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Re: janetcanada post# 1449

Thursday, 09/08/2005 9:57:50 PM

Thursday, September 08, 2005 9:57:50 PM

Post# of 2392
The Sunday Times - Business

August 28, 2005

Sharewatch: Onslow oil in €7m fundraising
EDITED BY CIARAN HANCOCK

http://www.timesonline.co.uk/article/0,,2095-1753190,00.html

YET another exploration company with Irish connections is planning a debut on the Alternative Investment Market in London. Onslow Limited, an oil and gas exploration company set up in 2004, is raising £5m (€7.3m) in two private fundraisings.
The key executive is a Polish businessman, Dr Tadeus Brzozowski, who has worked for BNOC, Northern Petroleum and Phillips Petroleum among others. An important supporter is the Newry-based investor Tom O’Gorman, who has backed Ovoca Resources and Lapp Plats of late with success.

Onslow is focusing its activities on Yemen, Liberia, Uganda, Namibia and Jamaica. The Yemen target is only 40 miles away from an existing pipeline and port. This is its immediate focus with plans to drill a well at block 22 in mid October.

Onslow has a 20% participation in the $1.6m drilling programme on a target that has been independently assessed to have “unrisked reserves” of 125m barrels of oil. Its joint venture partner is an Arab company, Yemen Mayfair Petroleum, whose backers led Hunt Oil’s discovery of Yemen’s first giant oil field in 1984.

There is strong support for the equity raising, which would fund Onslow for at least two years. A chairman has to be announced and investors should read the small print, but with the price of oil heading for $70 a barrel it looks like an interesting early-stage investment.

T

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