Thanks Coach & Kinematik for your continued contributions.
The Company publicized an excellent Resource Report, as per NI 51-101, fixing the mean estimate of 627 mmboe for Atrush block (Atrush 1 & 2). Atrush 3, 4 & 5 results to follow. With the recent price paid by TAQA of $600 million for 53% of the Atrush block, it seems to me the stock is now risk-on with little downside & plenty of upside. TAQA is on record saying that it intends to acquire 100% of Atrush block. China's Sinopec or Marathon Oil may have something to say in a potential bidding war.
As I posted before, China is hungry for oil resources. They need crude. We know CNOOC has recently purchased Nexen.
Today, Sinopec - China's 2nd largest oil company that bought Lundin's Tanganyika Oil in late 2008 for $2b -announced it has raised $3b to shore up its treasury. http://dealbook.nytimes.com/2013/02/04/sinopec-to-raise-3-1-billion/. This announcement follows the earlier announcement of the $50b purchase of Exxon's Iraq oil field by China's CNPC..http://www.worldtribune.com/2013/02/04/sale-of-exxon-mobil-stakes-makes-beijing-top-consumer-of-iraqs-oil/
Exxon is selling out of its Iraq interest for the prospectivity the under-explored kurdistan. Kurdistan is making great progress in attracting major oil companies and announced its plan to build an oil pipeline to Turkey. http://en.aswataliraq.info/(S(z4thzmfeffckxwz4kb1f4juo))/Default.aspx?page=article_page&c=slideshow&id=152343
CIBC has been the major buyer of SNM's stock. Anonymous buyer bought up all the stock on the offer today - a bullish sign. The stock will move when it is good & ready. SNM is going, going, gone. I guarantee it. :-)