Present Project Summary
USA OIL AND GAS PROJECTS
Tirion is involved with projects in the USA where it presently holds an LOI which covers 3 defined projects. The project includes an oil producing asset, with further development prospects, providing current cash flow for the business. In addition one project presents a PUD well development option on an owned lease. The third project covers a 3D seismic option to develop a neighbouring lease.
The objective with the USA activities is to secure production of 10,000 BOE per day within 30 months.
Tirion has completed in depth business plans involving the current US initiatives.
The project has the potential to be world class in terms of the magnitude of the gas and liquids resource base it potentially holds. Tirion is in discussion for the acquisition and joint development of this asset; a European E&P (and specialist oil services) company and a North American independent investor.
The project area contains 13 identified structures estimated to contain C3 reserves of about 13.4 TCF of gas and 1 billion tonnes of condensate and oil. A number of the smaller shallow structures are estimated to contain C3 reserves of over 50 million bbl each. The largest structure in the license area is estimated to have C3 reserves of 9.2 TCF of gas and 290 million tonnes of condensate and oil.
Considerable data and business plans have been accumulated under this project bringing the current investment value to exceed US$2,5 million.
SOUTH AFRICAN COAL BED METHANE AND SHALE GAS PROJECT
Tirion invested in NT Energy which has exploration and exploitation rights to explore and develop both coal bed methane and shale gas prospects over 450,000 hectares. The partnership includes the South African government.
Of the total CBM and Shale Gas resource, 10 TCF has been identified thus far. The present funding round to bring about the final drill test program is being worked with banks and the SA Government.
SOUTHERN AFRICAN PROJECTS
Apart from South Africa, Tirion is involved in Angola, Mozambique, Nigeria and Tanzania and is preparing a strategy on the development of Oil and Gas on several projects.
Separately during the current year Tirion may select to enter into a formal partnership with an established similar Energy development company which has complementary activities in the region.
Tirion will be pursuing its current initiatives to secure development projects in oil and gas in Mozambique, Nigeria, Tanzania and the Cameroons.
MARKETING OF GAS, CRUDE OIL & PETROLEUM PRODUCTS
Tirion’s strengths are in the former Soviet Union, East and West Africa, South East Asia and China. Tirion has senior level relationships in China, South Korea, Thailand, Indonesia, Kazakhstan, Vietnam, Ukraine, Nigeria and South Africa.
TT Energy collaborates with certain trading houses and producers in structuring transactions utilising their financing and execution functions, and share trading risk.
TT Energy establishes off take arrangements for marketing of both Oil and Gas volumes and additionally holds a valuable position with a major Gas shipping and logistics entity.
Presently the company is involved with Far East associates in structuring a formal trading base out of Singapore to service trade in the South East Asian area and Africa. The shareholders involved provide a suitable trade base out of an existing parastatal energy and certain central European interests.
TIRION’S OBJECTIVES AND FUNDING STATUS
Tirion has assembled a portfolio of oil and gas projects which individually and collectively constitutes a significant resource base.
Tirion has already expended resources in recent initiatives to acquire these assets, providing them with an extensive knowledge base.
Having structured projects and managed businesses over a long period in the countries these projects are situated in, Tirion principals possess an in depth knowledge of their natural resources industries and their political and commercial power structures.
Tirion principals have the requisite business development, project development, operational management, logistics, trading and government relations capabilities to acquire and develop these assets. Tirion also draws on an extensive in country and international network of individuals specialised in their respective field to support the development of this business where required.