White Rhino Energy Update 2021
EXECUTIVE SUMMARY
We have had a busy year since starting White Rhino at the end of 2020. The pandemic was in full force at that time but our team was pushing forward on forming another successful venture to capitalize on E&P opportunities as we have done with our prior companies.
During the course of 2021, we have been approached by many of our colleagues on opportunities for us to review. We have vetted through everything from enhanced recovery on old oil fields, geothermal opportunities, CO2 injection for enhanced oil recovery and carbon sequestration and even helium. Our focus is currently on the projects described below.
In addition to our initial financing, we are on track to close out a Series A preferred stock capital raise before the end of the year. This financing will provide us a foundation to build up our portfolio throughout 2022.
2022 is looking bright for us with increasing oil prices, renewed interest from banks on financing oil and gas opportunities and some solid projects in our portfolio. We thank you for your support and will provide quarterly updates going forward.
E&P PROJECTS
United States
Our technical team is currently evaluating three off market opportunities in the onshore Gulf Coast. These opportunities are proven oil and gas fields with significant upside and geographically located close to premium markets. White Rhino's US strategy is to focus on properties that can be developed in a relatively short time frame.
Two of these opportunities are near Houston with a group of technical experts that understand Gulf Coast geology and have extensive experience in the area. White Rhino has a relationship with this group and expects to have the first opportunity to participate with operations. The acquisitions are proven oil fields however they have never been shot with 3D seismic. Seismic acquisition should be completed by Q1 2022 with drilling completed by late Q2 2022.
MIddle East
White Rhino is evaluating an onshore exploration project in Israel that a director and officer pursued in 2015 when they were at another company. The project is still available as exploration has focused on the onshore Meged field and offshore gas discoveries made by Noble Energy. If the structure proves out oil reserves projected by initial analysis, it could be a significant oil find for Israel. Being located onshore and close to transportation facilities, initial exploration is not expensive.
Southeast Asia
White Rhino has been approached by some geophysicists and engineers that have had exposure to opportunities in Southeast Asia. They have convinced White Rhino Energy to purchase exploration data from the mineral centers in these areas and meet with senior officials to see if there are opportunities worth considering. Our senior team is planning a trip to the region early 2022 depending on travel restrictions.
YEAR END FINANCING
Our Series A preferred stock offering is expected to launch before the end of this year. We already have significant interest and commitments from investors to acquire shares including current shareholders. This will position White Rhino Energy to pursue some of the above opportunities.