Message #6 From:
NewsBot Date: January 22, 2007 06:51:00 AM
CTVWF News CityView Corporation-Update to Shareholders
PERTH, Australia--(BUSINESS WIRE)--CityView Corporation Ltd. (OTCBB:CTVWF) (ASX:CVI) (FWB:C4Z), is pleased
to announce a company update. The past few months have been a highly
productive period for CityView and it is an opportune time to explain
and more clearly define what milestones we consider to have achieved.
Angola
Investors from around the world are flocking into Angola as it becomes
one of the fastest growing economies in the world. Angola has evolved
into a globally important oil province and forms part of the golden
triangle for offshore oil extending from Brazil to Angola and then on
the Gulf of Mexico. Whilst oil is the primary driver of the Angolan
economy, the country also contains an impressive array of available and
largely untapped natural resources.
Despite the competitive environment in which we have to operate in
Angola, we have managed to increase our interest in our 3,764 square
kilometres Longonjo licence and our 1,358 square kilometres Ucua licence
from 30% to 36.3%. As Dr Michael Smith has pointed out: “The
Longonjo uranium project has the potential for a significant deposit due
to its carbonatite environment within a major iron oxide-copper gold
system: and the Ucua beryllium project contains a world class pegmatite
complex: beryllium being important in high temperature steels and in the
control function of nuclear power plants.” The
first stage of our work programme on site was completed on schedule
prior to Christmas. As soon as the Department of Geology and Mines have
completed their certification of our rock/soil samples, they will be
exported to OMAC labs in Eire for assay.
In conjunction with our two Angolan partners Nexoil Corporation SARL and
Energy Africa Ltd and with our associate Quest Energy Middle East
Limited (“QEML”),
documents have been lodged with Sonangol (the State oil company of
Angola) for the grant of two oilfields in the Kwanza Basin. The
oilfields lie onshore respectively adjacent to the north and south of
the Kwanza River. The Kwanza Basin shares the same oil rich structural
history and sedimentation patterns, including salt tectonics and
turbidites fan development, as other successful West African Basin oil
projects, particularly the productive Lower Congo Basin. Our oilfields
applications are being processed and upon their grant should cause a
significant re-rating of CityView.
Dubai
Having secured our 8.3% interest in Quest Energy Middle East Limited (“QEML”),
we are seeking to increase our equity to a minimum of 20%. QEML is
headquartered in Dubai where a full operational office is maintained.
QEML is officially Qualified as a developer of oil and gas and power
generation projects, and has a strong financial network with the
regional banks. The support of QEML is essential for the success of any
future oil operations in Angola.
QEML is the Operator of two projects in the Middle East: the Rag-e-Safid
oilfield and the Fars 942 MW gas turbine power plant. In addition QEML
has a number of projects under negotiation including two gas pipeline
contracts in Kuwait and Nigeria and two power generation contracts at
Qeshem and Mobin.
In November 2006 QEML and PTT (Petroleum Authority of Thailand) signed
an agreement for the joint operatorship of the Rag-e-Safid oilfield. The
objective is to increase current production to 220,000 barrels of oil
per day, and if the reservoir so warrants it, to lift the production to
250,000 barrels of oil per day. We have been advised that at a 10%
discount rate the net present value of QEML’s
share of the first stage of the project is estimated to be US$105.5
million.
Also in November 2006 the formal inauguration of the 942 MW Fars gas
turbine power plant construction was enacted. This is a 50/50 joint
venture between QEML and Mapna International. According to QEML, at a
10% discount rate the net present value of QEML’s
share of Fars is estimated to be US$107.3 million.
Indonesia
CityView has inherited two small free carried interests in oil and gas
concessions in Indonesia. During the past few months we have identified
a number of opportunities to acquire substantial assets at deep
discounts. It is now opportune for CityView to capitalize on its strong
position in Indonesia. Through its unique relationship with the new
order, CityView has a once in a lifetime opportunity to acquire a range
of projects in north Sumatra with excellent cash flow. During 2007
CityView will be actively pursuing this corporate strategy.
Outlook Going Forward
We believe that the combination of Angola, Dubai and Indonesia represent
a tremendous opportunity for CityView going forward. We are committed to
making a successful, sustainable and growing company and will continue
to keep you up to date on our progress as we work to increase
shareholder value.
Yours sincerely,
Mark Smyth
Chief Executive Officer
About CityView Corp.
CityView Corporation Ltd. is an exploration and development company. It
is management's objective to grow CityView into a significant uranium,
oil and gas project by developing its interest in Angola. The Company
trades on the OTCBB market under the symbol “CTVWF”
and on the Australian Exchange under the symbol “CVI”.
For more information, please visit the Company’s
web site at: www.cityviewcorp.com
Safe Harbor Statement under the Private Securities Litigation Reform
Act of 1995: The statements contained herein which are not historical
are forward-looking statements that are subject to risks and
uncertainties that could cause actual results to differ materially from
those expressed in the forward-looking statements, including, but not
limited to, certain delays beyond the company's control with respect to
market acceptance of new technologies or products, delays in testing and
evaluation of products, and other risks detailed from time to time in
the Company's filings with the Securities and Exchange Commission.
