Welcome!

News Feed Item

United Hydrocarbon International Corp. Announces Corporate Update

CALGARY, ALBERTA -- (Marketwired) -- 05/07/14 -- In response to ongoing shareholder and market speculation, United Hydrocarbon International Corp. ("United" or the "Company") is pleased to provide this corporate update. The Company has an active program underway, including exploration and development drilling, seismic and production facility construction. United continues to enjoy the support of its major shareholder, Dundee Corporation, who to date has invested in excess of $160 million in United and continues to fund the Company's exploration and development activities in Chad. United commenced its drilling program on January 3, 2014 and to date has drilled three wells resulting in two successful oil wells (a development well at Belanga-1A and an exploration well at Belanga North-1) and one dry hole (Toura-1 exploration well). A third exploration well is drilling at Dadou-1.

Doba Basin Exploration and Development Program

The Company has recently completed a 146 square kilometer 3D seismic program over the Belanga oil discovery and a 57 square kilometer program over the M'Biku oil discovery. The Belanga 3D data is now in Calgary for processing and interpretation will commence soon. The M'Biku 3D program has also been completed with data expected to arrive shortly. The Company is also shooting an additional 174 kilometers of 2D seismic in specific areas of Blocks DOC and DOD to refine existing exploration prospects.

As a result of the recent success of the Belanga North-1 exploration well, the Company's technical team have revised the geologic model of the Belanga discovery area with a resulting material increase in expected volume of recoverable oil. Based on a number of technical factors including sand thickness, water saturation and the lowest tested oil level in the three wells drilled at Belanga (Belanga-1, Belanga-1A and Belanga North-1), the Company has combined the well results with the available 2D seismic to conclude that Belanga and Belanga North are likely one contiguous structure. As a result, management believes the recoverable oil volumes estimated in the previous independent NI 51-101 report are likely conservative. Internal recoverable resource estimates range from 45 million to 100 million barrels of oil. An NI 51-101 compliant Reserve Report is currently being prepared by a qualified third party engineering evaluator and should be available in late May.

With completion of the recent technical work, United is proceeding with full field development of the Belanga structure, which will include the filing of an application for an exploration development area ("EXA") with the Government of Chad. Once drilling is finished at the Dadou exploration prospect (targeting the Upper Cretaceous sands found at Belanga and Belanga North-1), the rig will move back to Belanga to focus on development drilling. Planning is underway to order long lead items required to produce up to 15,000 bbl/d from the Belanga discovery by end 2015. Discussions have commenced with third parties to gain access to the export pipeline system.

Lake Chad Block

The 1.8 million square kilometer block contains two existing discoveries (Kanem and Kumia) which combined have an estimated 58 million barrels of recoverable resources as identified by previous operators. In addition, previous operators of the Block have identified with 7,400 kilometers of 2D seismic approximately 200 exploration leads or prospects on the block. These prospects range in size, but each have on average a minimum unrisked recoverable volume of oil of approximately 20 million barrels for an arithmetic total in excess of four billion barrels.

While the Company's current discovered oil on the Lake Chad Block is insufficient to support an independent pipeline to tie-in to the Chad-Cameroon export pipeline, the Company has commenced preliminary discussions with companies in the neighbouring country of Niger with respect to a joint venture to bring all parties' oil to southern Chad to connect to the export pipeline through Cameroon. Updates will be provided on this important project if and as it proceeds.

"We continue to be very encouraged by the significant results of our 2014 program in the DOC and DOD blocks in southern Chad," commented Ned Goodman, Chairman of the Board and Chief Executive Officer. "With the potential of the Belanga/Belanga North discovery now approaching 50 million barrels of recoverable oil, the Company's asset value is well in excess of invested capital to date. We are also very excited about the ongoing discussions we are having with interested parties with respect to funding this project through to production."

ABOUT UNITED HYDROCARBON INTERNATIONAL CORP.

United Hydrocarbon International Corp. is a private Canadian based company. United has a 100% working interest and is the operator of a Production Sharing Contract ("PSC") in Chad through its wholly-owned subsidiary United Hydrocarbon Chad Ltd. in two, world-class, oil bearing rift basins. The PSC includes four existing oil discoveries in four separate blocks of land that cover 5.3 million acres. The Company's directors and management team have successful track records identifying, acquiring, financing and operating onshore oil and gas assets internationally.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This press release may contain forward-looking information that involves substantial known and unknown risks and certainties, most of which are beyond the control of United, including statements pertaining to the Company's drilling plans and operations. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Readers are cautioned to not place undue reliance on forward-looking statements. While United believes the expectations reflected in the forward-looking statements are reasonable, actual results and developments may differ materially from those contemplated by these statements depending on, among other things, issues encountered in drilling, completion and tie-in operations, the amount and timing of capital expenditures, the ability to finance those expenditures and other factors beyond United's control. Any forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, United does not assume any obligation to update or revise them to reflect new events or circumstances.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, will compare the Jevons Paradox to modern-day enterprise IT, e...
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Whether they’re located in a public, private, or hybrid cloud environment, cloud technologies are constantly evolving. While the innovation is exciting, the end mission of delivering business value and rapidly producing incremental product features is paramount. In his session at @DevOpsSummit at 19th Cloud Expo, Kiran Chitturi, CTO Architect at Sungard AS, will discuss DevOps culture, its evolution of frameworks and technologies, and how it is achieving maturity. He will also cover various st...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
SYS-CON Events announced today that Niagara Networks will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
SYS-CON Events announced today that Secure Channels will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The bedrock of Secure Channels Technology is a uniquely modified and enhanced process based on superencipherment. Superencipherment is the process of encrypting an already encrypted message one or more times, either using the same or a different algorithm.
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, provided tips on how to be successful in large scale machine learning...