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2006.01.11

Crosby060111　IB Daiwa Announces Gas Discovery at Kami

テーマ：株式投資でお小遣いを増やそう(76081)

カテゴリ：株式投資

Regulatory Announcement

Company Crosby Capital Partners Inc
TIDM CSB
Headline Drilling Report
Released 08:10 11-Jan-06
Number 7575W

RNS Number:7575W
Crosby Capital Partners Inc

Crosby Capital Partners Inc. ("Crosby" and together with its subsidiaries the
"Crosby Group")

IB Daiwa Corporation ("IB Daiwa") Announces Gas Discovery at Kami

IB Daiwa (Stock Code: JP 3587) has today announced the success of the Kami well.
An English translation of the full text of the announcement made by IB Daiwa is
available on IB Daiwa's website (www.ibdaiwa.co.jp).

The Crosby Group currently holds 56,325,000 shares in IB Daiwa, which represents
16% of its current issued share capital. The Crosby Group also holds warrants to
subscribe for a further 64,600,000 shares that once exercised would provide the
Crosby Group with a 28% interest in IB Daiwa on a fully diluted basis.

Important Gas Discovery at Kami

75% working interest in a number of high quality prospects in Louisiana and
Texas, in the United Sates. The Kami well was the first of these prospects to be
drilled and, following the drilling reaching the well's target depth, the
quantum of reserves have been evaluated and it has been established that the
reservoir of gas tapped by the well is commercially exploitable.

commencement of production, on the basis of the above evaluation and current gas
prices, Lodore have calculated that the Kami well is expected to generate total
revenues over its life of over US$75 million, commencing from Q2 2006. IB
Daiwa's share of future costs is estimated to be only US$2 million.

IB Daiwa have estimated that, at current gas prices, its existing production
from Louisiana is estimated to generate annual revenues of approximately US$40
million.

Simon Fry, Chief Executive Officer, commented "The discovery at Kami is a
significant milestone for IB Daiwa which is now a fully fledged natural
resources company. IB Daiwa not only has significant producing assets via its
recent acquisition of Darcy Petroleum but has now managed to transform the first
of its exploration assets into a producing asset to further enhance the
portfolio. These producing assets are expected to make IB Daiwa profitable for
the first time in its recent history and will generate cash flow that will be
available for the ongoing development of its significant portfolio of
exploitation and exploration assets. As the huge potential of IB Daiwa's high
quality exploration portfolio and the recurring earnings from Kami and Darcy
become more apparent, the Crosby Group, together with the other IB Daiwa
shareholders, should expect to benefit from a significant re-rating of IB Daiwa
in the Japanese stock market. The combination of IB Daiwa's producing assets and
exploration portfolio I believe is unique for a Japanese company and with its
return to profitability it is on course to become a significant player in the
Japanese capital markets."

Mr Fry added "our experience of working with IB Daiwa has been very positive,
and I cannot emphasise enough to our shareholders the potential that exists for
a very significant increase in the value of our stake. Whilst there can be no
doubt that even at the current price levels, our current holding in IB Daiwa is
very important for the Crosby Group, we are strongly of the opinion that this is
very much just a base level. Clearly we are thrilled at the success of Kami but
we are now very focussed on the prospect of developing Big Mouth Bayou where we
expect to commence drilling later this month. This property in Louisiana has had
extensive 3D seismic data analysis completed and lies in a highly productive
area for hydrocarbon extraction. Pre drill estimates of gross unrisked reserves
of 700 bcfe being 50 times of the reserve estimate of Kami speaks for itself in
terms of potential value. Dr Bob Williams and his team are also looking to
exploit at least 2 further PUD prospects with significant reservoir estimates
during the course of the year."

This information is provided by RNS
The company news service from the London Stock Exchange

END

©2006 London Stock Exchange plc. All rights reserved

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