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[xxnjr] 15/2/2019 18:12

Here we go Lucyp00p:-
Sorry don't have a link, downloaded it from SEDAR

Phase I of Petrodorado’s exploration commitment with the ANH was fulfilled upon drilling the exploration wells, Kamal-1X and Loto-1X. The ANH has informed the operator that Phase II of the exploration contract commenced in April 2013, which originally consisted of a commitment of 3 exploration wells within a 3 year time frame. This commitment was subsequently changed, with ANH approval, to 1 exploration well and a 205 km2 3D seismic program within the same 3 year time frame.

April 2013 + 3 yrs of Phase 2 expired April 2016.
And then the evaluation program a further 2 years.
Takes you to April 2018.
But as BH says - the "Red Lines" may be opaque ;-)

[tom111] 15/2/2019 17:53

True in the meantime oil is over $66, 20% up from a month ago and whats happened to the sp?.It remains a mystery or is it me.

[xxnjr] 15/2/2019 17:38

Here we are Lucyp00p:-



Modelos de contratos​

​
E&P CONTRACT​̴3;

​​Exploratory Period

With a duration of six (6) years, divided in exploratory phases usually ann​​ual, and with the possibility of an additional exploratory program (further exploratory program) at the end of this period, provided a discovery already exists or there are evaluation or exploitation areas.


Evaluation Program

In order to determine the commercial potential of a discovery, the Contractor shall have an evaluation period of up to two (2) years, depending on the program presented to determine the commerciality of the area.​​



Commercial Area

Once the evaluation is complete, the Contractor must submit ANH a written declaration containing a clear and accurately its unconditional decision to commercially exploit or not the discovery.



Production P​eriod

Up to 24 years, extendable to the economic limit of the Commercial Field, as the Contractor chooses, provided the requirements stipulated in the E&P Contract are complied.​



ANH Contractual Rights

The contract foresees rights in favor of ANH arising from the use of the subsoil, and high prices, once it reaches a cumulative production and in the event of a contract extension.​



Warranty

At the beginning of each exploratory phase it will establish a minimum guarantee of 10% of the budget.​



Operation

ANH requires monitoring of best practices in the industry, including low cost and risk of the contractor.​



Royalties

ANH collects royalties, which are calculated in proportion to the gross daily total production, based on monthly averages for each field.​

Click here to see the E&P Minutes (PDF)

Model of the Contracted Area, Mandatory Exploration Program, Letter of Credit and Economic Rights (PDF)

November 19 de 2008


Or 6 + 2 = 8

[tom111] 15/2/2019 16:37

No change on the day or the last fortnight,darn boring it is

[lucyp00p] 15/2/2019 16:31

Tiny sale at 16.29.59 drops the price again.

[bountyhunter] 15/2/2019 14:52

xxnjr but we know now thanks to the PM that 'red lines' are meaningless! 😉

[xxnjr] 15/2/2019 14:40

Hate to sound like the PM but it probably means we keep the stuff to NW of the Red Line (LS3) previously referenced and kiss goodbye to the heavy oil trend.

[davwal] 15/2/2019 14:38

One thing ONGC-V seems to excel in is paperwork...

[lucyp00p] 15/2/2019 14:33

None of your answers make any sense to me

[xxnjr] 15/2/2019 14:09

this is all I could find



The exploration phase lasts six years, although this can be extended in some circumstances by up to four years. In the case of a discovery, an evaluation period of one or two years would follow, with an additional two years allowed for the assessment of heavy oil or gas discoveries. ANH would require a development plan within three months of a declaration of commerciality. The production phase, which can also be extended, would last for 24 years. ANH's system includes provisions for raising payments to the state when oil prices exceed a certain level.

I think there's an initial phase 0 of something like 6 months (?), so PSA would last

0.5 yr + 3 yr +3 yr + 2 yr = 8.5 yrs
(final 2 years are assessment for light oil discoveries)

With CPO-5 having originally been signed by ONGC-V in 2008 ANH Heavy Oil Bid Round, the license would seem to have expired in about 2017/18!

[xxnjr] 15/2/2019 13:09

when it comes to a vote - 70% counts as a majority.

I have a question.
Are we in phase 2, the final term of the CPO-5 PSA?
If so, when does the exploration part of the PSA expire?

[Appreciate we can carve out LS3 play, or other discoveries, for full field developments even if PSA exploration expires]

[lucyp00p] 15/2/2019 12:53

As the junior partner in CPO5 do we have any say on drilling or do we just fund our share when called?

[knackers] 15/2/2019 12:44

Tyler re yr "...but they have saved a fortune on capex from what was set aside..." savings that provide the fuel for a more aggressive campaign in CPO5.

That said, if each drill produces at ~3-5k bopd we could well be looking at a divi by year end especially if poo stabilises at $60-70 (more likely than not, with risk to upside given Saudi/OPEC production cuts, Iranian sanctions and Venezuela debacle).

[lucyp00p] 15/2/2019 12:16

I thought modest to look at until it bursts into glorious beauty would have been a better description, but yours is probably more accurate.

[retailronnie] 15/2/2019 11:52

Updated - thanks

[moneylender] 15/2/2019 11:42

Take some Parrots-eat-em-all

[paradores] 15/2/2019 11:02

Think we'll know the 'full-ramped' development plans for CPO5 after the Calao result. One additional rig for starters possibly two. Ops update on 2/1 indicative of their intent here. I'd expect a further step-change post Calao.

...y mucha plata @$65 Brent, TGG

[thegreatgeraldo] 15/2/2019 11:01

Folk can dwell on the past if they wish, or look at the current position, which is a well funded oilco, still generating cash, embarking on a potentially transformational drilling campaign.....

[tyler durden1] 15/2/2019 10:48

If money was the problem I'd agree with you, but they saved a fortune on capex from what was set aside for a fully funded drilling campaign that included wells that they don't know have to pay for after Occi deal (a good deal imo). So it's not about funds.

[knackers] 15/2/2019 10:42

Indeed, Tyler but I'd rather we moved on and that funds were now spent turning CPO5 into a proverbial pin-cushion. It's been a pretty dramatic turn of events here in the past 3 months - but that's E&P for you, and an unfortunate new reality for RH. You make your bed, you lie in it.

[knackers] 15/2/2019 10:28

Agree with earlier posts - this time round AMER have to go 'over-and-above' but with CPO5 already ahead of expectations, we seem to be finally heading in the right direction. There's clearly a boat load of oil caught in that Indico structure (up-dip from Mariposa) it's hard to see how other nearby structures aren't also fill-to-spill.
AMER keep referencing "combination trapping"... something they've seen at Indico? The depth of net pay at Indico, with no OWC, suggests it's now a scoping and sizing exercise. If the traps are there in these nearby structures, highly likely they will also be fill-to-spill. We will know soon enough.

Note the NW to SE shallowing of structures highlighted in the slides referenced y'day and look where those future drills are and where the success has been! It could well be the Llanos sweet spot.