to oil sourcing sediments known in the Papuan basin. Aditionally, an almost complete Jurassic – Cretaceous section similar to the oil producing Papuan Basin has been documented. Hydrocarbon seeps have been reported from the area. These include oil seeps in the Lufa area of the Eastern Highlands and the Kunambau and Karimul oil seeps in CHimbu Province. The potential for the discovery of hydrocarbon resources is rated as very good. Cheetah is required to spend $4 million on exploration on this property before January, 2006.
Petroleum Prospecting License # 252 in Papua New Guinea.
The license that has been awarded by the Papua New Guinea
Government to Cheetah is Petroleum Prospecting License ("PPL") #252.
PPL #252 consists of 92 blocks of land. Each block is 9 kilometers by 9 kilometers making the total acreage of PPL #252 approximately 1.84 million acres.
Located on the North-Eastern seaboard of Papua New Guinea, these lands are within the Ramu Basin which is itself part of the North New Guinea Basin. While oil exploration potential is strong, these lands have been the subject of great discussion with regard to their potential to host natural gas reserves. Seismic data review in all three North New Guinea basins indicate normal down-to-basement faults, which support basin evolution from extensional stress regime. Models indicate either an Early Miocene origin or Middle to Late Miocene. The Keram-1 exploration well drilled in 1973 at the Northern end of the Ramu Basin reached 6,546 feet and encountered a 985 foot Miocene carbonate section.
Cheetah has now gathered a total of five PPL’s: PPL-245; PPL-246; PPL-249; PPL-250; and, PPL-252 of a total land area of approximately 8.3 million acres. Cheetah is one of the larger petroleum lease holders in the country of Papua New Guinea.
Cheetah Oil & Gas, Ltd. intends to build a significant operating company delivering oil & gas to users and capital appreciation to shareholders.
SPECIAL POINTS OF INTEREST:
The Papuan Basin is by far the most explored region with over 100 wells drilled since 1913.
Petroleum exploration costs compare very favorably with other areas of the world with exploration costs of just US$1.05/bbl and development costs of only US$3.60/bbl.
Cheetah is committed to exploration expenditures of at least US$4 million on each license before January, 2006.