“We are open for business” Rollocks on Saba Bank Resources supervisory board

POSTED: 02/10/14 9:57 AM

St. Maarten – Former commissioner of Tourism Julian Rollocks has been appointed to the supervisory board of the Saba Bank Resources NV (SBR). “The potential of the Saba Bank is there,” Rollocks said, referring to possible deposits of fossil fuels. “The hypothesis is that oil is there. We are open for business.”

In a shareholders’ meeting of the limited liability company held in St. Maarten on September 11, 2013, the longstanding vacancies for the two supervisory directors D were filled, with the appointment of Franklin Hanze and Rollocks.

Rollocks said that there will be “tremendous spin off benefits” for these islands if there is any future drilling. “Oil generates capital,” he said. Companies venturing to the islands will need to use St. Maarten’s infrastructure for equipment, supplies, lodging, etc. “We have the infrastructure,” alluding to the island’s port and airport, road networks, hospital, and banking.

Right now it’s up to private capital and funding to finance the expensive process of exploring for oil and natural gas deposits.

In accordance with the articles of incorporation of SBR shareholders D have the right to make a binding proposal in case there is a vacancy for a Supervisory Director D.  At the time the D shares belonged to the Netherlands Antilles and since the dismantling of the Netherlands Antilles these are held in an undivided estate by the countries St. Maarten, Curaçao, and The Netherlands.

Although, on several occasions, and taking the statutory terms into consideration, the shareholders D were invited to make the binding proposal for both vacancies for Supervisory Directors D, said binding proposal has not been made and consequently, in accordance with the articles of incorporation of SBR, the shareholders’ meeting was at liberty to provide for the vacancies, which, as mentioned above, has been done.

In addition to Rollocks and Hanze, the Board of Supervisory Directors consists of attorney Melinda Hoeve, William Johnson (Chairman), Roy Smith, Charles Lindo, and Marcel Peterson.

The company was created by the former government of the Netherlands Antilles to administer petroleum exploration activities in the 2,200 square km offshore Saba Bank area just southwest of Saba. There has been no drilling on the Saba Bank since 1982, when Petrofina and partners plugged and abandoned wildcat Saba Bank 2 as a dry hole with gas shows at a total depth of 4,230 m in 15 m of water.

The last seismic survey performed by a private company was carried out on behalf of Aladdin Petroleum and covered a 348 km grid. The Aladdin Petroleum blocks were relinquished in 1991. In 1999/2000 Western Geophysical shot a new seismic survey on behalf of Saba Bank Resources N.V. on the western side of the Saba Bank.

Since the year 2000 there has been no actual exploration activity in the Saba Bank area; however, a small number of scientific papers and posters have been published about this area in the recent past of which the most comprehensive is: ‘The Petroleum Potential of the Saba Bank Area, Netherlands Antilles’ by Richard E. Church and Kevin R. Allison (AAPG Search and Discovery Article # 10076) (2004), posted December 20, 2004 (total of 58 pages).

 

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