Global Petroleum Share Discussion Threads

[jimarilo] 16/8/2018 01:16

The recent arrival in Namibia’s offshore waters of the mighty ExxonMobil has created a bit of buzz around the region.

ExxonMobil’s arrival added to the industry talk that Namibia’s offshore waters have become a global exploration hotshot



PCL up again this morning 12.5%

[jimarilo] 14/8/2018 22:43

An interesting read on AEC

There strategy is to accumulate assets and farm down to between 5% to 25%, with an example they are currently farming down from 90%

Also explains the deal they are farming down, they are planning to drill next year with just 2D seismic and gain data from the well

Gemsbok sounds tailor made for AEC



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[jimarilo] 14/8/2018 20:27

@ encarter can you please be more specific and expand on your assessment of the Namibian assets being in your words "not very good"

Here is a link to the CRP, if you could highlight where it is not very good



P.s Permit Applications in the Southern Adriatic, Offshore Italy

"Publication of Environmental Decrees is the final administrative stage before grant of the Permits. and the appeals against them are expected to be heard by the Latium Administrative Tribunal (Rome) in Q4 2018."

[jimarilo] 14/8/2018 18:48

Agreed Yasrub,

There is a few more deals yet to be concluded and some will be closed before the Cormorant spud/result

Todays deal is confirmation that industry players even Majors, are looking for a cheaper deals ahead of any potential discovery

As I posted recently Africa Energy already confirmed this same strategy and are looking at several opportunities in Namibia. I therefore expect them to be announcing a deal very soon. Whether we are part of it is another matter

However am sure they are not the only players in the game. We also have the small matter of a European Major that has signed a LOI for the Poseidon and 2 wells + 2 options

The matter of the West Eclipse semi-sub rig parked next to the Poseidon, obviously thinks there is a market in Walvis basin for deepwater drilling

Time will tell

[encarter] 14/8/2018 18:46

They have been saying for the last few years that they have been looking to invest in undervalued opportunities but that time has now passed and they never invested. They had cash that could have been put to good use and invested in a company that had a good asset but just needed cash. Instead the money has gone on directors wages. Their Namibia blocks are not very good and Italy isnt happening. Directors should stop taking a salary until they do a proper deal imho.

[yasrub] 14/8/2018 18:30

I definitely think the Peters will need to get a deal over the line. I understand past frustration but now is the time to get a deal done with focus increasing on Namibia. The key is the market currently values the company at cash levels - a farm out with a significant stake available or a company sale should lead to a significant rerate.

[winnet] 14/8/2018 14:53

Jimarilo - you say the money won't last forever. Well it will last much longer than my investment horizon here. Waiting and watching with hope I am wrong about the Peters.

[dingo75] 14/8/2018 13:45

They have destroyed the share price
That share price performance is testament to their lack of abilities.

A dead cat could make a better fist of it than these hobos.

[jimarilo] 14/8/2018 13:33

I think you are quite wrong and is testament that the company is still here in a position to make a deal, some have fallen away and given up

However, the money won't last for ever and a farm out or buy out is their only option going forward. There has never been a better time for a deal and todays news will only step up the pressure on any potential farmee's to make their move

I said before that Exxon would not be happy with 40% interest in one block and sure enough they have increased the foot print. I still think they will be looking for further acreage

Azinam still processing their 3d seismic data, so no numbers shown for PEL44

[dingo75] 14/8/2018 13:09

Problem with GBP i fear is they don't want to farm out their nambian interests.
I'd like to be proven wrong, sitting on a very large loss here.

The current BOD are taking obscene salaries and doing sweet fa.

This is the problem, they have all that cash, they are milking the company and why would they want to get any work done? This is a lifestyle company.

At least CHAR work incredibly hard at their acreage.
ECO too.

[jimarilo] 14/8/2018 08:26

Just out, more of the same to come imo

ExxonMobil acquires stake in Namibian offshore block

Namibian offshore explorer Azinam has farmed out a 30 percent share in its Petroleum exploration license (“PEL”) 44, offshore Namibia.



This block is directly connected to PEL82 Exxon 40% farmed into with Galp and both blocks still on the same fairway leading up to GBP's PEL29 as per the licence map



Will Exxon settle for just two small interests in their whole Namibian campaign ?

[jimarilo] 14/8/2018 00:33

Poseidon is not alone, the West Eclipse (Seadrill) Semi-sub rig is also berthed in Walvis Bay and currently available

[jimarilo] 13/8/2018 23:33

I posted this the other day on the Char bb and thought it a typo

"and recently secured deals for Ocean Rig Poseidon drillship which will next week start drilling for Tullow and then for Chariot, both in Namibia."



However, looking at page 6 on the 2nd quarter results, it does show Tullow have the rig before September

Notice a European Major has a LOI for the rig after CHAR. No mention of who or what licence.



If a potential farmee wants a deal ahead of the Tullow spud/result they will have to get their act together

[jimarilo] 13/8/2018 17:12

The share price seems to be holding well, on the back of the quarterlies rns stating renewed interest since the presentation at the E&P Africa Summit

The presentation must have had info we have never seem before and straight from the data room, as it was directed at industry players and not retail punters. It obviously got the attention, hence the renewed interest

That's one of the reasons I picked up some more Friday afternoon

[jimarilo] 13/8/2018 08:38

The 25th anniversary Africa Oil Week conference is coming up in November. This is the biggest one of the year

All of the players that were at the May Africa E&P Summit will be there and more, accept GBP, does this mean there is no further need to flog Gemsbok ?

[jimarilo] 13/8/2018 01:39

Unproven resources in Nova Scotia, South Africa and Namibia could also be lucrative for companies.

[jimarilo] 10/8/2018 16:19

Interesting bit of buying this afternoon

To early for news this Monday one would think

[jimarilo] 10/8/2018 07:50

Is the market about to put some value on our 3.66bln barrel prospects today ?

[jimarilo] 09/8/2018 16:50

Indeed, looks like the Poseidon has it's work cut out, well into next year, with new contracts being discussed beyond the European Majors drill slots as per the webcast



The Majors drill slot is by LOI and has to be confirmed, is it subject to a farm in deal ?

[gaddy88] 09/8/2018 16:37

Some rumblings of things to come it would seem. Very happy to be holding here.

[jimarilo] 09/8/2018 16:00

Here is the presentation of 2nd quarter results from Ocean Rig

Page 6 shows the Poseidon in Walvis Bay and it's contracts, including Major Oil Company from November 2018, which we know is a 2 well contract and it's a European Major
Confirms the rig is staying in Namibia



Still doesn't confirm which Major or block it will be drilling

[jimarilo] 09/8/2018 13:13

Could well be right

Online they will take 400k off your hands at a premium to the bid 1.97p

Not often you see that here, small free float in play

[chopsy] 09/8/2018 11:45

Ticking up again.... Something's brewing alright.

[jimarilo] 09/8/2018 09:41

spread 1.97p-2.00p online

[jimarilo] 08/8/2018 21:41

Just released... Ocean Rig 2nd quarter results

Additionally, as recently announced, the Ocean Rig Poseidon will be continuously employed from September this year into Q1 2019. We are in discussions to enter additional drilling contracts to extend the employment of the Ocean Rig Poseidon and for new employment relating to the Ocean Rig Mykonos and the Ocean Rig Corcovado, both of which are currently hot stacked.



Looks like there will be more Namibian contracts coming up for the Poseidon as the race to cheap drilling gathers pace

I wonder if the sister ships mentioned above will be employed in Namibia as well? Both also 6th generation deepwater drillships